New Enroll in RBI Gr B 2025 Exclusive New Batch on March 18

    Question

    What is the major difference between Pradhan Mantri

    Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
    A One is managed by LIC and another by SBI Correct Answer Incorrect Answer
    B One of completely Govt funded and another is funded by the Private insurance companies Correct Answer Incorrect Answer
    C One covers the minor children and another does not Correct Answer Incorrect Answer
    D One covers any kind of deaths and another covers only accidental deaths Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Pradhan Mantri Suraksha Bima Yojana Launched in 2015 People in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.  Aadhar would be the primary KYC for the bank account In the case of a joint account, all holders of the account can join the scheme.  Even NRIs are eligible, but if a claim arises, the claim benefit will be paid to the beneficiary/nominee only in Indian currency. Features The risk coverage under the scheme is Rs.2 lakh for accidental death and permanent total disability and Rs. 1 lakh for partial disability.  The premium of Rs. 20 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment.  The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms The cover will be in addition to any other insurance plan the subscriber has. The scheme is not a Mediclaim, that is, there is no provision for reimbursement of hospitalisation expenses following accident, resulting in death or disability. Accidents, any death or disability (as defined under PMSBY) resulting from natural calamities is covered under PMSBY. Death due to suicide is not covered.

    Practice Next

    Relevant for Exams: