PMJJBY and PMSBY : Key Differences
The NDA Government had launched two life insurance schemes viz. Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Both of these schemes are available to customers via their banks with auto-debit of premium from their bank account.
Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme launched in 2015 for people between 18 and 50 years of age with bank accounts. It provides a cover of Rs. 2 Lakh on natural death or death by accidents (term plan insurance).
Salient features of Pradhan Mantri Jeevan Jyoti Bima Yojana
- Anybody who has an Aadhaar number with a linked bank account and falls in the age- bracket of 18-50 years can enrol for the same.
- The annual premium for the scheme is Rs. 330 which has to be automatically debited from the subscriber’s bank account. Anyone can either renew the scheme annually or opt for the long-term provision in which case the amount will be automatically deducted from the
The scheme is being implemented by Life Insurance Corporation of India and all other major insurers in the country.
Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana is a life Insurance Scheme to provide insurance cover at minimal annual premium for death or disability by accidents. The risk coverage of the scheme for accidental death or full disability is Rs. 2 lakhs and for partial disability is Rs. 1 lakh.
Salient Features of Pradhan Mantri Suraksha Bima Yojana
- Anyone who falls in the age-bracket of 18-70 years can avail the benefit of this scheme and get enrolled. He should have a bank account linked with his Aadhaar card.
- The annual premium is a meagre amount of Rs. 12. This is comparatively very reasonable as similar insurance in private sector would have a premium of Rs. 100, as per experts. The payments will be automatically debuted from the subscriber’s account annually.
Difference between PMJJBY and PMSBMY
The differences between the two schemes are as follows:
|Feature and Eligibility||Pradhan Mantri Suraksha Bima Yojana (PMSBY)||Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)|
|Insurance cover offered for||Accidental death/disability/accidental injury||Death due to any reason|
|Age at entry||18-70 years||18-50 years|
|Premium (Annual)||Rs. 12||Rs. 330|
|Cover ceasing age||70||55|
|Death Benefit (Not by accident)||Nil||200000|
|Death Benefit (by accident)||200000||200000|
|Disability of both eye, both hands, both legs or one eye and one limb||200000||Nil|
|Disability of one eye or one limb||100000||Nil|
|Maximum cover||200000 (From any one of Bank account)||200000 (From any one of Bank account)|
|Risk Period||1st June to 31 May every year on deduction of premium||1st June to 31 May every year on deduction of premium|
|Mode of Payment||Auto debit from bank account||Auto debit from bank account|