Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana differences

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana are social security schemes launched for the common man of India. Both these schemes are insurance scheme. Many people get confused between these insurance schemes as both schemes are more or less similar. So, what is the difference between Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima yojana (PMJJBY)? Why two schemes are required? Let’s try to figure out the differences and similarities between these schemes.

What is Pradhan Mantri Suraksha Bima Yojana?

  • Pradhan Mantri Suraksha Bima Yojana is accidental death insurance scheme.
  • Pradhan Mantri Suraksha Bima Yojana is available to the people in the age group from 18 years to 70 years.
  • Bank account linked to Aadhar Card is mandatory for this insurance scheme.
  • The Premium of this scheme is 12 Rs/- per year.
  • Pradhan Mantri Suraksha Bima Yojana provides accidental death risk cover of 2 Lac.
  • Default term of this insurance scheme is 1 year which can be extended year on year.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

  • Pradhan Mantri Jeevan Jyoti Bima Yojana is low-cost life insurance policy.
  • Pradhan Mantri Jeevan Jyoti Bima Yojana is available to the people in the age group from 18 years to 50 years.
  • The Premium of this scheme is 330 Rs/- per year.
  • Pradhan Mantri Jeevan Jyoti Bima Yojana provides insurance coverage of 2 Lac. 2 Lac will be paid to the nominee in case of natural or accidental death.
  • Risk coverage can continue up to 55 years.
  • Aadhar card is required in order subscribe to this scheme.
  • Premium paid under this scheme is eligible for tax deduction under 80C.

Difference between Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana

Pradhan Mantri Suraksha Bima Yojana

Similarities between Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana 

Pradhan Mantri Suraksha Bima Yojana

Conclusion –

Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are very good insurance schemes available for Indian. Total sum assured offered by these insurance schemes is not sufficient. You can purchase these policies, however, it is recommended to purchase additional term plan along with sufficient risk coverage.

More information about these schemes can be found on PMSBY PMJJBY official website.

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Article by Raviraj

Raviraj is the man behind moneyexcel.com. He is graduate in finance, engaged in blogging since 6 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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