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Know the Differences and Similarities Between PMJJBY & PMSBY

The Government of  India has initiated various schemes to offer basic healthcare facilities to Indian citizens. The Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana are two such schemes introduced by the government. The schemes are specifically designed to provide healthcare facilities to the 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.

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.

 

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 beneficiary of the policy 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

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.

Written By: PolicyBazaar - Updated: 01 February 2021
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