What are the key differences between PMJJBY and PMSBY schemes?

In the past two years, we have seen many families losing their members to COVID-19. Some of the families even lost the only earning member. This has led many people to go through tough financial times. Even if it has not happened to many of us, we do not know what tomorrow may bring to us. This is why we all should be well prepared for our future. One of the best ways to make the future of our family secured is by buying a term insurance policy. And if your family is financially dependent on you, then purchasing a term insurance policy becomes even more important.

There are several types of term insurance policies that are available in the market in India. However, not each of them may suit our needs. However, if you are looking for some really affordable options then you can go for PMSBY or PMJJBY. While these two may sound similar and a little confusing, let us discuss PMJJBY vs PMSBY here today.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

This is a term insurance policy that was launched in the year 2015. The aim of launching this policy was to provide financial support to the families of the policyholders if in case the policyholders pass away within the policy term. To get this scheme, you have to get in touch with the Life Insurance Corporation of India (LIC). There are also some other insurance companies as well as banks in India that offer this scheme. The minimum age to buy this policy is 18 years, while the maximum age at which you can purchase the policy is 50 years. To buy this policy, you would be required to have a savings bank account at an accredited bank. The premium that you have to pay under this term insurance policy is very affordable, which is INR 330. If the policyholder passes away all of a sudden, the nominees will get a sum assured of INR 2 lakh.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Offered by the Indian Government, PMSBY is basically an accidental insurance scheme. As you purchase the policy, your family will be able to receive the death benefits along with disability coverage. This policy can be bought from general insurance companies or the public sector insurance companies in India. The policy can be purchased by policy buyers within the age range of 18 years to 70 years. Even for this policy, you need to have a savings account at an accredited bank. The premium charges have to be paid annually, and the charge is INR 12. On the sudden demise of the policyholder within the policy term, INR 2 lakh will be paid to the nominee as the death benefit. if the policyholder meets with an accident and suffers from a complete disability, he will be paid INR 2 lakh. If it is a permanent partial disability that is the result of an accident, he will be paid INR 1 lakh.

No matter which policy you are buying, you can be certain that the amount you are paying as a premium will not be wasted. The policies are backed by the Indian Government; thus, you can have faith in both of these.

If you want more options for term insurance policies, you can visit the website of IIFL. You will be able to come across several term insurance policies that are provided by private insurance companies. Some term insurance policies even let the policyholders get back all the premiums that they paid, in case the insured survives through the policy. Now, all that you need to do is to visit the IIFL website and look for the term insurance policy that is apt for you and your family.

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