About PMJJBY

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.

Eligibility:

• Individuals in the age group of 18-50 years having a savings bank or a post office account are entitled to enroll under the scheme. 
• People who join the scheme before completing 50 years of age can continue to have the risk of life covered up to age of 55 years upon payment of premium.

Benefits:

• Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 330/- per annum.

About PMSBY

• Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.

Eligibility: 

• Individuals in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme.

Benefits: 

• Accidental death cum disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability) for death or disability due to an accident.

Why in News?

• The cumulative enrolments under Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana have crossed 12 crore and 28 crore respectively. 

Reference:

https://financialservices.gov.in/insurance-divisions/Government-Sponsored-Socially-Oriented-Insurance-Schemes/Pradhan-Mantri-Suraksha-Bima-Yojana(PMSBY)