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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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