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 1st June – 31st
- 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 1st June-31st 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|
₹ 2 Lac for Accidental Death
₹ 1 Lac for Partial Disability
|₹ 2 Lac for death due to any reasons (Natural / Accidental)|
|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|