Ignorance can be bliss, but turning a deaf ear to good advise and instructions from well-wishers and friends could prove costly.

An obituary ad in the newspaper last week caught the attention of people known to the deceased. The untimely death was due to a fatal road accident. The individual was a peon in a public sector bank.

After hearing the news, the bank staff realised that the deceased had not enrolled under the Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme (PMJJBY), which offers coverage for death, Pradhan Mantri Suraksha Bima Yojana (PMSBY) – accident and disability cover, or converted his savings bank account to Corp Saral Plus (a family protection insurance cover of ₹5 lakh offered by Corporation Bank).

A retired official of the bank told this correspondent: “It is sad to note that a bank employee has failed to enrol under such schemes. The peon has been careless, not listened to our advise. Today, his family members are in a fix as he has defaulted in remittance of his life insurance premium for two years, failed to renew his vehicle and home loan insurance. He owes more than what he would have received had he honoured the commitments and enrolled under PMJJBY and PMSBY. It is a lesson for all.”

Incidentally, the deceased – R Rajan – had used his vehicle that fateful day, and today his wife is running from pillar to post to set things in order.

“Our staff at the Saibaba Colony branch in Coimbatore have been sensitising people about enrolling for the PMJJBY and PMSBY schemes, besides helping them convert their SB account to Corp Saral Plus. There have been instances of customers being unaware of entitlement. We have helped a couple of them get their dues,” said YP Rao, AGM (Retired), Corporation Bank, adding “the outgo is minimal, less than ₹1 a day – for all three schemes put together.”

“The renewal notices for the PMJJBY and PMSBY schemes are published in newspapers in the month of May every year. The beneficiary would have to ensure that adequate balance (roughly around ₹350) is available in his/her account between May 27 and 31. Banks send an SMS in the second week of May to alert eligible customers. Yet, a number of customers fail to maintain the balance, resulting in lapsing of the policy,” he said.

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