The Government of India in recent years has launched several financial schemes for the benefit of the common population. PMJJBY and PMSBY are the 2 important Pradhan Mantri Social Security Schemes that are meant to give cover for the underprivileged and poor people.
In case of an accident or unfortunate death, both Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana will ensure financial cover to the dependents.
Let us take a quick look at both the policies and the kind of cover they offer.
Similarities Between PMJJBY and PMSBY
- Both policies are backed by the Govt of India
- Every Indian resident is eligible for both the schemes, without considering their income.
- You can apply for these schemes at any government or private bank.
- The maximum sum assured for an applicant under these schemes is ₹2 Lakhs.
- The applicant must have a savings account to apply for PMJJBY and PMSBY.
- Citizens above the age of 18 years are eligible for these schemes.
- The policy will terminate automatically once the applicant reaches the maximum age stipulated by the scheme.
- One person can have only one policy under his or her name.
- You can enjoy tax benefits on the premium paid towards the policy.
- In case the policyholder is unable to pay the premium, the policy will not get lapsed.
- Banks need to do minimum documentation work to approve the term insurance policy of an applicant.
- In case of the death of a policyholder, the beneficiaries listed in the policy will receive the amount insured.
- The policyholder will not receive any refund in case the policy is not claimed.
Difference Between PMSBY and PMJJBY
Here is a table briefing you about the difference between PMJJBY and PMSBY
|Pradhan Mantri Suraksha Bima Yojana (PMSBY)||Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)|
|Yearly Premium||₹ 12 per person||₹ 330 per person|
|Type of Scheme||An accidental insurance scheme||A life insurance scheme|
|Coverage type||this policy gives personal accidental cover to the policyholder||This policy gives life insurance to the policyholder|
|Age limit||18 years to 70 years||18 years to 50 years. Can be extended to 55 years.|
|Benefits of the policy||
||Under this policy, the beneficiary may receive up to ₹ 2 Lakhs if the policyholder dies.|
These social security schemes by the Indian Government are a step forward to provide financial support to its citizens. With the Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana benefits, policymakers attempt to bring the poor and downtrodden section of the population to the economic mainstream. In doing so, the economy of the country can be strengthened.