Know the Differences and Similarities Between PMJJBY & PMSBY

What are the 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 can easily avail within these schemes is Rs 2 lakh
• To enroll in PMJJBY and PMSBY, a savings account is mandatory.
• The premium sum that is charged towards the plan is deducted from the savings account associated each year on the facility of auto-debit.
• The duration of both the schemes 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 is 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 the schemes.

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 to provide financial protection to the family in case of any eventuality. Moreover, the low-income group of individuals should certainly 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.