Difference Between PMSBY and PMJJBY

The Indian government has taken several measures to extend the coverage of healthcare to all. All such measures aim to improve the health status of the population in an equitable manner. This is crucial for social welfare and also allows citizens to contribute effectively to the nation’s economic growth.

 

Insurance is an important enabler of the government’s health goals. It provides senior citizen health insurance with financial assistance during any illness, accident, or other medical emergency. Citizens can thus seek prompt medical care without worrying about the financial burden.

 

To increase the reach of healthcare insurance, the government launched two schemes, collectively known as the Jan Suraksha schemes, in 2015 from Kolkata- PMJJBY and PMSBY. Wondering what these schemes are? This blog will provide you with PMJJBY and PMSBY scheme details and outline the difference between them.

 

Introduction to PMJJBY and PMSBY

Pradhan Mantri Jeevan Jyoti Bima Yojana provides life insurance coverage. The claim amount is paid to the policyholder’s nominee in case of death due to any reason. More than 16.19 crore enrolments have been made under PMJJBY as on April 2023, and an amount of ₹13,290.40 crore has been paid out.

 

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme that provides financial protection in case of accident-related injury, disability, or death. As of April 2023, more than  34.18 crore enrolments have been registered under this scheme, and ₹2,302.26 crore has been paid as claims.

 

Both schemes have a validity of one year and can be renewed annually. Premiums are also paid on a yearly basis. The auto-debit facility can be availed for premiums in case the subscriber has a bank account.

 

Citizens can apply for these schemes by visiting their bank or through the bank’s website. Enrolment can also be made at the post office if the citizen has a post office savings bank account.

 

Benefits of PMJJBY and PMSBY

Both schemes have ushered in an era of financial inclusion and social security. They are an excellent option for citizens due to the following benefits:

 

• They provide low-cost medical insurance plans to all citizens. The Jan Suraksha schemes can thus provide adequate protection to low-income households who are otherwise not able to access insurance. Moreover, the policies don’t lapse due to non-payment of PMJJBY and PMSBY premiums and can be re-joined at a later date.
• The schemes are characterised by ease of buying as they can be conveniently obtained from partnered banks. The best part is the minimum document requirement for enrolment.
• The insurance cover becomes available to policyholders just after 45 days of enrolment, providing immediate protection.
• The Jan Suraksha policies are renewable after the expiry of one year, thus providing continuous coverage to policyholders.
• Premium payments are tax-free. Tax deductions are also available under Section 80C of the Income Tax Act, 1961, reducing the tax liability of citizens.

 

Difference Between PMSBY and PMJJBY

Many policy buyers get confused between these two schemes and end up applying for the wrong scheme. To avoid this scenario, you must study the following PMJJBY-PMSBY comparison table:

 

Basis	PMJJBY	PMSBY
Type of Insurance	It is a life insurance scheme. This policy covers death caused by any reason.	It is an accident insurance scheme. Thus, it covers death caused by accident alone.
Eligibility	Citizens of age 18-50 years and having a bank or post office account can apply.	Citizens of age 18-70 years and having a bank or post office account can apply.
Cover	₹2 lakh life cover is paid to the nominee in case of the policyholder’s death.	₹2 lakh is paid to the policyholder in case of death or total disability due to an accident. ₹1 lakh cover is available in case of partial disability caused by an accident.
Premium	An annual premium of ₹436 is payable.	A premium of ₹20 per annum is to be paid.
Maximum Premium Payment Age	Premium payment tenure can be extended up to 55 years of age.	Maximum premium payment tenure is up to 70 years

 

Wrapping Up

Thus, if you are susceptible to accidents, for instance, during frequent travel or have a hazardous occupation, you must obtain a PMSBY policy. PMJJBY, on the other hand, is suitable if you are seeking life insurance coverage against death. Both schemes can also be obtained for all-around protection as they complement each other.

 

However, if you want enhanced coverage of a higher sum insured amount, you can look for other insurers in the market. There are various private health insurance companies that offer customised coverage for every need.

 

Niva Bupa is one such insurer that offers comprehensive coverage, direct claim settlement, 30-minute claim processing, and cashless treatment at 10,000+ network hospitals, among other benefits. Reach out to us for more details on our medical insurance policies.