You need health cover regardless of what you take two at a time - pills or stairs.
  • Differences and Similarities between PMSBY & PMJJBY

    Pradhan Mantri Suraksha Bima Yojana (PMSBY):

    PMSBY or Pradhan Mantri Suraksha Bima Yojana is a government backed scheme. It is an Accident Insurance Scheme that offers accidental death and disability cover in case of death or disability due to an accident. The scheme is offered through public sector insurance companies and general insurance companies.

    The scheme is available for individuals between the age of 18 and 70 years with bank accounts and the premium for the scheme will be deducted from the savings account of the insured. As of February 26, 2016, 124 million Indians have opted for the scheme.

    Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

    PMJJBY or Pradhan Mantri Jeevan Jyoti Bima Yojana is a government backed insurance scheme that was launched in 2015. The insurance scheme offers life cover for death of the insured. The scheme will be offered through LIC and other Life Insurance companies and banks that are willing to offer the scheme on similar terms.

    Indian residents between the age of 18 and 50 years with a bank account are eligible for the scheme. In case the insured owns multiple savings bank accounts with different banks, they can join the scheme through a single savings bank account of their choice.

    Related Read: Health Insurance Plans

    Similarities between PMSBY and PMJJBY:

    Factor Similarities
    Type Government backed insurance scheme
    Minimum age at the time of entry 18 years
    Eligibility Should have a savings bank account
    Sum assured Rs. 2,00,000
    Insurance period June 1st to May 31st
    Number of policies An individual can hold only one policy and cannot opt for the same policy in different banks
    Mode of payment The premium amount will be deducted from the savings bank account linked to the scheme
    Purchasing the scheme The schemes are available in public and private sector banks. One can purchase the scheme from the same bank where they hold a savings bank account
    Refund The money is not refunded in case there is no claim made
    Tax benefit The premium paid is tax free
    Benefit In case of death of the insured, nominee will be paid the money
    Lapse of the policy The policy will not lapse in case of non-payment of premium
    Re-joining One can re-join the scheme if they leave the scheme

    Differences between PMSBY and PMJJBY:

    Factor Suraksha Bima Yojana (PMSBY) Jeevan Jyoti Bima Yojana (PMJJBY)
    Type of insurance scheme Accident Insurance scheme It is a life insurance scheme
    Cover Cover for death or disability by an accident Cover for death of the insured Regardless of the cause of death
    Annual premium Rs.12 Rs.330
    Age limit 18 years to 70 years 18 years to 50 years
    Premium payment 70 years 50 years. The insured can however choose to pay the premium till they reach the age of 55 years given that they pay premium every year

    Both of the schemes are available to all Indian residents regardless of the income that they earn. The plan is very beneficial to the backward sections of the society as it offers cover for a very minimal amount. Applying for the schemes is very easy and one has to just fill in a form in order to apply for the scheme. 

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