Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are two insurance schemes launched by the Government of India to provide coverage to citizens in case of unexpected events such as death or accidents.
Eligibility for PMJJBY:
• Individuals between the ages of 18 and 50 who have a savings bank account with a bank participating in the scheme are eligible to enroll.
• The savings bank account must be in the same name as the proposer and nominee of the policy.
Features of PMJJBY:
• Provides a life insurance cover of Rs. 2 lakh.
• The premium for the scheme is Rs. 436 per year and is automatically debited from the savings bank account of the subscriber.
• The scheme provides coverage for one year and the subscriber has the option to renew the policy annually.
• The scheme is available through various channels such as banks and post offices.
Benefits of PMJJBY:
• Provides affordable insurance coverage to a large section of the population.
• Automatically debiting the premium from the savings account ensures that the policy is renewed on time.
• Provides financial security to the nominee in case of the subscriber’s death.
Cons of PMJJBY:
• The coverage is limited to Rs. 2 lakh, which may not be sufficient for some individuals.
• The scheme only covers death and does not provide coverage for any other contingencies.
• The scheme is not available to individuals above the age of 50.
Pros of PMJJBY:
• The scheme is easy to enroll and requires minimal documentation.
• The premium is affordable and can be easily paid through automatic debit from the savings account.
• The scheme has been successful in increasing the penetration of insurance in the country.
Eligibility for PMSBY:
• Individuals between the ages of 18 and 70 who have a savings bank account with a bank participating in the scheme are eligible to enroll.
• The savings bank account must be in the same name as the proposer and nominee of the policy.
Features of PMSBY:
• Provides accidental death and disability cover of Rs. 2 lakh.
• The premium for the scheme is Rs. 20 per year and is automatically debited from the savings bank account of the subscriber.
• The scheme provides coverage for one year and the subscriber has the option to renew the policy annually.
• The scheme is available through various channels such as banks and post offices.
Benefits of PMSBY:
• Provides affordable insurance coverage to a large section of the population.
• Automatically debiting the premium from the savings account ensures that the policy is renewed on time.
• Provides financial security to the nominee in case of the subscriber’s accidental death or disability.
Cons of PMSBY:
• The coverage is limited to Rs. 2 lakh, which may not be sufficient for some individuals.
• The scheme only covers accidental death and disability and does not provide coverage for any other contingencies.
• The scheme is not available to individuals above the age of 70.
Pros of PMSBY:
• The scheme is easy to enroll and requires minimal documentation.
• The premium is very affordable and can be easily paid through automatic debit from the savings account.
• The scheme has been successful in increasing the penetration of insurance in the country.
Overall, PMJJBY and PMSBY are two insurance schemes launched by the Government of India to provide coverage to citizens in case of unexpected events such as death or accidents. Both schemes are easy to enroll, affordable and aim to provide financial security to a large section of population. However, it is important to note that both schemes have certain limitations and may not be suitable for everyone. It is important for individuals to carefully evaluate their insurance needs and choose a scheme that is best suited for them.