PMSBY Vs PMJJY- Which insurance scheme is best for you?

Life Insurances 338 views

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

ModalitiesPMSBYPMJJBY
Age18-70 years18-50 years
Enrollment period1st June 2015-31st May 20161st June 2015-31st May 2016
Sum assuredRs 2 lac cover on death of the subscriber due to accidentRs 2 lac cover on death of the subscriber due to any reason
PremiumRs 12 per yearRs 330 per year
Expiry of the policyWhen the subscriber attains the age of 70 yearsWhen the subscriber attains the age of 55 years
Number of policyOne policy per individualOne policy per individual
Maturity Benefit Nil Nil
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
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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.