The Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are flagship insurance schemes launched by the Government of India to provide affordable insurance coverage to the masses. These schemes are designed to enhance financial security and reduce the burden on families during unforeseen circumstances. Let’s explore the purpose of these schemes and how they differ.
What is PMSBY?
PMSBY is an accident insurance scheme that covers individuals against accidental death or disability. Its key features include:
Eligibility: Available for individuals aged 18 to 70 years.
Coverage: Offers ?2 lakh for accidental death and full disability and ?1 lakh for partial disability.
Premium: An affordable annual premium of ?20.
Purpose: Provides financial support in case of accidental death or disability, particularly beneficial for low-income groups.
What is PMJJBY?
PMJJBY is a life insurance scheme aimed at providing coverage in the event of the insured’s death due to any cause. Its main highlights are:
Eligibility: Open to individuals aged 18 to 50 years.
Coverage: Provides ?Click Here To Follow Our WhatsApp Channel2 lakh coverage for death due to any reason.
Premium: Costs ?436 annually.
Purpose: Ensures financial stability for the family in case of the policyholder's demise.
PMSBY vs PMJJBY
While both schemes aim to provide financial security, they serve different purposes:
Nature of Coverage: PMSBY covers accidental death and disability, whereas PMJJBY provides life insurance for death due to any reason.
Eligibility Age: PMSBY is for individuals up to 70 years, while PMJJBY covers up to 50 years.
Premium: PMSBY is more affordable, but PMJJBY offers broader coverage.
Both schemes can be availed through banks, post offices, or participating insurance providers.
For a detailed comparison, visit PMSBY vs PMJJBY.
Conclusion
PMSBY and PMJJBY are affordable, government-backed schemes designed to provide financial protection to individuals and families. While PMSBY focuses on accidents, PMJJBY ensures life insurance coverage. By enrolling in these schemes, individuals can secure their loved ones’ futures with minimal financial burden. For an in-depth understanding, check PMSBY vs PMJJBY.