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PMJJBY VS PMSBY Scheme - Similarities and Differences

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.

  • 26,195 Views | Updated on: Feb 07, 2024

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.

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 accounts 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 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 PMJJBY vs. PMSBY?

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:


Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana


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.


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.


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.


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.


It is needed to be renewed at the completion of one year annually.

Like PMSBY, the policy needs to be renewed annually.


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.

Similarities Between PMSBY and PMJJBY

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:

  • Both policies are supported by the Indian government.
  • Both commercial and public banks offer the programs.
  • Under these programs, a person can only receive a maximum sum promised of ₹2 lakhs.
  • To participate in these programs, one must have a savings account.
  • Every year, using an “auto-debit” facility, the plan’s premium is taken out of the corresponding savings account.
  • Both programs’ policies are valid from June 1 through May 31 of the following year.
  • The program has 18 years as the minimum entry age.
  • The coverage automatically expires if the covered person reaches the maximum age allowed under the program.
  • Tax reduction is available for the policy’s premium payments.
  • In the event that the insured cannot pay the premium amount, the policies do not lapse.
  • If insufficient money is in the affiliated bank, the insurance policy will expire. However, after paying the remaining payment amount, the insured can reinstate the plan.
  • Both policies need very little paperwork.
  • The beneficiaries of the plan will get the sum due in the event of the policyholder’s death.

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.

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.

    Key takeaways

  • The Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides coverage for accidental death and disability, while Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides coverage for death due to any reason.
  • Both these programs are launched by the Indian government to provide access to healthcare services for low-income families.
  • Both policies require individuals to have a savings bank account and provide consent for auto-debit of the premium.
  • These policies can be accessed by individuals of any income level and require very little paperwork.



Can I rejoin the PMSBY?

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.


Who will be the master policyholder in the case of the PMSBY?

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.


How many saving accounts will I need to subscribe to the PMSBY?

In order to subscribe to the PMSBY, the individual needs only one bank account.


What is the premium payable per annum per member for the PMSBY?

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.


What is the premium payable per annum per member for the PMJJBY?

The PMJJBY offers a life cover of ₹2 lakhs for a premium of ₹330 per annum per member, which is renewable every year.


Can I rejoin the PMJJBY?

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.


Who will be the master policyholder in the case of the PMJJBY?

The participating bank whose customer has given consent to auto-debit from their account will be the master policyholder in the case of PMJJBY.


Can I continue subscribing to the PMJJBY after the end of the first year?

In case the tenure of the scheme is over, which is one year, then PMJJBY can be renewed again for the coming year.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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