The Indian insurance industry witnessed a great transformation when the Prime Minister Narendra Modi launched flagship schemes- Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY) in May 2015. The launched schemes are envisaged to offer affordable and easy access to necessary social security cover in the case of unfortunate incidents like death by any cause, disability due to an accident, etc. PMSBY is very much like a health insurance product offering you the accidental insurance cover of Rs 2 lacs with a nominal premium of Rs 12 per annum, while PMJJBY is a life insurance product offering you cover of Rs 2 lacs at a higher but very manageable yearly premium of Rs 330. However, many subscribers are quite unclear about the modalities of both the schemes. So, we in this article, will differentiate between PMSBY and PMJJBY to clear out the confusions that the subscribers may have.
Difference between PMSBY and PMJJY
|Age||18-70 years||18-50 years|
|Enrollment period||1st June 2015-31st May 2016||1st June 2015-31st May 2016|
|Sum assured||Rs 2 lac cover on death of the subscriber due to accident||Rs 2 lac cover on death of the subscriber due to any reason|
|Premium||Rs 12 per year||Rs 330 per year|
|Expiry of the policy||When the subscriber attains the age of 70 years||When the subscriber attains the age of 55 years|
|Number of policy||One policy per individual||One policy per individual|
|Death Benefit (Natural Death)||Nil||Rs 2 lacs|
|Death Benefit (Accidental Death)||Rs 2 lacs||Rs 2 lacs|
|Disability of both hands, both eyes, both legs or one eye and one limb||Rs 2 lacs||Nil|
|Disability of one eye or one limb||Rs 1 lac||Nil|
|Mode of premium payment||Premium will get debited automatically from your bank account in May each year||Premium will get debited automatically from your bank account in May each year|
|Mandatory Document||Aadhaar Card||Aadhaar Card|
As both the schemes require you to pay affordable premium and offer you the cover in the times of unfortunate incidents like death or disability, we hope you must have subscribed to the same and embarked on the path of secured future.