Home Articles How different and similar are PMJJBY & PMSBY?

How different and similar are PMJJBY & PMSBY?

by primadmin
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Government has introduced two major social security insurance schemes with affordable premium for citizens of India. These two schemes PMJJBY & PMSBY, aim to be wildly popular and protect citizens from any untoward incident. Let’s understand the differences and similarity between these two.

Criteria PMJJBY PMSBY
Type of Insurance Life Insurance Cover Accidental Insurance Cover
Amount of cover Rs. 2,00,000/- Rs. 2,00,000/-
Disability cover Not available Full disability – Rs. 2 Lakh

Partial disability – Rs. 1 Lakh

Age for joining 18 to less than 50 18 to less than 70
Coverage up to 70 years age 55 years age
Other joining Criteria Must have Aadhaar linked savings account Must have Aadhaar linked savings account
Annual Premium Rs. 330/- Rs. 12/-
Premium paying frequency Once a year Once a year
Premium payment Auto debit from savings A/c Auto debit from savings A/c
Coverage period 1st June – 31st May 1st June – 31st May
Renewable In May, every year In May, every year
Rejoining If you missed paying premium one year, you can re-join next year by paying If you missed paying premium one year, you can re-join next year by paying
Who can join? Preferably Lower Income Group individuals Preferably Lower Income Group individuals
Is this open for all? Yes, anyone meeting age criteria can join. Yes, anyone meeting age criteria can join.
How to join? Apply at your bank/post office Apply at your bank/post office
Who offers the insurance? Participating insurance companies Participating insurance companies
Can I join both? Yes Yes
Can I apply multiple times? No. Even you have multiple savings account, you can only opt for the scheme only once. No. Even you have multiple savings account, you can only opt for the scheme only once.
Who initiated the scheme? Government of India scheme Government of India scheme

 

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