Bank customers continue to raise concerns over deductions in their savings bank account without their consent under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), colloquially known among the masses as the Modi insurance scheme. Last year, two major scheduled commercial banks saw a flurry of complaints in September and December regarding PMJJBY deductions without customer consent. Similar complaints surfaced against one of the same banks on platform X this week.
Ashutosh Singh, a user on platform X, on March 19, alleged, "I have not opted for PMJJBY or any other govt policy. The amount is being auto-debited that too without my consent. Interestingly, I am not the only one."
Responding to the complaint, banks "We regret the inconvenience caused to you. Please register a complaint in this regard (with the bank's customer care cell. Upon successful registration of the complaint, you will receive a complaint no. on your registered mobile no./email ID and the complaint will be dealt with (in specified timeframe)."
Another user wrote three days back, "My wife (Sapna Kanaujiya) opened a savings account in the bank on 23/02/2024. She hasn't submitted any consent regarding issuance of any type of scheme, still today (12/03/2024) Rs. 114 has been debited from her account for the PMJJBY scheme."
In light of these issues, all those holding savings bank accounts with any bank should monitor their bank statements regularly and also messages of deductions that banks send you on your cellphone.
PMJJBY
The PMJJBY launched by Prime Minister Modi in 2015, is nearing its ninth anniversary, known among the masses as the Modi Insurance scheme. It is a one-year term life insurance cover, renewable each year, providing a sum of Rs 2 lakh for death due to any cause. The annual premium is Rs 436, deducted through an auto-debit facility from the subscriber's bank or post office account.
Anyone aged 18 to 50 years is eligible to enroll in PMJJBY. However, insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.
Ayushman Bharat Yojana is another insurance scheme that can be considered. It offers Rs 5 lakh in health insurance coverage per year per underprivileged family.
To enrol in Ayushman Bharat, use the official Ayushman app, verify eligibility, and access healthcare benefits at empanelled hospitals using Ayushman cards.
