Comparision between PMSBY and PMJJBY

The two social security schemes – Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) which were launched recently under Jan Suraksha Yojana has been overwhelming. The number of accounts opened under both these schemes has been over 5 crore. Although both these schemes are different yet simple to understand, there are few differences and similarities as displayed in the table below:

FEATURES PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY) PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY) Insurance cover offered for Accidental death/disability/accidental injury Death due to any reason Annual Premium Rs. 12 Rs. 330 Sum Assured 1) Rs. 2,00,000 (for accidental death) Rs. 2,00,000 for death due to any reason (natural/accidental) 2) Rs. 1,00,000 (for partial disability) Eligibility Savings bank account is must Savings bank account is must Insurance period 01st June - 31st May (Every year) 01st June - 31st May (Every year) Can one person opt for same policy more than once in same/different banks No No Eligibility - Age limit 18-70 Years 18-50 Years Till what age premium has to be paid 70 years 50 years. But you can continue till 55 years, provided premium is paid every year Payment Mode Auto debit from the bank account Auto debit from the bank account From where to buy the insurance Public and private banks wherever you hold savings bank account Public and private banks wherever you hold savings bank account Documents required None. You just need to fill application form once None. You just need to fill application form once Can anyone buy this policy Yes. Anyone can buy irrespective of the income earned Yes. Anyone can buy irrespective of the income earned Is money refunded if No No claim is not made Is the premium paid tax free Yes Yes Who will receive the money in case of policy holder's death Nominee Nominee If you do not premium, will the policy lapse No No Can you rejoin the scheme if you leave the scheme Yes Yes

So as you can see with low premium comes low claim amount. But still everyone should buy these policies especially poor people who cannot afford high premiums asked by other insurance companies in the market. In case of your absence, your family member will can benefit from this money, although small.

In India, above 70% people do not have any insurance policy. Considering the situation, these two schemes were launched

• For more information about PMJJBY and PMSBY schemes and operating procedure in DOP Finacle CLICK HERE

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