Difference Between Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima yojana

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The Government recently launched three insurance schemes named Pradhan Mantri Suraksha hBima Yojana, the Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojna.

Many interested individuals are getting confused between Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima as both have insurance and are more or less similar.

Difference Between Pradhan Mantri Suraksha Bima and Jeevan Jyoti Bima Yojana

Here are few differences and similarities between the two insurances which were announced in this Budget and launched by Prime Minister Narendra Modi.

Difference between Pradhan Mantri Suraksha Bima Yojana (PMSBY) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Features Pradhan Mantri Suraksha Bima Yojana (PMSBY) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Eligibility 18-70 years 18-50 years
Premium Rs. 12 per annum

Rs. 330 per annum

Cover ceasing age At the age of 70 years At the age of 55 years
 Death Benefit  Nil  Rs.2 lakhs
 Disability  Rs.2 lakhs  Nil
 Purpose of Insurance  Accidental Death and Disability  Life insurance

Similarities between Pradhan Mantri Suraksha Bima Yojana (PMSBY) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Features Pradhan Mantri Suraksha Bima Yojana (PMSBY) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Sum Assured (Fixed) Rs.2 lakhs Rs.2 lakhs
Maturity Benefit Nil Nil
Accidental Death Benefit  Rs.2 lakhs  Rs.2 lakhs
Maximum Insurance cover  Rs.2 lakhs  Rs.2 lakhs
Mode of Payment  Premium to be auto debited  Premium to be auto debited
Insurance period  1 June to 31 May  1 June to 31 May

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Story first published: Tuesday, May 12, 2015, 10:40 [IST]
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