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Ref. No. KLI/22-23/E-BB/492
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an insurance program that offers accidental death and disability coverage. On the other hand, Pradhan Mantri Jeevan Jyoti Bima Yojana is a 1-year life insurance program that operates with an annual minimum premium.
The Indian government has launched a number of programs to provide its population with access to fundamental healthcare services. Two of the government's initiatives in this area are the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY).
These two programs have been created expressly to offer healthcare services to low-income families in our nation. The similarities and differences between the PMJJBY and the PMSBY have been thoroughly covered in this article.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The Indian government supports the accidental insurance program known as Pradhan Mantri Suraksha Bima Yojana. In accordance with this plan, in the event of an accident, the life assured is provided with death coverage and accidental disability benefits. Individuals with savings account at one of the recognized banks and ages ranging from 18 to 70 can choose this program.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The Pradhan Mantri Mantri Jeevan Jyoti Bima Yojana, which was first introduced in 2015, provides financial assistance to the policyholder’s family in the event of their passing. Indian financial institutions and other life insurance carriers provide PMJJBY. Anyone between the ages of 18 and 50 who has a savings account with a recognized bank is eligible for this program.
What is the Difference Between PMSBY vs. PMJJBY?
Let’s examine how Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana differ from one another.
Parameters |
Pradhan Mantri Jeevan Jyoti Bima Yojana |
Pradhan Mantri Suraksha Bima Yojana |
Premium Rate (per annum) |
₹330 per person |
₹12 per person |
Coverage Type |
The insured person is provided with life insurance coverage by the policy. |
The life insured is provided with personal accidental coverage by the policy. |
Scheme Type |
This is a plan for life insurance. |
This is a plan for accidental insurance. |
Benefits |
The policy’s beneficiary receives ₹2 lakhs as a death benefit in the tragic event of the life assured’s passing. |
A death benefit of ₹ 2 lakh is provided to the policy’s nominee in the event that the insured individual dies in an accident. A payout of ₹2 lakh is made to the insured if an accident results in permanent total disability. If the insured experiences a permanent partial handicap, they would be given ₹1 lakh. |
Age Limit |
The scheme’s minimum and maximum entry ages are 18 and 50, respectively. |
The scheme has an admission age range of 18 years minimum to 70 years maximum. |
Maximum Premium payment age |
The policy’s premium payment period can be extended by the insured up to 55 years if they are 50 years old. |
70-year-old |
The following is a list of commonalities between the PMSBY and PMJJBY schemes:
Wrapping Up
When a family member dies or becomes disabled, government-backed initiatives help low-income households during their difficult financial times. Both these insurance require very little documentation, and all that is necessary to access them is a savings account. The extremely cheap premium amount is one of the policies’ distinguishing features. No of how much money a person makes, they can get these policies.
Most crucially, the terms and conditions of these policies are flexible to ensure that members of the economically underprivileged parts of society are adequately protected against death and disability. Now that you know the difference between PMSBY and PMJJBY, it’s time for you to make the right decision for your family.
Ref. No. KLI/22-23/E-BB/2435
