my offers

How about checking some pre-approved offers you might be eligible for?

my offers

How about checking some pre-approved offers you might be eligible for?

  • Mobile No.
  • Date of birth

You have a pre approved offer

  • Sum Assured
    Premium
    Persons Covered
  • Rate
    5%

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

We have 02 personalised offers for you

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

my offers

PMJJBY vs PMSBY - Differences and Similarities

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.

The basic objective of both these policies is to offer immediate relief to families in India if the insured individual dies, especially to the low-income families in India. 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.

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

INR 12 per individual.

INR 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 INR 2 Lakhs as death benefits to the beneficiaries if the insured individual dies in an accident.

  • The policy offers INR 2 Lakh in case the insured suffers from a permanent total disability in an accident.

  • The policy offers INR 1 Lakh in case the insured individual suffers from a permanent partial disability in an accident.

The policy offers INR 2 Lakhs 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 INR 2 Lakhs.

  • 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 earning category. In fact, you can read more about PMSBY and PMJJBY schemes on Finserv MARKETS online.

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

You can consider buying comprehensive Health Insurance Plans at Finserv MARKETS. The policy offers 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 dependents with Term Insurance plans at Finserv MARKETS. The policy offers extensive coverage, rider benefits to enhance the scope of the policy and more.

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

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!