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About PMJJBY vs PMSBY

The Government of India has initiated several schemes to provide basic healthcare facilities to people across the country. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are two such schemes established by the government to provide immediate relief to economically challenged families in the country.

 

Both these policies ensure financial coverage to the insured’s dependents in case of their unfortunate death. As the Government of India backs these schemes, they are available at affordable rates. In this section, we will be discussing the difference and similarities between the two policies. Let us begin.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

PMSBY is an accidental insurance scheme backed by the Indian government. The policy provides accidental death and disability coverage to the insured in case of accidents. You can buy the PMSBY scheme via public sector insurers or general insurance companies in India. It is available to people from 18-70 years of age with a savings bank account at accredited banks.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

PMJJBY was launched in 2015 to provide financial aid to the families of the insured in case of their sudden death. The PMJJBY scheme is offered through LIC, other life insurance companies, and banking institutes in India. It is available to people from 18 to 50 years of age with a savings bank account at accredited banks. If the applicant has multiple savings accounts in different banks, he/she can register under PMJJBY via one savings account only.

Difference between PMSBY and PMJJBY

Consider the following table to understand the difference between PMSBY and PMJJBY schemes:

 

 

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Yearly Premium Rate

 ₹12 per individual.

 ₹330 per individual.

Scheme Type

PMSBY is an accidental insurance scheme.

PMJJBY is a life insurance scheme.

Coverage Type

The policy offers personal accidental coverage to the insured individual.

The policy offers life insurance coverage to the insured individual.

What Are The Benefits?

  •  

    The policy offers ₹2 lakh as death benefit to the beneficiaries if the insured individual dies in an accident

     

  •  

    The policy offers ₹2 lakh in case the insured suffers from permanent total disability in an accident

     

  •  

    The policy offers ₹1 lakh in case the insured individual suffers from a permanent partial disability in an accident

     

The policy offers ₹2 lakh to the beneficiaries in case the insured individual dies

Age Limit

Between 18 and 70 years

Between 18 and 50 years

Maximum Premium Payment Age

70 years old

50 years old and can be extended to 55 years as well.

 

Now that you know the difference between the two policies let us take a look at the list of similarities between both the schemes.

Similarities between PMSBY and PMJJBY

Following is the list of similarities between the PMSBY and PMJJBY schemes –

  • The Government of India backs both the policies.

  • Indian residents are eligible to apply for the scheme irrespective of their income.

  • The schemes are available in both private and government banks

  •  

    The maximum sum assured amount one can avail under these schemes is ₹2 lakh

     

  • It is mandatory to have a savings account to enroll in these schemes.

  • The premium amount charged towards the plan is deducted from the associated savings account every year on an ‘auto-debit’ facility.

  • The policy duration for both the schemes begins from 1st June of a year and ends on 31st May of the next year.

  • The minimum entry age for the scheme is 18 years old.

  • Once the insured individual attains the maximum age as per the schemes, the policy automatically terminates.

  • One person can have only one policy under their name irrespective of the number of saving accounts they have in the bank.

  • The premiums paid towards the policy are eligible for tax relief.

  • The policies do not lapse in case the insured is unable to pay the premium amount.

  • The policy will terminate if the balance in the associated bank is insufficient. However, the insured can reinstate the scheme after paying the outstanding premium amount.

  • Both policies require minimal documentation.

  • In case of the death of the policyholder, the beneficiaries of the scheme will receive the amount payable.

  • No refund is issued if there is no claim raised.

To Conclude

Having a government-backed scheme to financially protect your loved ones in case anything were to happen to you is a wise decision, especially if you belong to the low-income categories. To read more about PMSBY and PMJJBY schemes, visit Finserv MARKETS online.

Do note that these schemes do not replace the need for health insurance or term insurance plans in our lives. It is necessary to have an adequate health or term plan to cover the treatment expenses of you and your family members during medical emergencies and otherwise.

You can consider buying comprehensive Health Insurance Plans at Finserv MARKETS. Our policies offer features such as reinstatement benefits, in case you exhaust the sum assured amount, hassle-free renewals, cashless claim settlements, and so much more. On the other hand, you can secure the financial future of your family members with Term Insurance plans at Finserv MARKETS. The policies offer extensive coverage as well as rider benefits to enhance the scope of the policy, among other things.

No matter what kind of coverage you need, insurance plans at Finserv MARKETS will protect you at all times.  

Term Insurance Covers and Requirements

Read More About Term Insurance

Government Life Insurance Schemes

FAQs related to PMSBY and PMJJBY

✔️Can I apply for both PMSBY and PMJJBY schemes?

Yes. You can register for both schemes to avail their benefits. Just note that you need a savings bank account to apply for the PMSBY and PMJJBY schemes.

✔️Can I stop auto-debit under PMJJBY?

Yes. Just follow the steps below to stop auto-debit in PMJJBY.

  1. Go to the bank and request to cancel the auto-debit instruction from your savings account.

  2. Consider doing a proper follow-up with the bank authorities as such requests are not processed effectively at times.

✔️Who is eligible to apply for PMSBY?

People aged 18 to 70 years with an active savings bank account can apply for the PMSBY scheme.

✔️Who is eligible to apply for PMJJBY?

People aged 18 to 50 years with an active savings bank account can apply for the PMJJBY scheme.