Differences Between PMJJBY & PMSBY Scheme

When unexpected events occur in life, financial protection is the priority. To make protection accessible and affordable, the government introduced the PMJJBY and PMSBY schemes. Both plans are simple and straightforward, but the coverage they offer is different. 

Let’s learn how PMJJBY vs PMSBY schemes work, making it easier for you to choose what suits your family’s needs.

What is PMJJBY?

PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana. This scheme was introduced in 2025. This insurance plan provides financial coverage to the policyholder's family in case of death. Individuals aged 18 to 50 with a bank account can opt for this scheme.  

What is PMSBY? 

PMSBY stands for Pradhan Mantri Suraksha Bima Yojana. It’s a personal accident insurance scheme backed up by the government. It reduces the financial burden that accidents can bring to families. The scheme is available to anyone between 18 and 70 years of age who holds a savings account in a recognised bank.

PMJJBY vs PMSBY: Key Differences 

Pros and Cons of PMJJBY and PMSBY

Both PMJJBY and PMSBY are two different government-backed schemes made to provide affordable financial protection. 

Pros and Cons of Pradhan Mantri Jeevan Jyoti Bima Yojana

Pros of PMJJBY

• Low Premium - The biggest advantage of PMJJBY is the low cost annual premium of Rs. 436. This cost is lower for most private premium plans. This is an excellent advantage for low-cost family groups. 
• Tax Benefits - Premium paid towards this scheme is eligible for tax deduction under Section 80C of the Income Tax Act. 
• Easy Documentation - This scheme requires minimal documentation. Enrolment generally involves a simple form, KYC compliance and an auto debit consent from the savings bank account. 
• Affordable Premium - Just for Rs. 436, policyholders get life cover of 2 lakhs. PMJJBY is the most affordable plan in India to offer protection against an affordable premium. 

Cons of PMJJBY 

• Limited Cover - This scheme offers 2 lakhs of sum assured. For some families with higher financial needs, this amount may fall short. 
• Age Restriction - PMJJBY is accessible for people aged from 18 to 50 years at entry. This excludes individuals above 50 years of age who might need affordable life cover the most. 
• No Riders or supplementary benefits - PMJJBY does not include accidental or permanent disability 

Pros and Cons of Pradhan Mantri Suraksha Bima Yojana

Pros of PMSBY

• Very Low Premium - At just Rs.20 per year, PMSBY provides the most affordable accident insurance scheme in India.
• Wide Age Coverage - The scheme is available from age 18 to 70 years, which offers protection for a longer period of time. 
• Disability Coverage - Unlike PMJJBY, this scheme provides financial support for partial and total disability caused by accidents. This counts as a major benefit for policyholders. 
• Includes Easy Enrollment - For PMSBY, the application process is straightforward. It requires minimal paperwork and a consent for auto-debit of the premium from a savings account. 

Cons of PMSBY 

• Accident Coverage Only - The scheme only covers accidental death and disability. Natural illness and death are covered under this plan. 
• Provides Limited Sum Assured - The benefit is Rs. 2 lakhs for total disability. 1 lakh is for partial disability. 
• Claim Documentation - In case of accidents, the nominee needs to provide documents. FIR, medical reports are time-consuming. 
• Annual Renewal Needed - Coverage lapses if the premium is not auto-debit each year. 

PMJJBY AND PMSBY: Similarities You Should Know

Government-Backed Policies 

• PMJJBY and PMSBY were introduced to improve insurance coverage across India. 

Government-backed schemes give you a high level of credibility and trust. 

Requires a Bank Account 

• To enrol in either PMJJBY or PMSBY, an individual should have a savings bank account. This feature makes the payment process smooth. This automatic debit system motivates people to open bank accounts. 

Provides Annual Period Coverage 

• Both schemes offer one-year coverage, running from June 1st to May 31st of the following year. This automatic renewal feature helps policyholders to review or modify the scheme if required. 

Affordable Premium 

• Both schemes are designed for low-cost groups. This is one of the best benefits of the PMJJBY and PMSBY schemes. Also, the affordability encourages more people to invest and secure their future.  

No Medical Examination 

• Neither PMJJBY nor PMSBY plans require a medical test for enrollment. This makes the application process easier. This feature helps with rural population with low income who cannot afford medical tests. 

Simple Enrolment Plans 

• The enrollment process is simple. Only minimal paperwork is required, and a consent form with auto-debit instructions is sufficient. This feature cancels the need of visiting offices to deal with complex paperwork 

Nominee Benefit 

• Under the PMJJBY and PMSBY schemes, the insurance benefit is paid to the nominee in case of disability or death, depending upon the scheme.

How to Enroll for PMJJBY 

Getting enrolled in PMJJBY is easier than you think. Here’s how you can simply enrol

1. Offline Process for PMJJBY

   Step 1 - Download the “Consent Cum Declaration Form” from the official website of PMJJBY 

   Step 2: Fill the form and sign it. Attach self-attested copies of all required documents. 

   Step 3: Submit the form and documents to the Post Office or Bank. 

   Step 4: The officials will provide the details and give you an Acknowledgement slip for your records. 

2. Online Process for PMJJBY 

   You can enroll in PMJJBY online through your net banking services 

How to Enroll for PMSBY 

Enrolling in PMSBY is a simple and straightforward procedure. Here’s how you can simply enrol

1. Offline Process for PMSBY

   Step 1: Visit your bank branch where you have savings accounts. Or you can download the application form from the official website of PMSBY. 

   Step 2: Fill in the form with details. Submit the bank with the required documents. 

   Step 3: Once the application form is accepted, you will be given an acknowledgement slip for your records. 

2. Online Process PMSBY

   You can enroll in PMSBY online through your net banking services. 

Securing Your Tomorrow with the Right Cover

Insurance doesn’t have to be complex or costly. Both PMJJBY and PMSBY serve a clear purpose, which is to provide a simple and affordable insurance plan. The right choice of scheme depends on your needs. PMJJBY provides coverage in the event of death, while PMSBY offers coverage for accidents and disabilities. Your small steps can build a safety net for your family when life takes a turn.

ARN:SLIC/Elec/Sep 2025/1166