PMJJBY and PMSBY: Plan to Raise Cover to ₹5 Lakh
Why in the news
The Centre is studying a higher cover under its two flagship low-cost schemes to make life and accident insurance more useful.
Key facts
- Proposal: cover up to ₹5 lakh (now ₹2 lakh) for those ready to pay a higher premium.
- Other ideas: premium paid upfront for at least three years; wider reach through Digital Banking Units (DBUs).
- Renewal is by auto-debit from the bank account.
| Feature | PMJJBY | PMSBY |
|---|---|---|
| Type | Life insurance | Accident insurance |
| Launch | 9 May 2015 | 9 May 2015 |
| Age | 18–50 years | 18–70 years |
| Account | Savings bank account | Bank account |
| Premium a year | ₹436 | ₹20 |
| Protects against | Death | Accidental death, total or partial permanent disability |
Exam angle
- Types: PMJJBY = life; PMSBY = accident.
- Nodal body: Department of Financial Services.