New Delhi: Financial inclusion continues to be a major focus for the government, with key insurance and health protection schemes being extended to ensure coverage across all segments of society, including Scheduled Castes (SC), Scheduled Tribes (ST), and Other Backward Classes (OBCs), Parliament was informed on Monday.
In a written response to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary stated that the Financial Inclusion Saturation Campaign has already reached 2.7 lakh gram panchayats and urban local bodies (ULBs), aiming to increase enrollment in affordable insurance schemes.
According to the minister, to streamline access, the government has also launched a Jansuraksha portal with detailed information on the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY).
The Finance Ministry highlighted that the Union Budget 2025 announced an increase in Foreign Direct Investment (FDI) in Indian insurance companies from 74 per cent to 100 per cent, a move aimed at further strengthening the sector.
Under the flagship schemes, PMJJBY provides life insurance coverage of Rs 2 lakh for individuals aged 18–50 years at an annual premium of Rs 436; PMSBY offers accidental insurance cover of Rs 2 lakh for death or total permanent disability and Rs 1 lakh for partial permanent disability for those aged 18–70 years, at just Rs 20 per annum; and Pradhan Mantri Jan Arogya Yojana (PMJAY) gives health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation.
Pradhan Mantri Fasal Bima Yojana (PMFBY) safeguards farmers against crop losses with subsidised premium rates of 2 per cent for Kharif, 1.5 per cent for Rabi, and 5 per cent for commercial/horticultural crops.
To expand its reach, the government is leveraging a robust network of 16 lakh banking correspondents (BCs) to serve as the last-mile link in delivering financial services. Banks have been assigned specific enrollment targets, with their progress being closely monitored, the minister added.
These coordinated efforts are focused on ensuring that every eligible individual, especially those from vulnerable and underserved communities, is included under the umbrella of affordable social security, the minister emphasized.