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How to Cancel a PMJJBY Policy?

Learn how to cancel a PMJJBY policy, the steps involved, key rules, and important factors to consider before discontinuing the scheme

Written by : Knowledge Centre Team

2026-04-03

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8 minutes read

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Government-backed insurance schemes have made life insurance more accessible to millions of people in India. One such initiative is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a life insurance scheme designed to provide affordable financial protection to individuals, particularly those from economically vulnerable sections.

Many individuals enrol in the scheme through their bank accounts because of its simple structure and low annual premium. However, there may be situations where a person wishes to discontinue the PMJJBY policy. This could be due to changes in financial priorities, shifting to another insurance plan, or closing the linked bank account.

Key Takeaways


  • A PMJJBY scheme can be cancelled by submitting a request through the bank where the scheme was enrolled

  • Policyholders can discontinue the scheme by disabling the auto-debit mandate linked to their bank account

  • Once cancelled, the life insurance coverage provided under PMJJBY will stop after the current coverage period

  • Individuals can re-enrol in the scheme later if they meet the eligibility criteria and complete the enrolment process again

  • Understanding the benefits of the PMJJBY scheme helps policyholders decide whether cancelling the policy is the right choice

Understanding the correct process for cancelling the policy is important so that the request is completed smoothly without confusion. At the same time, policyholders should also be aware of the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits they may be giving up before making a final decision.

This blog explains how to cancel a PMJJBY policy, the rules involved, important considerations before cancellation, and other key details that policyholders should know.

Understanding the PMJJBY Policy

Before learning how to cancel the policy, it is useful to understand the purpose of the scheme and the protection it offers.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-supported life insurance programme launched in 2015 to provide affordable life cover to Indian citizens. The scheme is offered through participating banks and insurance companies. The scheme aims to expand insurance coverage across the country, especially among individuals who may not have access to traditional life insurance plans.

Key features of a PMJJBY policy include:

  • Life insurance cover of ₹2 lakh in case of the policyholder’s death

  • Low annual premium, usually around ₹436 per year (subject to change as per guidelines)

  • Eligibility for individuals aged 18 to 50 years

  • Coverage continues up to the age of 55 years, subject to renewal

  • The premium amount is automatically deducted from the linked bank account

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Reasons Why People Cancel a PMJJBY Policy

While the scheme offers affordable coverage, some policyholders may choose to discontinue it for the following reasons:

  • Switching to Another Insurance Plan: Some individuals may later purchase a comprehensive life insurance policy that offers higher coverage or additional benefits. In such cases, they may decide to cancel their PMJJBY policy.
  • Changes in Financial Priorities: Although the premium is relatively small, individuals may still decide to reduce recurring expenses if their financial situation changes.
  • Bank Account Closure: Since the scheme is linked to a bank account and premiums are automatically debited, closing the bank account linked to the policy may result in cancellation of the coverage.
  • Duplicate Enrolment: The scheme allows enrolment through only one bank account. If a person accidentally enrolls through multiple banks, they may cancel one policy to comply with the scheme rules.

How to Cancel a PMJJBY Policy?

Cancelling a PMJJBY policy is generally a simple process and is usually handled through the bank where the policy was originally activated.

  • Submit a Cancellation Request: The most common way to cancel the policy is by submitting a request at the bank branch.

    Steps usually include:
    • Visiting the bank branch where the scheme was enrolled
    • Informing the bank representative about the cancellation request
    • Filling out the PMJJBY cancellation or closure form
    • Submitting identification details if required

Once the request is processed, the bank updates the policy status and stops future premium deductions.

  • Disable the Auto-Debit Mandate: Another way to stop the policy is by disabling the auto-debit instruction linked to the scheme.

    Since the premium is automatically deducted from the bank account each year, cancelling the mandate prevents further renewals of the policy.

    This can usually be done through:
    • Bank branch request
    • Net banking portal
    • Mobile banking application

When the auto-debit instruction is stopped, the policy will not renew for the next coverage period.

  • Contact the Bank’s Customer Support: Policyholders can also contact the customer support service of the bank where the PMJJBY policy was enrolled. The bank may guide the individual on the correct procedure for submitting the cancellation request and confirming the status of the policy.

Things to Consider Before Cancelling a PMJJBY Policy

Before cancelling a PMJJBY policy, it is important to review certain aspects to ensure that the decision is financially sound.

  • Evaluate Existing Life Insurance Coverage: Individuals should check whether they already have sufficient life insurance coverage before cancelling the policy.
  • Understand the Scheme Benefits: The Pradhan Mantri Jeevan Jyoti Bima Yojana benefits include affordable life insurance coverage, making it a useful financial protection tool for many households.
  • Check Renewal Date: Since the policy renewal is done annually, cancelling it before the next renewal cycle ensures that no additional premium is deducted.
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Did You Know?

As of March 2025, PMJJBY has covered 23.36 crore people and paid ₹18,102.78 crore in claims, supporting over 9 lakh families across India


Source: PIB

Young Term Plan - 1 Crore

Why You Should Think Twice Before Cancelling a PMJJBY Policy?

Before deciding to cancel your PMJJBY policy, it is important to understand the benefits it offers. Giving up this coverage without evaluating its advantages could leave you without a basic financial safety net.

  • Affordable Life Insurance Coverage: One of the key Pradhan Mantri Jeevan Jyoti Bima Yojana benefits is its low annual premium. For a small yearly payment, the policy provides life insurance coverage of ₹2 lakh, making it accessible to a large number of people.
  • Simple Enrolment and Renewal Process: The scheme is linked directly to your bank account, which means the premium is automatically deducted every year. This eliminates the need for manual payments and helps ensure continuous coverage without complicated procedures.
  • Financial Support for the Family: In the event of the policyholder’s death, the nominee receives the insurance payout. This amount can help the family manage immediate financial needs, household expenses, or outstanding obligations.
  • Wide Accessibility Across India: The scheme is available through many banks and financial institutions across the country. This accessibility ensures that even individuals in rural or semi-urban areas can benefit from basic life insurance protection.
  • Opportunity to Maintain Basic Coverage: Even if you already have another insurance policy, the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits can act as an additional layer of financial protection for your family at a relatively low cost.

Conclusion

The PMJJBY policy was introduced to expand life insurance coverage across India by offering affordable protection through a simple enrolment process. However, policyholders may sometimes decide to discontinue the scheme due to changing financial needs or personal preferences.

Cancelling the policy is generally straightforward and can be done through the bank where the scheme was enrolled or by disabling the auto-debit mandate linked to the account. Before taking this step, individuals should carefully consider the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits and evaluate whether they have alternative insurance coverage in place. Making an informed decision ensures that individuals maintain the right balance between financial protection and personal financial planning.

Glossary

  1. Auto-Debit Mandate: An instruction that allows the bank to automatically deduct the insurance premium from the policyholder’s account
  2. Policy Renewal: The process of continuing insurance coverage for the next policy period by paying the required premium
  3. Nominee: The person designated to receive the insurance benefit in case of the policyholder’s death
  4. Insurance Coverage: The extent of protection an insurance policy provides, including the risks or events covered under its terms
  5. Policyholder: The individual who purchases the insurance policy and pays the premium to maintain life insurance coverage
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Uncertain About Insurance

FAQs

Yes, a PMJJBY policy can generally be cancelled by submitting a request to the bank where the scheme was enrolled.

In most cases, the premium already deducted for the current coverage period is not refunded after cancellation.

Yes, individuals can re-enrol in the scheme later by meeting the eligibility criteria and completing the enrolment process again.

If the linked bank account is closed, the policy will typically be discontinued since premium payments cannot be processed.

The scheme is available to individuals aged 18 to 50 years who hold a savings bank account and meet the scheme conditions.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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