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Pradhan Mantri Jeevan Bima Yojana - PMJJBY and PMJSBY

India is country of population of about 125 crore (1.25 billion) and a large population is without insurance of any kind, health, accidental or life. Finance Minister Arun Jaitley said in his budget speech on 1 Mar 2015 "A large proportion of India’s population is without insurance of any kind, health, accidental or life. Worryingly, as our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), I propose to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age". Schemes were launched by Prime minister on 9 May 2015. Here I discuss basic features of both this schemes. Read also : How to protect your computer from WannaCry ransomware virus.


Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) is a one year life insurance renewable insurance scheme and administered by Banks and be guided by the scheme rules as specified by the Government of India from time to time. The annual premium of this scheme is Rs. 330/- and this scheme covers risk coverage of Rs. 2 Lakh on death of the insured member for any reason which is payable to the nominee. All savings bank account holders of age group between 18 to 50 years is eligible to opt this scheme and premium is auto-debited from the subscriber's savings bank account. Read More. Read also :  How to remove password from PDF file.

Pradhan Mantri Jeevan Suraksha Bima Yojana (PMJSBY) is a one year personal accident insurance scheme which is renewable from year to year. This insurance scheme offers protection against death by any cause or disability due to an accident. The annual premium of this scheme is Rs. 12/- and this scheme covers risk coverage of Rs. 2 Lakh on death by any cause or permanent disability of the insured member which is payable to the nominee and Rs. 1 Lakh on partial disability of the insured member. All savings bank account holders of age group between 18 to 70 years is eligible to opt this scheme and premium is auto-debited from the subscriber's savings bank account.

Comparison between Pradhan Mantri Jeevan Suraksha Bima Yojana (PMJSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) :-

Features Pradhan Mantri Jeevan Suraksha Bima Yojana (PMJSBY) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Risk coverage An accidental death and full disability cover of Rs. 2 Lakh is payable to the nominee and for partial disability cover of Rs. 1 Lakh. Sum Assured of Rs. 2 Lakh on death of the insured member for any reason is payable to the nominee.
Number of Policy One Policy Per Person One Policy Per Person
Eligibility All Savings Bank Account holders in the age group of 18 to 70 years. All Savings Bank Account holders in the age group of 18 to 50 years.
Premium Rs. 12 per annum. Rs. 330 per annum.
Payment Mode The premium will be directly auto-debited by the bank from the subscribers’ Savings Bank Account. The premium will be directly auto-debited by the bank from the subscribers’ Savings Bank Account.
Terms of Risk Coverage Subscribers have to opt the scheme every year or prefer to give a long-term option of continuing in that case his account will be auto-debited by the bank every year to renew the scheme. Subscribers have to opt the scheme every year or prefer to give a long-term option of continuing in that case his account will be auto-debited by the bank every year to renew the scheme.
Risk Period 1st June to 31st May every year 1st June to 31st May every year
Renewal Every year Every year
Cover stops at age At the age of 70 years At the age of 55 years
Maturity Benefit Nil Nil
How to opt Any person having savings bank account can join the scheme by submitting a form to the bank. Some banks offer SMS facility to purchase this scheme. Any person having savings bank account can join the   scheme by submitting a form to the bank. Some banks offer SMS facility to purchase this scheme.


Terms and conditions are almost same for both this scheme. For more information you are advised to consult with the bank or visit the official website http://www.jansuraksha.gov.in or call national toll-free numbers 1800-180-1111 / 1800-110-001. If you found this post helpful, please share it with your friends on your favourite social networks and also share your views on the same in the comments.



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