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Ref. No. KLI/22-23/E-BB/492
PMSBY and PMJJBY are healthcare schemes that can be considered for securing your and your family’s health and future. But too many options can create some confusion too. Read this blog to know the differences and similarities between these healthcare schemes.
In the hustle and bustle of your daily lives, you often find yourselves walking the tightrope between security and uncertainty. Life’s unexpected twists and turns have a way of catching people off guard, leaving them vulnerable and unprepared. But what if there were safety nets in place, invisible shields that could help you navigate the uncertainties with a sense of reassurance?
Two remarkable initiatives that continue to transform the lives of millions and create ripples of hope across the nation are Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). These visionary schemes, conceived by the Government of India, have set out to redefine the concept of financial security and bring peace of mind to the masses. Let’s have a quick look at what these plans are and how they differ from one another.
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 accounts at one of the recognized banks and ages ranging from 18 to 70 can choose this program.
The Pradhan 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.
Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana are launched to provide financial coverage to individuals at affordable premiums. While both schemes aim to provide insurance benefits, they differ in terms of coverage, eligibility, and benefits. Let us compare and contrast PMSBY and PMJJBY:
Parameters |
Pradhan Mantri Suraksha Bima Yojana |
Pradhan Mantri Jeevan Jyoti Bima Yojana |
Objective |
The primary objective of PMSBY is to provide accidental death and disability insurance coverage to individuals. |
PMJJBY aims to provide life insurance coverage to individuals. |
Coverage |
It provides coverage in case of accidental death and disability. |
It provides coverage in case of death due to any reason, including natural causes. |
Insurance Coverage Amount |
It provides coverage for accidental death and disability that includes ₹2 lakhs in case of accidental death and total permanent disability and ₹1 lakh for partial disability. |
It offers a sum assured of ₹2 lakhs to the nominee or beneficiary in case of the insured person’s death. |
Eligibility |
People under the age of 18 to 70 are eligible for this scheme. |
Any Indian citizen aged between 18 and 50 years can enrol in PMJJBY. |
Account Type |
It can be availed by individuals having at least one savings bank account who give consent for the auto-debit of the premium. |
It requires a savings bank account with consent for auto-debit premium. |
Premium |
The annual premium is ₹12, which is deducted automatically from the subscriber’s bank account. |
The annual premium is ₹330, which is deducted automatically from the subscriber’s bank account. |
Enrolment Period |
Individuals can enrol in PMSBY from 1st June to 31st May of the subsequent year. |
PMJJBY enrollment is open to people from 1 June through 31 May of the following year. |
Renewal |
It is needed to be renewed at the completion of one year annually. |
Like PMSBY, the policy needs to be renewed annually. |
Benefits |
It provides financial assistance to the insured or their nominee in case of accidental death, total permanent disability, or partial disability. |
It provides a lump sum amount to the nominee or beneficiary in case of the insured person’s death, irrespective of the cause of death. |
Tax Benefits |
It does not provide any tax benefits. |
It provides tax benefits under Section 80C of the Income Tax Act, 1961, for the premium paid. |
One of the most striking similarities between PMSBY and PMJJBY lies in their core purpose, which is to safeguard individuals and their families from unforeseen circumstances and financial hardships. It is important to know PMJJBY and PMSBY scheme details in order to get the best out of them. Now that you know the difference between PMSBY and PMJJBY, take a look at the list of similarities between the two policies:
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.
Most crucially, the terms and conditions of these policies are flexible to ensure that members of the economically underprivileged sections 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.
1
Individuals who leave the scheme at any time can rejoin at a later date by paying the annual premium, subject to any conditions that may be imposed.
2
In the case of PMSBY, the master policyholder will be the participating bank on behalf of the account holder who has given consent for the premium auto-debt.
3
In order to subscribe to the PMSBY, the individual needs only one bank account.
4
PMSBY has a minimum premium rate of ₹12/- per annum. It provides coverage of ₹2 lakhs for accidental death and permanent total disability and ₹1 lakh for permanent partial disability.
5
The PMJJBY offers a life cover of ₹2 lakhs for a premium of ₹330 per annum per member, which is renewable every year.
6
Yes, you can rejoin PMJJBY by linking a bank account, paying the premium, and submitting a current health certificate, even after you have withdrawn from the scheme.
7
The participating bank whose customer has given consent to auto-debit from their account will be the master policyholder in the case of PMJJBY.
8
In case the tenure of the scheme is over, which is one year, then PMJJBY can be renewed again for the coming year.
Features
Ref. No. KLI/22-23/E-BB/2435