Many of our blog readers are getting
confused in between the latest launched Government Social Security Schemes Pradhan Mantri Jeevan Jyoti
Bima Yojana (PMJJBY) and Pradhan
Mantri Suraksha Bima Yojana (PMSBY).
Since both of
the schemes offer same insurance coverage with same mode of payment, people are
not getting clear picture of the benefits of the schemes.
In this article
I have tried to clarify the difference between both the schemes by putting it
in a tabular form.
Jeevan Jyoti Bima Yojana (PMJJBY) vs Suraksha Bima Yojana (PMSBY)
S. No.
|
Features
|
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
|
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
|
1.
|
Eligibility
|
18-70 years
|
18-50 years
|
2.
|
Number of Policy
|
One Policy Per Person
|
One Policy Per Person
|
3.
|
When to Join the Scheme?
|
In any year after giving the premium subject to the age.
|
In any year after giving the premium subject to the age.
|
4.
|
Sum Assured (Fixed)
|
Rs.2 lakhs
|
Rs.2 lakhs
|
5.
|
Premium
|
Rs. 12 per annum
|
Rs. 330 per annum
|
6.
|
Cover ceasing age
|
At the age of 70 years
|
At the age of 55 years
|
7.
|
Maturity Benefit
|
Nil
|
Nil
|
8.
|
Death Benefit (Natural Death)
|
Nil
|
Rs.2 lakhs
|
9.
|
Death Benefit (Accidental Death)
|
Rs.2 lakhs
|
Rs.2 lakhs
|
10.
|
Disability of both eyes, both hands, both legs or one eye
and one limb
|
Rs.2 lakhs
|
Nil
|
11.
|
Disability of one eye or one limb
|
Rs.1 lakh
|
Nil
|
12.
|
Maximum Insurance cover
|
Rs.2 lakhs (From any one of Bank account)
|
Rs.2 lakhs (From any one of Bank account)
|
13.
|
Risk Period
|
1st June to 31st May every year.
|
1st June to 31st May every year.
|
14.
|
Mode of Payment
|
Premium will be auto debited from account in the month of
May every year.
|
Premium will be auto debited from account in the month of
May every year.
|
15.
|
Mandatory Document
|
Aadhar Card
|
Aadhar Card
|
1. The
form with permission to auto debit the premium amount is to be given every year
by 31st May.
2. Along with
the joining form, subscribers are also required to submit self-certificate of
good health in the prescribed proforma.
3. In case
the subscriber is opted for both the schemes then the total insurance cover in
the event of accidental death is Rs.4 lakhs.
4. In case the
subscriber is opted for both the schemes and dies due to natural death then the
total insurance cover would be of Rs.2 lakhs.
5. If the
premium is not paid on the time due to insufficient balance, the policy can be
restored after paying the full amount together with the self-attested copy of
good health.
6. Closure of
the bank account with which the schemes was joined will result in lapsing of
the policy.
7. You can
Download the application form to apply for the schemes in any language through
the link provided below
