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