10 Differences between Jeevan Jyoti Bima Yojana (PMJJBY) and Suraksha Bima Yojana (PMSBY)

PM Modi on 9 May 2015 launched Bima Yojanas.The name of Bima Yojana are Jeevan Jyoti Bima Yojana (PMJJBY) and Suraksha Bima Yojana (PMSBY).The main reason to launch this Bima Yojana by PM Modi is to provide maximum protection to every Indian against Death or Disability due to accident or any reason. Now I am providing the difference between Jeevan Jyoti Bima Yojana (PMJJBY) and Suraksha Bima Yojana (PMSBY), which is listed below.

1. Premium – In Suraksha Bima Yojana (PMSBY) the premium is of Rs 12/- annually. Against Rs 12/- you would be getting a coverage of Rs 2 lakhs. Where as in Jeevan Jyoti Bima Yojana the premium is Rs 330/- annually. Against Rs 330/- you would be getting a coverage of Rs 2 lakhs.

2. Benefit- In Suraksha Bima Yojana (PMSBY) you would be getting a sum insured of Rs 2 lakhs against the Death due to accident or partial disability. In Jeevan Jyoti Bima Yojana (PMJJBY) you would be getting a sum insured of Rs 2 lakhs against the Death due to any reason.

3. Eligibility- In Suraksha Bima Yojana (PMSBY) the eligibility to get enrolled is age must be from 18 to 70 Years. In Jeevan Jyoti Bima Yojana (PMJJBY) the eligibility to get enrolled is age must be from 18 to 50 Years.

4. Death Due to Natural Cause- In Suraksha Bima Yojana (PMSBY) Yojana if the death has happened naturally in that case you would not get any benefit. Where as in Jeevan Jyoti Bima Yojana (PMJJBY) if the death happened naturally due to any reason you would be getting a sum assured of Rs 2 lakhs.

5. Coverage providing Age- In Suraksha Bima Yojana (PMSBY) the coverage is provided upto the age of 70 years. Whereas in Jeevan Jyoti Bima Yojana (PMJJBY) coverage providing age is upto 55 years.

6. Disability Benefit- In Suraksha Bima Yojana (PMSBY) there is Disability benefit, where as in Jeevan Jyoti Bima Yojana (PMJJBY) there is no disability benefit.

7. Partial Disability Benefit- In Suraksha Bima Yojana (PMSBY) in case of partial disability you would be get a sum insured of Rs 1 lakhs. Where as in Jeevan Jyoti Bima Yojana (PMJJBY) there is no such partial disability benefit is there.

8. Number of Policy- In Suraksha Bima Yojana (PMSBY) one person only one policy is allowed. Where as in Jeevan Jyoti Bima Yojana (PMJJBY) one person only one policy is allowed.

9. Mode of Payment- In Suraksha Bima Yojana (PMSBY) the premium amount is auto debited from your saving account. Where as in Jeevan Jyoti Bima Yojana (PMJJBY) the premium amount is auto debited from your saving account.

10.Period of coverage - In Suraksha Bima Yojana (PMSBY) the period of coverage is of only one year that from 1 st June to 31 May of Next year. Where as in Jeevan Jyoti Bima Yojana (PMJJBY) the period of coverage is of only one year that from 1st June to 31 May of Next year. In both the Yojana if you are interested for future year in that case you have to renew it again.

11.Tax Benefit- In both the Yojana you would not be getting any Tax benefit.

More Info@ http://goo.gl/PXxCFw