18 Differences Between PMSBY & PMJJBY & Similarities

The two social security schemes – Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) which were launched recently under Jan Suraksha Yojana has been overwhelming. The number of accounts opened under both these schemes has been over 5 crore. Although both these schemes are different yet simple to understand, there are few differences and similarities as displayed in the table below:

FeaturesPradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Insurance cover offered forAccidental death/disability/accidental injury
Death due to any reason
Annual PremiumRs. 12Rs. 330
Sum Assured1) Rs. 2,00,000 (for accidental death)
2) Rs. 1,00,000 (for partial disability)
Rs. 2,00,000 for death due to any reason (natural/accidental)
EligibilitySavings bank account is mustSavings bank account is must
Insurance period01st June - 31st May (Every year)01st June - 31st May (Every year)
Can one person opt for same policy more than once in same/different banksNoNo
Eligibility - Age limit18-70 Years18-50 Years
Till what age premium has to be paid
70 years50 years. But you can continue till 55 years, provided premium is paid every year
Payment ModeAuto debit from the bank accountAuto debit from the bank account
From where to buy the insurancePublic and private banks wherever you hold savings bank accountPublic and private banks wherever you hold savings bank account
Documents requiredNone. You just need to fill application form onceNone. You just need to fill application form once
Can anyone buy this policyYes. Anyone can buy irrespective of the income earnedYes. Anyone can buy irrespective of the income earned
Is money refunded if
claim is not made
Is the premium paid tax freeYesYes
Who will receive the money in case of policy holder's deathNomineeNominee
If you do not premium, will the policy lapseNoNo
Can you rejoin the scheme if you leave the schemeYesYes

As you can see with low premium comes low claim amount. But still everyone should buy these policies especially poor people; who cannot afford high premiums charged by other insurance companies in the market. In case of your absence, your family member will can benefit from this money, although small.

In India, above 70% people do not have any insurance policy. Considering the situation, these two schemes were launched.

Sum Insured:

Rs. 2 Lakh: In an event of death or total irrevocable loss of one or both the eyes/hand/feet

Rs. 1 Lakh: In an event of total irrevocable loss of sight of any one eye or loss of use of one hand/foot.


  1. Applicant should be the savings account holder of the concerned bank.
  2. Age should be between 18 – 70 years
  3. Consent for auto-debit facility is must for renewal.
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