PMJJBY vs PMSBY - Differences and Similarities

The Government of India has initiated various schemes to offer basic healthcare facilities to Indian citizens. The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are two such schemes introduced by the government. The schemes are specifically designed to provide healthcare facilities to low-income families in our country. The schemes aim to provide immediate relief to the families in case of an unfortunate demise of the insured. Further in this article, we will discuss the similarities and differences between both schemes in detail.

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Similarities between PMJJBY and PMSBY

Listed below are the similarities between the PMJJBY and PMSBY:

  • The minimum age of entry is 18 years. 
  • Both the policies are government-backed.
  • Any Indian citizen can easily apply for the scheme regardless of income.
  • The PMJJBY and PMSBY are available in government and private banks.

  • The highest sum assured amount that one could easily avail within these schemes is Rs 2 lakh
  • To enrol in PMJJBY and PMSBY, a savings account is mandatory.
  • The premium sum charged towards the plan is deducted from the savings account associated each year on the auto-debit facility.
  • Both schemes' duration commences from June 1 and ends on May 31 of the coming year.
  • The premiums paid are entitled to tax benefits.

  • Once an insured individual, as per the scheme, attains the maximum age, the policy terminates automatically.
  • One person can have one policy number regardless of the number of the savings bank account.
  • The policies will not lapse even if the insured is unable to pay the premium sum.
  • In case the balance in the bank associated is insufficient, then the policy will terminate. The insurer can reinstate the scheme once the payment of the outstanding premium sum is made.
  • The PMJJBY and PMSBY require minimal documentation.
  • If no claim is raised, then no refund will be issued.
  • In case the policyholder passes away, the nominee of the scheme will receive the sum payable.

Difference between PMJJBY & PMSBY

The following table elaborates the difference between both schemes.

Pradhan Mantri Jeevan Jyoti Bima Yojana Pradhan Mantri Suraksha Bima Yojana
Premium Rate ( per annum) Rs. 330 per individual Rs.12 per individual
Scheme Type This is a life insurance scheme This is an accidental insurance scheme
Coverage Type The policy offers life insurance coverage to the insured person. The policy offers personal accidental coverage to the life insured.
Benefits In the event of the unfortunate demise of the life assured, the policy's beneficiary receives Rs. 2 lakh as a death benefit.  In case of accidental death of the insured person Rs. 2 lakh is offered to the nominee of the policy as the death benefit. In case the insured suffers from permanent total disability due to an accident, then Rs. 2 lakh is offered to the insured. In case the insured suffers from a permanent partial disability, then Rs. 1 lakh is offered to the insured.
Age Limit The entry age of the scheme ranges from a minimum of 18 years to a maximum of 50 years The entry age of the scheme ranges from a minimum of 18 years to a maximum of 70 years.
Maximum Premium payment age If the insured is 50 years then he/she can extend the premium payment tenure of the policy up to 55 years 70 years old
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Wrapping it Up

Even though both these schemes do not replace the need for a health insurance policy in our life, both these government-backed schemes help provide financial protection to the family in case of any eventuality. Moreover, the low-income group of individuals should consider investing in these schemes as it comes with a lower premium rate and ensures the right financial security for the family. One can apply for the schemes very easily by just filling the form.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Written By: PolicyBazaar

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