PMSBY vs PMJJBY – What is difference between PMSBY and PMJJBY ?

Difference between Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) : After Success of Pradhan Mantri Jan Dhan Yojana in 2014, Central Government came out with two affordable insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana, announced in Budget 2015. Both Schemes are available for enrollment through bank and insurance companies.

As these schemes are very low premium schemes so very beneficial for people especially poor and under privileged section of society who can’t afford  afford high premium insurance policies.

Pradhan Mantri Jeevan Jyoti Bima Yojana – Life Insurance @ ₹330/-

PMJJBY is a life insurance scheme (term insurance) offering maximum insurance cover of ₹ 2 Lakh in case of death due to any reason (natural / accidental).

Important Features of PMJJBY

• The scheme is available for people in age group 18-50 years.
• Premium of ₹ 330/- is paid via auto debit from bank account on consent of the subscriber.
• Enrollment / Insurance Period is from 1^st June – 31^st
• The scheme offer life cover of ₹ 2 Lakh to nominee on death of policy holder.

Pradhan Mantri Surkasha Bima Yojana – Accidental Insurance @₹ 12/-

PMSBY is an accidental insurance scheme offering risk coverage of ₹ 2 Lakh for accidental death and permanent total disability and ₹ 1 Lakh for permanent partial disability.

Important Features of PMSBY

• The scheme is available for people in age group 18-70 years.
• Premium of ₹ 12/- is paid via auto debit from bank account on consent of subscriber.
• Enrollment / Insurance period is 1^st June-31^st May
• The scheme offer accidental insurance cover of ₹ 2 Lakh on death and permanent total disability.
• The insurance cover is ₹ 1 Lakh in case of permanent partial disability.

  

Key differences & Similarities between Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The differences between PMSBY and PMJJBY are as follows :

Features	Pradhan Mantri Suraksha Bima Yojana	Pradhan Mantri Jeevan Jyoti Bima Yojana
Insurance Cover for	Accidental Death /Disability / Accidental Injury	Life Insurance : Death Due to any reason
Eligibility	18-70 Years; Saving Bank Account Must	18-50 Years ; Saving Bank Account Must
Cover Cease Age	70 Years	55 Years ; if premium is paid every year till 50 years of Age.
Annual Premium	₹ 12/- plus GST as applicable	₹ 330/- plus GST as applicable
Mode of Payment	Auto Debit from Bank Account	Auto Debit from Bank Account
Sum Assured	₹ 2 Lac for Accidental Death ₹ 1 Lac for Partial Disability	₹ 2 Lac for death due to any reasons (Natural / Accidental)
Maturity Benefits	NIL	NIL
Enrollment/ Insurance Period	01st June – 31st May	01st June – 31st May
Number of Policies	Only one in case of multiple saving bank accounts with same or different bank	One also.
Tax Benefits	Premium Paid is Tax Free	Premium Paid is Tax Free