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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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

PMSBY is an accidental insurance scheme that is backed by the Government of India. The plan offers accidental disability and death coverage to the life assured in case of accidents. You can purchase this scheme from public sector insurers in India. The scheme is specifically available for individuals from 18 years to 70 years with a savings bank account at official banks. 

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

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 account in different banks, then he/she can enroll under PMJJBY through one savings account only. 

Similarities between PMJJBY and PMSBY

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
Period of Insurance  Both schemes' duration commences from June 1 and ends on May 31 of the coming year.
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 an insured individual, 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. 

Difference between PMJJBY & PMSBY

The following table elaborates the difference between Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (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 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 lakhs 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 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.

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

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