Centre pushes financial inclusion with insurance, health schemes for all

New Delhi, Aug 18 Financial inclusion remains a key priority of the government, with flagship insurance and health protection schemes being expanded to cover all sections of society, including Scheduled Castes (SC), Scheduled Tribes (ST) and Other Backwards Classes (OBCs), the Parliament was informed on Monday.

As part of the push, the Financial Inclusion Saturation Campaign has already reached 2.7 lakh gram panchayats and urban local bodies (ULBs) to boost enrollment under low-cost insurance schemes, Minister of State for Finance, Pankaj Chaudhary, said in a written reply to the Lok Sabha.

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 widen outreach, the government is relying on a strong network of 16 lakh banking correspondents (BCs) to act as the last-mile connect in delivering these services. Banks have also been given specific enrollment targets, with progress being reviewed regularly, the minister said.

These concerted efforts aim to ensure that every eligible citizen, particularly those from vulnerable sections of society, is brought under the safety net of affordable social security, the minister stated.

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