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.
Listed below are the similarities between the PMJJBY and 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 |
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.
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