PMJJBY vs PMSBY Which Insurance Scheme is Right for You?

Life is unpredictable. One moment, everything is fine, and the next, an accident or health issue can shake things up. That’s why having insurance is not just a luxury—it’s a necessity.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) are two of the most affordable and popular insurance schemes in India. But here’s the big question: Which one is right for you?

Let’s break it down, compare their features, and help you decide which one (or maybe both!) fits your needs.

A Quick Introduction to PMJJBY & PMSBY

Before diving into the differences, let’s get a basic idea of what these schemes offer.

1️⃣ Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Life Insurance

✅ What It Covers: Death due to any reason (illness, accident, or natural causes)
✅ Insurance Amount: ₹2 lakh to the nominee
✅ Annual Premium: ₹436 per year
✅ Eligibility Age: 18 to 50 years
✅ Policy Renewal: Every year
✅ Best For: Those looking for basic life insurance at an affordable cost

💡 Example: If a person enrolled in PMJJBY dies due to a heart attack or illness, their nominee will receive ₹2 lakh as a financial support.

2️⃣ Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Accidental Insurance

✅ What It Covers: Death or disability due to an accident
✅ Insurance Amount:

• ₹2 lakh (accidental death or full disability)
• ₹1 lakh (partial disability)
  ✅ Annual Premium: ₹20 per year
  ✅ Eligibility Age: 18 to 70 years
  ✅ Policy Renewal: Every year
  ✅ Best For: Those who want protection against accidents and disabilities

💡 Example: If a policyholder loses eyesight or limbs in an accident, they will receive up to ₹2 lakh, depending on the severity of the disability.

Understanding the Basics: What are PMJJBY and PMSBY?

Before we compare the two, let’s first understand what each scheme offers:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

PMJJBY is a life insurance scheme that provides financial support to your family if something happens to you.

✅ Coverage Amount: ₹2 lakh (in case of death)
✅ Annual Premium: ₹436 per year
✅ Eligibility: 18-50 years
✅ Policy Type: Renewable every year

💡 In Simple Words: If you pass away due to any reason (illness, accident, etc.), your nominee will receive ₹2 lakh.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

PMSBY is an accidental insurance scheme that covers injury, disability, and death due to an accident.

✅ Coverage Amount:

• ₹2 lakh (in case of accidental death or full disability)
• ₹1 lakh (for partial disability)
  ✅ Annual Premium: ₹20 per year
  ✅ Eligibility: 18-70 years
  ✅ Policy Type: Renewable every year

💡 In Simple Words: If you suffer an accident that leads to death or disability, you (or your family) will get financial assistance.

PMJJBY vs PMSBY: Quick Comparison Table

Feature	PMJJBY (Life Insurance)	PMSBY (Accident Insurance)
Type of Insurance	Life Insurance	Accidental Insurance
Coverage Amount	₹2 lakh (death due to any cause)	₹2 lakh (accidental death/full disability), ₹1 lakh (partial disability)
Annual Premium	₹436	₹20
Eligibility Age	18-50 years	18-70 years
Policy Renewal	Every year	Every year
Claim Process	Family/nominee can claim after death	Claim can be made for disability or death due to accident
Best For	Financial security for family in case of death	Protection against accident-related injuries or death

Who Should Choose PMJJBY?

PMJJBY is a must-have if you:

✔ Have dependents (spouse, kids, parents) who rely on your income
✔ Want to secure your family’s future in case of an unfortunate event
✔ Are looking for an affordable life insurance option
✔ Are between 18-50 years old and don’t have any other life insurance

🔹 Real-Life Example:
Imagine you’re the sole earner in your family, and something happens to you. With PMJJBY, your family gets ₹2 lakh, which can help cover expenses, debts, and immediate financial needs.

Who Should Choose PMSBY?

PMSBY is a great choice if you:

✔ Work in high-risk jobs (drivers, construction workers, factory workers, etc.)
✔ Want protection against accidents and disabilities
✔ Are looking for low-cost accidental insurance
✔ Are between 18-70 years old and need an extra safety net

🔹 Real-Life Example:
Let’s say you’re a delivery driver and have a road accident. If you suffer permanent disability, you’ll get ₹2 lakh. If it’s a partial disability, you’ll still receive ₹1 lakh to support medical bills and recovery.

Can You Have Both PMJJBY and PMSBY?

Absolutely! You don’t have to choose one over the other—you can opt for both PMJJBY and PMSBY at the same time.

If you enroll in both schemes, you get:

💰 ₹2 lakh life cover (PMJJBY)
💰 ₹2 lakh accidental cover (PMSBY)

Total cost? Just ₹456 per year—less than ₹40 per month! That’s a small price for big protection.

How to Enroll in PMJJBY & PMSBY?

You can apply for both schemes through:

🏦 Your Bank – Most nationalized and private banks offer these schemes.
📲 Internet Banking – If your bank allows, you can activate it online.
💳 Auto-Debit Feature – Premiums are deducted automatically from your bank account every year.

Documents Required

✔ Aadhaar Card
✔ Bank Account Linked to Aadhaar
✔ Mobile Number

💡 Pro Tip: Make sure you maintain a balance in your bank account so that your premium gets deducted on time!

Claim Process: How to Get the Insurance Money?

If you (or your family) need to claim insurance under PMJJBY or PMSBY, here’s what you need to do:

For PMJJBY (Life Insurance Claim)

1️⃣ Inform the bank about the policyholder’s death.
2️⃣ Submit the claim form (available at the bank).
3️⃣ Provide death certificate & bank details of the nominee.
4️⃣ Once verified, the amount is transferred to the nominee’s account.

For PMSBY (Accidental Insurance Claim)

1️⃣ In case of disability, the insured person submits a claim form + medical certificate.
2️⃣ In case of death, the nominee submits the claim form + FIR report + post-mortem report.
3️⃣ The bank and insurance company verify the details.
4️⃣ The insurance amount is paid within a few weeks.

💡 Pro Tip: Keep a copy of your policy documents and inform your family about the insurance—so they know how to claim it when needed.

Conclusion: Which One is Right for You?

The answer depends on your needs:

✔ If you want life insurance coverage, go for PMJJBY.
✔ If you need accident and disability insurance, choose PMSBY.
✔ If you want full protection, enroll in both!

For just ₹456 per year, you can ensure that you and your family are financially covered in case of any misfortune. That’s less than ₹2 per day—a small investment for peace of mind.

So, don’t wait! Visit your bank today and secure your future with PMJJBY & PMSBY. 🚀

FAQs

❓ Can I enroll in both PMJJBY and PMSBY at the same time?
Yes, you can have both policies for ₹456 per year—giving you complete protection.

❓ What happens if I don’t have enough money in my bank account during the auto-debit?
If your bank account has insufficient funds, the policy will lapse. Keep a small balance to avoid this.

❓ Can I renew PMJJBY and PMSBY every year?
Yes, both policies are auto-renewed annually unless you opt-out.

❓ Will PMSBY cover natural death?
No, PMSBY only covers accidental death. Natural death is covered under PMJJBY.

❓ Can I claim PMJJBY and PMSBY together if both conditions apply?
Yes! If a policyholder has both policies and dies in an accident, the nominee can claim ₹2 lakh from PMJJBY + ₹2 lakh from PMSBY, totaling ₹4 lakh.