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 |
