PMJJBY vs PMSBY – Understanding THE Differences and Similarities

IndiaFirst Life
• 01 Sep, 2025

The Indian government offers affordable insurance schemes for low-income and unorganised sector families. Two of the most popular are the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY). While both aim to offer protection in an accessible manner, their purpose and benefits differ. Read on to know the difference between PMJJBY and PMSBY, their similarities, and how both can play a role in your overall life insurance plans.

What is PMJJBY?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance plan introduced in 2015. It provides a death benefit of ₹2 lakhs to the nominee in case the policyholder passes away due to any reason (whether natural or accidental). Once enrolled, one can download the PMJJBY certificate through net banking or directly from the insurance provider’s website (in order to have valid proof of the coverage).

If you have several savings accounts, make sure to enrol in the PMJJBY scheme through one account only. The premium will be debited from this linked account.

Eligibility: Individuals aged 18 to 50 years, having a savings account at an official bank.
Premium: ₹330 per annum currently.
Renewal: Coverage is valid from June 1 to May 31, with an annual PMJJBY renewal required for continued protection.

This scheme is ideal for people seeking basic life insurance plans at a minimal cost.

Now, to better understand PMJJBY, PMSBY and their differences, here’s a look at the other scheme too.

What is PMSBY?

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme. It is offered by the Public Sector General Insurance Companies and other general insurers. It provides financial compensation to the nominee in case of accidental death or disability incurred by the insured person.

Eligibility: Individuals aged 18 to 70 years with a savings account.
Premium: ₹12 per annum, auto-debited from the account annually.
Coverage: 2 lakhs in case of accidental death or full permanent disability; ₹1 lakh in case of partial permanent disability.
Renewal: Coverage runs from June 1 to May 31 and renews automatically if sufficient balance is available.

PMSBY offers a cost-effective safety net, especially for those in risky jobs or without the coverage of formal life insurance plans.

Differences between PMJJBY and PMSBY

Here’s a table to get a better understanding of the difference between PMSBY and PMJJBY:

Feature	PMJJBY	PMSBY
Scheme Type	It is a life insurance plan.	It is an accidental insurance plan.
Eligibility Age	Individuals aged 18 to 50 years.	Individuals in the age range of 18 to 70 years.
Premium	₹330 per year.	₹12 per year.
Coverage	₹2 lakhs (death from any cause).	₹2 lakhs in case of accidental death or full disability, and ₹1 lakh in case of a partial disability.
Who Can Provide It?	LIC and life insurers	Public/general insurance companies
Coverage Period	Yearly Renewal	Auto-renewed (in case of available balance)
Tax Benefits**	Premiums qualify for deductions under Section 80C.	Premiums may not be eligible for Section 80C deductions.

The main difference between PMJJBY and PMSBY lies in the nature of coverage:

PMJJBY covers all types of death
PMSBY is limited to accidental deaths and disabilities.

Similarities between PMJJBY and PMSBY

While the PMSBY and PMJJBY differences are notable, both policies also share some key similarities:

Government-backed schemes

Both policies have the backing of the government of India and are aimed at financial inclusion.
Linked to bank accounts

You must have a savings account from an official bank to enrol; premiums are annually auto-debited from the linked bank account.
Affordable premiums

The premiums for both plans are designed to offer decent coverage at a minimum cost.
Annual Renewal

Coverage under both schemes lasts for one year and can be renewed each year.
No medical screening

Enrolment requires minimal documentation and no health checks.
Accessible

These plans can be easily accessed through public and private banks across India.
Can be held together

There is no restriction on subscribing to both schemes simultaneously. By opting for both plans, you can get a combined cover of up to ₹4 lakhs at minimal premium costs.

These similarities ensure that regardless of your choice and the difference between PMSBY and PMJJBY, you receive an essential level of protection.

If you are looking for basic financial protection, it can be difficult to choose when pitting PMJJBY vs PMSBY. While one offers life insurance, the other guards against accidents. Together, they form a low-cost insurance foundation for financial security. By enrolling in both and keeping up with your PMSBY and PMJJBY renewal processes, you can make the most of these two important life insurance plans.

In addition, you can also opt for an individual life insurance plan from a private provider. This can allow you to enjoy personalised coverage in sync with your needs and preferences. For more details, you can reach out to your preferred insurance provider.

** Tax exemptions are as per applicable tax laws from time to time.

by IndiaFirst Life
Headquartered in Mumbai, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), with a paid-up share capital of INR 754.37 crore, is one of the fastest growing private life insurers in India in terms of New Business IRP in Fiscal 2023. Our key differentiators are our simple, easy-to-understand products that are optimally priced. As of Sept 30, 2023, we offered 30 retail products, 13 group products along with six riders (across retail and group portfolios), along with policies under the PMJJBY scheme, catering to protection, savings, health and retirement needs of our customers, leveraging multiple distribution capabilities and augmenting various investment options. In all propositions under the categories of Participating Plans, Non-Participating Savings Plans, Non-Participating Protection Plans, Unit Linked Insurance Plans, Group Protection Plans, Corporate Funds Plans, Riders & PMJJBY form a complete suite of offerings that help our customers prepare for the certainties of life. Our products are easy to understand and optimally priced with a developed comprehensive risk management framework/policy.