Difference between PMJJBY and PMSBY 

We shall discuss the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and PMSBY, two recently introduced government-sponsored programmes, in this article.

The objectives of these programmes were clearly stated by the finance minister during her budget speech. She noted that since a sizable portion of India's population did not have any form of insurance, including health, life, or accidental coverage, these programmes will make sure that no Indian citizen has to worry about illness, mishaps, or financial insecurity as they age.

What is PMJJBY?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), is an extremely popular Insurance Scheme. A yearly life insurance coverage is offered by this government-backed life insurance programme.

It could be renewed annually for a fee of rupees 330, which also includes a 2 lakh rupee life benefit in the event of death for any reason. Since its start in 2015, PMJJBY has attracted almost 12.77 crore enrollments.

Features Of PMJJBY 

Let's talk about some of Pradhan Mantri Jeevan Jyoti Bima Yojana's important characteristics.

Benefits of PMJJBY

Claim process 

The nominee must first make contact with the relevant bank branch where the insured member's savings account is located and where they have their Pradhan Mantri Jeevan Jyoti Bima Yojana coverage. The nominee can then download the claim form or must obtain the claim form from the bank, fill it out, and return it to the bank along with -

What is PMSBY?

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of numerous programmes the Indian government has launched to offer basic healthcare services to citizens all over the nation.

It was created to offer urgent assistance to economically disadvantaged families in India. The premium of Rs. 12 per year, which covers the accidental benefit of Rs. 2 lakh against accidental death, is the driving force for PMSBY plans.

Features of PMSBY

Let's take a look at the Pradhan Mantri Suraksha Bima Yojana's main characteristics -

Benefits of PMSBY

Claim process 

Either the original policyholder or the nominee may submit a claim. The claim form must be turned in by the person in person at the bank branch where the original policy was purchased. The following three additional documents must be provided in the event that the original insurance holder passes away :

The following two papers must be included with the claim form in the event of disability :


The following are some of the major differences between PMJJBY and PMSBY :

For PMJJBY, Rs. 330 annually, to be automatically deducted in one payment from the subscriber's bank account.

PMSBY requires that Rs. 20 be taken out of the account holder's bank account each year as premium through the "auto-debit" feature.

PMJJBY, Life Insurance Corporation and all other life insurers who are prepared to offer the product on similar terms with the required approvals must partner with banks.

Public Sector General Insurance Companies or any other General Insurance Company that is ready to offer the product on comparable conditions with the required approvals and banking ties for PMSBY.

It is 6.958 crores for PMJJBY and 18.54 crores for PMSBY.

PMJJBY and PMSBY each received 1,90,175 crores and 50,328 crores respectively.

In the event of the insured's death for any reason, the PMJJBY policy provides risk coverage for Rs 2 lakh.

The risk coverage under the PMSBY scheme is Rs. 2 lakh for accidental death and full disability and 1 lakh for partial impairment.

The age range for the PMJJBY programme is 18 to 50.

You need to have a personal savings account, either a single or joint account, with an age range of 18 to 70 years old to participate in the PMSBY programme.

Under the PMSBY scheme, the insurer can avail deductions in the premium paid under section 80C. 

According to the section 10 (10D) of the Income Tax Act, the sum up to INR 1 lakh received under PMSBY is totally tax-free.


Government schemes like PMJJBY and PMSBY aim to provide financial inclusion to the lowest of the poor in India. To provide everyone with a greater social & economical standing, PMJJBY and PMSBY are being expanded.

Difference between PMJJBY and PMSBY Related FAQs

Ans: Aside from accidental death, there is no insurance benefit for the first 45 days after enrollment.

Ans: If they are eligible and pay the Rs 330 annual premium per person, each joint account holder may join the programme.

Ans: For the first three years, it will be extremely unlikely.

Ans: Yes, the PMSBY coverage will be added to any other existing coverage or those provided by the insurance plans.

Ans: If they meet the requirements and pay the annual fee of Rs. 20 per person, all joint account holders are eligible to join the programme.

Ans: Yes, an Indian citizen who meets the eligibility criteria can subscribe to both PMJJBY and PMSBY.

Ans: Under section 80C an insurer can claim tax benefits for the premium paid and the sum of INR 1 lakh received under PMSBY is tax-free under the section 10 (10D) of the Income Tax Act.

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