Difference between Jeevan Jyoti Bima Yojana (PMJJBY) and Suraksha Bima Yojana (PMSBY)
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|
|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|
Points to Ponder:
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