Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are two different insurance policies launched by the government of India. These policies are intended to provide relief for a family following the death of the primary insured. Being government-backed policies, these covers come with affordable price tags and they provide the basic protection required for a low-income household.
Some of the similarities between PMSBY and PMJJBY are as follows:
Some of the notable differences between these two schemes are given in the following table:
|Annual premium amount||Rs.12 per person||Rs.330 per person|
|Type of scheme||Accident insurance scheme||Life insurance scheme|
|Type of coverage||Personal accident coverage||Life insurance cover|
||Rs.2 lakh against the death of the insured person (any reason)|
|Age limit||18 to 70 years||18 to 50 years|
|Maximum age of premium payment||70 years||50 years; if premium is paid every year, it can be extended to 55 years|
Government-backed policies provide relief for low-income households during the times of financial turmoil caused by the death or disability of a family member. The documentation process is extremely minimal for both these policies, and all it takes is a savings bank account to get access to these policies. One of the notable distinctions in these policies is the extremely low premium amount. These policies are available for all sections of the society irrespective of what they earn. Most importantly, these policies come with flexible terms and conditions to ensure that economically backward sections of society are adequately covered against death and disability.
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