Rs. 4 lakh
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COMMON MISTAKE
Students confuse PMJJBY (life) with PMSBY (accident)
💡Remember
PMJJBY covers ALL causes of death. PMSBY covers ONLY accident-related death or disability. Also, many students forget the premium revision — PMJJBY premium is now Rs. 436, NOT Rs. 330.
🔑 Key Points
PMJJBY is a life insurance scheme launched in 2015 covering Rs. 2 lakh for any cause of death at Rs. 436 annual premium.
PMSBY is an accident insurance scheme covering Rs. 2 lakh for accidental death and Rs. 1 lakh for partial disability at just Rs. 20 per year.
PMJJBY age eligibility is 18 to 50 years; PMSBY covers ages 18 to 70 years.
PM-JAY (Ayushman Bharat) launched in 2018 provides Rs. 5 lakh health cover per family per year to 10+ crore poor families.
PMFBY (crop insurance) launched in 2016 charges max 2% premium for Kharif crops and 1.5% for Rabi crops.
Both PMJJBY and PMSBY are administered through bank accounts (auto-debit) and are under Ministry of Finance.
PMSBY gives Rs. 2 lakh for full disability and Rs. 1 lakh for partial disability — partial is HALF the full cover.
PMJJBY premium was revised upward from Rs. 330 to Rs. 436 in June 2022 — a frequently tested update.
📌 Exam Facts
PMJJBY current annual premium is Rs. 436 (revised from Rs. 330 in June 2022).
PMSBY annual premium is Rs. 20 and covers accidental death up to Rs. 2 lakh.
PM-JAY (Ayushman Bharat) was launched on 23 September 2018 and provides Rs. 5 lakh per family per year.
PMFBY replaced the National Agricultural Insurance Scheme (NAIS) when it was launched in January 2016.
PMSBY age limit is 18 to 70 years; PMJJBY age limit is 18 to 50 years (renewable up to 55).
Under PMFBY, the maximum premium for horticulture and commercial crops is capped at 5%.
Both PMJJBY and PMSBY were launched on 9 May 2015 by Prime Minister Narendra Modi.
LIC is the primary insurer for PMJJBY; general insurers handle PMSBY.
🚀 60-Second Revision
Remember: PMJJBY = Life cover, Rs. 2 lakh, Rs. 436 premium, age 18-50, launched 2015.