Differences Between PMJJBY vs. PMSBY Scheme

What is the Difference Between PMJJBY vs. PMSBY?

PMSBY and PMJJBY are both 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 PMSBY vs. PMJJBY in detail and clarify the difference between the two:

Now that you have an understanding of the main differences between the two, let us explore a little more about what is PMJJBY and PMSBY.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a personal accident insurance scheme introduced by the government of India to provide coverage for accidental death and disability. Accidents can be sudden and financially stressful events, and PMSBY aims to lessen this burden by offering an affordable and straightforward insurance plan for accident-related mishaps. If you have a savings account at one of the recognized banks and are between the 18 to 70 age bracket, you can opt for this scheme.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Jeevan Jyoti Bima Yojana, which was first introduced in 2015, provides financial assistance to your (policyholder) family in the event of your passing. Unlike PMSBY, which focuses on accidental coverage, PMJJBY provides a broader safety net to ensure financial security for families if the insured member passes away due to any reason. Indian financial institutions and other life insurance carriers provide PMJJBY. So, if you are between 18 to 50 and have a savings account with a recognized bank, you are eligible for this program.

Wrapping Up

Both PMSBY and PMJJBY offer affordable and accessible financial security for Indian citizens whose family members pass away or become disabled. But, the main PMJJBY and PMSBY difference is their coverage: PMSBY is for accidental coverage, while PMJJBY provides life insurance for any cause of death. The good part is that both these insurance plans 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.

Additionally, 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. By understanding their unique features, you can decide which scheme best suits your financial planning goals or even consider both to ensure comprehensive coverage.

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 were launched by the Indian government to provide low-income families access to healthcare services.
• 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.

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