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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 India. The schemes aim to provide immediate relief to the families in case of an unfortunate demise of the life assured.
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PMSBY provides coverage for accidental death and disability, and PMJJBY provides coverage for death due to other reasons. In this article, we will discuss the similarities and differences between both schemes in detail.
PMSBY full form is Pradhan Mantri Suraksha Bima Yojana (PMSBY). The scheme is offered by Public Sector General Insurance Companies (PSGICs) and other general insurance companies. It is an Accident Insurance Scheme that provides one-year cover and is renewable from year to year.
The Pradhan Mantri Suraksha Bima Yojana Scheme provides insurance for accidents, including death, disability, and permanent disability. Anyone who is aged 18 to 70 and has a bank account can join this scheme. You pay a yearly premium of Rs. 20, and it will be taken directly from your bank account. If you are completely disabled or die in an accident, your nominee gets Rs. 2 Lakhs. If you have a partial permanent disability from an accident, you receive Rs. 1 Lakh.
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PMJJBY was introduced in 2015 to offer financial help to the policyholder’s family members in case of his/her unfortunate death. This scheme is offered by LIC, other life insurers, and Indian banking institutes. It is available for individuals from 18 years to 50 years with savings bank accounts at official banks. If the claimant has several savings accounts in different banks, then he/she can enroll under PMJJBY through one savings account only.
Listed below are the similarities between the PMJJBY and PMSBY:
| Parameters | Similarities |
| Type | Both the policies are government-backed. |
| Minimum Entry Age | The minimum age of entry is 18 years. |
| Eligibility | Any Indian citizen can easily apply for the scheme regardless of income. To enroll in PMJJBY and PMSBY, a savings account is mandatory. |
| Sum Assured | The highest sum assured amount that one could easily avail within these schemes is Rs 2 lakh |
| Payment Mode | The premium sum charged towards the plan is deducted from the savings account associated each year on the auto-debit facility. |
| Policy Termination | Once a life assured, as per the scheme, attains the maximum age, the policy terminates automatically. |
| Number of policies | One person can have one policy number regardless of the number of the savings bank account. |
| Tax Benefit | The premiums paid are entitled to tax benefits |
| Refund | If no claim is raised, then no refund will be issued. |
| Policy lapse | The policies will not lapse even if the insured is unable to pay the premium sum. |
| Reinstatement | 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. |
| Convenient | The PMJJBY and PMSBY require minimal documentation. |
| Benefit | In case the policyholder passes away, the nominee of the scheme will receive the sum payable. |
| Buying the scheme | Both schemes are available in private and public banks. You can buy the plan from the same bank where they have a savings account. |
| Flexibility | You are allowed to join the scheme again if they leave it for any reason. |
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The following table elaborates the difference between pmjjby and pmsby:
| Parameters | 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 life assured. | The policy offers personal accidental coverage to the life assured. |
| Benefits | In the event of the unfortunate death of the life assured, the policy's beneficiary receives Rs. 2 Lakhs as death benefit. | If the life assured dies in an accident, the nominee gets Rs. 2 Lakhs. If he/she faces total permanent disability from an accident, they receive Rs. 2 Lakhs. For a partial permanent disability, the life assured receives Rs. 1 Lakh. |
| Age Limit | 18 to 50 years | 18 to 70 years |
Even though both these schemes do not replace the need for a term 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 ensure the right financial security for the family. One can apply for the schemes very easily by just filling the form.
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