Besides these 2 schemes, several other Yojana were also introduced by PM Modi. However, these 2 are one of the most popular insurance schemes. The primary reason behind launching these schemes is to maximize the protection of every Indian against death or disability due to accidents or major physical injury. More than 70% of Indians do not have any insurance policy in India. That’s one of the primary reasons behind the launch of both these schemes. Before knowing the difference between both the Yojanas, let’s get to know what exactly they are?
Difference Between PMSBY and PMJJBY
Difference Between PMSBY and PMJJBY
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
PMJJBY is a pure term insurance term plan that offers life insurance coverage for 1 year. If the insured died due to an accident or naturally, the person is paid the sum assured of Rs. 2 lakh. The yearly premium paid under this scheme is Rs. 330.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
PMSBY is a personal accident insurance plan that covers accidental death permanent partial/total disablement. The policy runs for 1 year, and the premium under this scheme is Rs. 12 annually. If the insured dies from an accident, the sum assured is paid, which is Rs. 2 lakhs. However, 1 lakh is paid to the insured if they suffer a partial disablement.
Similarities Between PMJJBY and PMSBY
Both insurance plans were launched to support the weaker section of the society who never opt for any insurance plan. These schemes aimed to provide low-cost coverage to the entire Indian population. Since the launch of both insurances, they became widely popular, and the majority of the Indian population opted for these affordable premium rates policies. Let’s quickly check out all the similarities between both the schemes:
Both the schemes are voluntary insurance schemes, which can be opted as per the individual’s preference. PMSBY and PMJJBY run for 1 year, after which they are renewed by paying the premium against them. The death coverage under both of them is 2 lakhs. The insurance duration is from 1st July to 31st May under both schemes. Payment under both the Yojanas is auto-debited from your savings bank account, implying the insured must have a savings account under his name. If you have multiple bank accounts and want to opt for PMSBY or PMJJBY, you can link any of your accounts to avail yourself of coverage. You can buy both schemes either through insurance companies or participating banks. You can buy both schemes even when other insurance policies run under your name.
Also Read: Pradhan Mantri Jan Arogya Yojana
Differences Between PMJJBY and PMSBY
Both the insurance schemes share some similarities. However, there are many differences between PMJJBY and PMSBY. To know these differences, let’s dive in:
