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.
Also Read – PMVVY – Pradhan Mantri Vaya Vandana Yojana – Extension and Changes
Difference between Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana
Similarities between Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti 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.