PM Insurance Schemes: PMJJBY, PMSBY & APY Explained in Detail

Government insurance schemes are frequently tested in banking and insurance exams. Here's a detailed comparison.

PMJJBY (Life Insurance)

Premium: Rs. 436/year. Coverage: Rs. 2 lakh (death only). Age: 18-50 years. Renewable annually. One of the cheapest life insurance covers available.

PMSBY (Accident Insurance)

Premium: Rs. 20/year. Coverage: Rs. 2 lakh (accidental death), Rs. 1 lakh (partial permanent disability). Age: 18-70 years. Covers only accidents, not natural death.

APY (Pension Scheme)

Age: 18-40 years. Monthly pension: Rs. 1,000 to Rs. 5,000 (based on contribution). Pension starts at age 60. Government co-contributes 50% for eligible subscribers. Contributions vary by age and chosen pension amount.

Exam Questions Pattern

Questions typically ask: Premium amount, coverage amount, age limits, eligibility criteria, and differences between schemes. Memorize the key numbers for each scheme.