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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