Understand the major differences between PMJJBY and PMSBY

Life is unpredictable and we all know it. We can plan our life but we cannot be certain that everything will happen as per our wish. Likewise, we do not know for how long we are going to survive. And if you have a family that is dependent on you, you need to buy a term insurance policy. At least, even if you pass away suddenly, your family will not have to go through a rough financial patch. 

While many of us are aware of the need for a term insurance policy, we keep delaying buying a policy because we think we have to pay high premiums. Well, that is not true at all. There are so many term insurance policies that are not heavy on the pockets. The two most affordable term insurance plans are PMSBY and PMJJBY.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

It is an accidental insurance scheme that is offered by the Government of India. By buying this policy, your family can get accidental death benefits and also disability coverage. To purchase this policy, you have to reach out to the public sector insurance companies or general insurance companies in the country. The minimum entry age of the policy is 18 years and the maximum entry age is 70 years. You would need to have a savings bank account at an accredited bank to buy this policy. The yearly premium charge for this policy is INR 12. If the insured passes away within the period of the policy, the nominee of the policy will get INR 2 lakh as a death benefit. If the insured suffers from a complete disability that has happened due to an accident, he will receive INR 2 lakh. In case of a permanent partial disability due to an accident, the insured will receive an amount of INR 1 lakh.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

This term insurance policy was launched in 2015 with the aim to provide financial help to the families of the policyholders in case of their sudden demise. This particular scheme is offered through the Life Insurance Corporation of India (LIC), some other life insurance companies, and banks in the country. The minimum entry age for PMJJBY is 18 years and the maximum entry age is 50 years. You need to have a savings bank account at an accredited bank to purchase this term insurance policy. The yearly premium that you have to pay under this policy is INR 330. In case of the sudden death of the policyholder, the beneficiaries will get a sum assured of INR 2 lakh.

One of the best things about purchasing any of these two policies is that you can rest assured that the premium amount you are paying is not being wasted. Since these policies are backed by the Government of India, you can totally trust them. 

Apart from these two, many other term insurance policies can provide huge death benefits to the nominees of the policies. Although most of them are backed by privately owned insurance companies, your family will at least be able to get the sum assured of up to INR 1 Crore. There are also term insurance policies that will let you get back all the premiums that you have paid throughout the policy tenure, in case you survive through the policy. However, while buying a term insurance policy, you need to make sure it is mentioned in it. And you have to read the terms and conditions thoroughly for this.

To know more about the various types of health insurance policies that are available in the market, you can visit the website of IIFL. You can take your time and compare the policies with each other and then make a decision of buying one. You can also use the calculator to understand the kind of premium you would be required to pay in the future. Now, wait no more and visit IIFL today itself.

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