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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 and Pradhan Mantri Suraksha Bima Yojana are two such schemes introduced by the government.

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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. 
Pradhan Mantri Suraksha Bima Yojana provides coverage for accidental death and disability, and Pradhan Mantri Jeevan Jyoti Bima Yojana provides coverage for death due to other reasons. In this article, we will discuss the similarities and differences between both schemes in detail.

What is the Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

PMSBY full form is Pradhan Mantri Suraksha Bima Yojana. 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. The yearly premium for Pradhan Mantri Suraksha Bima Yojana stands at Rs 12, and it will be automatically deducted from the linked 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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What is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government scheme that was launched in 2015. This life insurance scheme offers 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. The annual premium for the Pradhan Mantri Jeevan Jyoti Bima Yojana amounts to Rs 330, and it will automatically be deducted from your linked bank account. If the claimant has several savings accounts in different banks, then he/she can enroll under the PMJJBY Scheme through one savings account only. It is much like a term insurance plan that provides protection during unforeseen events.

*Note: The annual premiums of PMJJBY and PMSBY may fluctuate based on your location, the prevailing GST rates, and your age.

What are the Differences between PMJJBY and PMSBY Schemes?

The following table elaborates the key differences between PMJJBY and PMSBY:

Parameters Pradhan Mantri Jeevan Jyoti Bima Yojana Pradhan Mantri Suraksha Bima Yojana
Scheme Type PMJJBY is a life insurance scheme  PMSBY is an accidental insurance scheme 
Age Limit  The minimum age limit for Pradhan Mantri Jeevan Jyoti Bima Yojana is 18 years and maximum is 50 years.  The minimum age limit for the Pradhan Mantri Suraksha Bima Yojana is 18 years and maximum is 70 years. 
Premium  The annual premium for the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme is Rs. 330. The premium amount could differ depending on the age, location and prevailing income tax laws.  The annual premium for Pradhan Mantri Suraksha Bima Yojana is Rs. 12. Note that the premium amount could differ based on the age, location and prevailing income tax laws. 
Coverage  According to Pradhan Mantri Jeevan Jyoti Bima Yojana, the death cover of the life assured will be provided irrespective of the cause of demise. The amount would be paid to the beneficiary/nominee in case of life assured’s death.  Pradhan Mantri Suraksha Bima Yojana offers coverage for disability or death due to accidents. The amount would be payable to the nominee/beneficiary in case of policyholder’s death. 
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.

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What are the Similarities between PMJJBY and PMSBY ?

Listed below are the similarities between PMJJBY and PMSBY:

  • Both these schemes are government backed insurance schemes and can be purchased by all Indian residents, regardless of their income. PMJJBY and PMSBY schemes were launched by the Indian Government. 

  • These schemes are available in public and private sector banks. You are required to have a savings account to opt for these schemes. 

  • Both the above schemes, PMJJBY and PMSBY will not lapse if the premium amount is not paid. 

  • PMJJBY and PMSBY schemes have tax saving benefits. This means the premium amount paid is free of taxes. 

  • The premium sum charged towards the plan is deducted from the savings account associated each year on the auto-debit facility. 

  • 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.

*Note: It is suggested for all NRIs living in Canada that they know what is term insurance first and what its features are before they buy their ideal plan.

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.

FAQ's

  • Q: What does the PMSBY Scheme provide coverage for?

    Ans: The Pradhan Mantri Suraksha Bima Yojana Scheme offers coverage for accidental death, total permanent disability, and partial permanent disability.
  • Q: How much is the yearly premium for the Pradhan Mantri Suraksha Bima Yojana Scheme?

    Ans: The annual premium is Rs. 12, which is automatically deducted from the policyholder's bank account.
  • Q: How can you enroll in the PMJJBY scheme?

    Ans: Go to https://jansuraksha.gov.in/Forms-PMJJBY.aspx and click on ‘Application Forms’. Then, choose your preferred language and complete the application. You can also process the registration through internet banking or by simply sending a text message to their toll-free number. Do not forget to download the receipt at the end of the registration.
  • Q: Can I rejoin the PMJJBY scheme after leaving?

    Ans: You have to pay the annual premium sum if you want to rejoin the PMJJBY scheme. You also have to submit a certificate that certifies your good health.
  • Q: What is PMSBY full form?

    Ans: PMSBY full form is Pradhan Mantri Suraksha Bima Yojana
  • Q: Who can apply for the PMSBY Scheme?

    Ans: Any person who has either a single or joint bank account and falls between the age of 18 years and 70 years in any of the participating banks is eligible to join the PMSBY scheme. In the case of multiple bank accounts in one or different banks, the individual is entitled to join the PMSBY scheme via one bank account only.
  • Q: Can I continue my subscription to the PMJJBY scheme beyond the initial year?

    Ans: Yes, you have the option to continue your subscription to the PMJJBY scheme after the first year. To do so, you will need to consent to the auto-debit facility and provide a health certificate.
  • Q: Who serves as the master policyholder for the PMJJBY scheme?

    Ans: The participating banks serve as the master policyholder for the PMJJBY scheme.
  • Q: What is the annual premium per member for the PMSBY scheme?

    Ans: The annual premium per member for the PMSBY scheme is Rs.12.
  • Q: What is the annual premium per member for the PMJJBY scheme?

    Ans: The annual premium per member for the PMJJBY scheme is Rs.330.
  • Q: How can you calculate your term insurance premium for your chosen term plan?

    Ans: You can use the term insurance calculator to easily calculate your premium amount for your chosen term plan.

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