Parliament Question: Insurance coverage for all

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES RAJYA SABHA UNSTARRED QUESTION No. 406 ANSWERED ON TUESDAY, 3rd FEBRUARY, 2026/ MAGHA 14, 1947 (SAKA) INSURANCE COVERAGE FOR ALL 406 SHRI ASHOKRAO SHANKARRAO CHAVAN : Will the Minister of FINANCE be pleased to state: (a) whether Government is planning to make insurance products cheaper and expand the ambit and penetration of insurance coverage by bringing all countrymen in ambit of insurance by 2047; (b) if so, the details of proposed policy measures, regulatory reforms/incentives aimed at achieving desired target by 2047; (c) whether any steps are being taken to increase insurance coverage among women in the country, if so, the details thereof; (d) the role envisaged for public and private insurance companies, digital platforms and InsurTech in achieving wider and affordable insurance coverage; and (e) the details of other steps taken to bring more and more person under insurance coverage ? ANSWER THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY) (a) to (e) : The Government has launched various social security schemes to offer affordable insurance coverage to all the citizens, including citizens of low-income groups. Regular campaigns are held from time to time at grass root level with active participation of banks and local administration to spread awareness about these schemes. The salient features of these schemes are as under: i. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers insurance coverage of Rs 2 lakhs to the people in the age group of 18-50 years in case of death of the insured, due to any reason, at an annual premium of Rs 436/-. As on 07.01.2026, cumulative enrolments under PMJJBY, since its inception, stand at 26.32 crore. Further, as reported by banks, 12.13 crore out of 22.41 crore enrolments (54.13%) are women beneficiaries. ii. Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers insurance coverage to the people in the age group of 18-70 years for Rs. 2 lakhs in case of accidental death or total permanent disability and Rs. 1 lakh for partial permanent disability; due to accident, at a premium of Rs. 20 per annum. As on 07.01.2026, cumulative enrolments under PMSBY, since its inception, stand at 56.15 crore. Further, as reported by banks, 26.49 crore out of 52.36 crore enrolments (50.58%) are women beneficiaries. iii. Pradhan Mantri Jan Arogya Yojana (PMJAY) offers a health cover of ₹5 lakh per family per year for secondary and tertiary care hospitalisation. The scheme ensures equitable coverage for all members of the family, including women. The scheme was then expanded to cover 6 crore senior citizens of age 70 years and above belonging to 4.5 crore families irrespective of their socio-economic status underPMJAY with Vay Vandana Card. As on 28.01.2026, total number of 43.13 crore Ayushman cards have been created under the scheme, out of which 21.26 crore belong to women. iv. Pradhan Mantri Fasal Bima Yojana (PMFBY) offers safeguards to farmers against crop losses caused by unpredictable natural hazards. Under the scheme, premium paid by farmers is capped at 2% for Kharif, 1.5% for Rabi and 5% for commercial/horticultural crops. Applications enrolled under the scheme during FY 2024-25 stand at 15.14 crore, which is up from 14.36 crore applications during FY 2023-24. Further, the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 has been enacted recently with a view to enhance citizens protection, deepen insurance penetration and accelerate growth and development of the insurance sector. In order to increase the penetration and density of Insurance in India, in alignment with the vision of Insurance for all, the Insurance Regulatory and Development Authority of India (IRDAI) has: - i. mandated insurers to devise product for all age and risk groups to deepen insurance inclusion ii. reduced compliance burden and simplified regulations to promote ease of doing business for insurance companies iii. mandated insurers to not increase premium for senior citizens by more than 10% per year iv. put in place an effective grievance redressal mechanism to ensure policy holder protection v. IRDAI (Rural and Social Sector, Motor Third Party Obligations) Regulations, 2024 have been notified, which specify the minimum business that the insurers are required to underwrite in rural and social sector in order to deepen insurance penetration in these areas. A pan India insurance awareness and education campaign has also been launched by General Insurance Council in May 2025, with the tagline “Achha Kiya Insurance Liya”. The multi-platform insurance awareness campaign has been disseminated nationwide through television, digital platforms and outdoor media. Insurance companies are regularly collaborating with digital platforms and InsurTechs in order to market their insurance products for enhanced subscription and better accessibility to public across the country. Besides this, Life Insurance Corporation of India has launched the Bima Sakhi Yojana (Mahila Career Agent Scheme) on 09.12.2024 with an aim to increase rural insurance coverage. *****