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Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Differences and Similarities

Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Differences and Similarities

The honourable Prime Minister of India, Mr Narendra Modi, has introduced several insurance schemes for the general public of India. These schemes are aimed at social welfare and provide good insurance coverage at low premium rates. Among the different schemes which have been launched by the Prime Minister, there are two popular insurance schemes – PMJJBY and PMSBY. Let’s understand what these schemes are all about and do their comparative analysis –

Meaning of PMJJBY and PMSBY

  • What is PMJJBY or Pradhan Mantri Jeevan Jyoti Bima Yojana?

    Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a pure term insurance plan. The plan offers life insurance coverage for one year. If the insured dies during the period of coverage, the sum assured is paid. The sum assured under the scheme is INR 2 lakhs and the premium is INR 330.

  • What is PMSBY or Pradhan Mantri Suraksha Bima Yojana?

    Pradhan Mantri Suraksha Bima Yojana is a personal accident insurance plan. This plan covers accidental death, permanent total disablement and permanent partial disablement. The policy runs for one year and can be renewed annually. The coverage amount for death and total disablement is INR 2 lakhs and for partial disablement, it is INR 1 lakh. The premium is INR 12.

Similarities between PMJJBY and PMSBY

Both the insurance schemes, PMJJBY and PMSBY have various similarities between them. These include the following –

  • Both the schemes run for one year after which they can be renewed.
  • PMJJBY and PMSBY are both voluntary insurance schemes. You can choose to be covered under these schemes if you want.
  • The coverage level for death under both PMJJBY and PMSBY schemes is INR 2 lakhs.
  • The coverage period of both the schemes is from 1st June to 31st May
  • PMJJBY and PMSBY are both sold through insurance companies as well as participating banks. In case you have multiple bank accounts, you can avail coverage from anyone account only.
  • The payment of premium under PMJJBY and PMSBY scheme is done through auto-debit from your bank account. 
  • Both the PMJJBY and PMSBY schemes can be bought even when you have other insurance schemes in your name.

Differences between PMJJBY and PMSBY

Though PMJJBY and PMSBY share similarities, saying that these schemes of insurance are alike is wrong. Both PMJJBY and PMSBY schemes are completely different from one another. Let’s understand how –

Basis of distinction



Type of scheme

This is a life insurance term plan.

This is a personal accident insurance plan.

Nature of insurance

This is a life insurance policy

This is a general insurance policy

Coverage offered

Under PMJJBY, death during the coverage duration is covered. This death can be accidental or due to natural causes. Any type of disability suffered is not covered under the plan.

PMSBY scheme covers accidental deaths, permanent total disability and permanent partial disability. Natural deaths are not covered under the plan. 

Benefit payable

If the insured dies during the term of the policy, the sum assured is paid which is INR 2 lakhs.

The benefit payable under PMSBY scheme depends on the contingency suffered by the insured. In case of accidental deaths and permanent total disablements, the sum insured of INR 2 lakhs is paid. However, in case of permanent partial disablement, the benefit payable is INR 1 lakh.

Premium rate 

Under PMJJBY scheme, the premium payable for the coverage is INR 330

PMSBY has a lower premium compared to PMJJBY scheme. The premium payable for personal accident coverage is only INR 12


For enrolling under the PMJJBY scheme, you should be aged between 18 and 50 years. Life insurance coverage would be available up to 55 years of age.

Coverage under PMSBY scheme is available to individuals who are aged 18 to 70 years. Coverage is also available until 70 years of age.

Waiting period for claims

There is a waiting period for natural deaths under PMJJBY scheme. The waiting period is 45 days. However, there is no waiting period for accidental deaths.

There is no waiting period under PMSBY scheme. Coverage is available from Day 1

Both PMJJBY and PMSBY insurance schemes are designed for providing low-cost coverage to the Indian population. The schemes have become quite popular ever since they have been launched given the ease of application and the affordable premium rates. So, if you also want to apply for the PMJJBY and PMSBY schemes, understand what the schemes are all about and their similarities and differences and then buy a scheme for your coverage needs.

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