**Summary:**
In response to Lok Sabha Unstarred Question No. 3659, answered on August 11, 2025, the Ministry of Finance addressed the mission of "Insurance for All" by 2047, as set forth by the Insurance Regulatory and Development Authority of India (IRDAI). The IRDAI conveyed its commitment to comprehensive reforms aimed at achieving this vision in a press release dated May 6, 2022.
To increase insurance penetration and density, IRDAI has mandated insurers to develop products for all age and risk groups, reduced compliance burdens to promote ease of business, capped premium increases for senior citizens at 10% per year, and implemented an effective grievance redressal mechanism.
The Government supports this vision through various insurance schemes, including:
* **Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):** Provides Rs 2 lakh insurance coverage for individuals aged 18-50 in case of death due to any reason, at an annual premium of Rs 436.
* **Pradhan Mantri Suraksha Bima Yojana (PMSBY):** Offers Rs 2 lakh coverage for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to individuals aged 18-70, at an annual premium of Rs 20.
* **Pradhan Mantri Jan Arogya Yojana (PMJAY):** Provides a health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalization.
* **Pradhan Mantri Fasal Bima Yojana (PMFBY):** Protects farmers against crop losses due to natural hazards, with farmer premiums capped at 2% for Kharif crops, 1.5% for Rabi crops, and 5% for commercial/horticultural crops.
Key Entities Referenced
Insurance Regulatory and Development Authority of India (IRDAI): The regulatory body responsible for overseeing and developing the insurance industry in India, spearheading the 'Insurance for All' mission.
Insurance for All: An ambitious mission set by IRDAI to achieve universal insurance coverage in India by 2047.
Ministry of Finance: A department of the Government of India responsible for financial matters.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): A government-backed life insurance scheme offering coverage of Rs 2 lakhs in case of death for individuals aged 18-50 years.
Pradhan Mantri Suraksha Bima Yojana (PMSBY): A government-backed accident insurance scheme providing coverage for accidental death or disability for individuals aged 18-70 years.
Pradhan Mantri Jan Arogya Yojana (PMJAY): A government-sponsored health insurance scheme providing a health cover of 5 lakh per family per year for secondary and tertiary care hospitalization.
Pradhan Mantri Fasal Bima Yojana (PMFBY): A government scheme that provides insurance coverage to farmers against crop losses due to natural calamities.
2047: The target year set by IRDAI to achieve the 'Insurance for All' vision in India.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES
LOK SABHA
UNSTARRED QUESTION No. †3659
ANSWERED ON MONDAY, 11 AUGUST, 2025/SRAVANA 20, 1947 (SAKA)
MISSION "INSURANCE FOR ALL" BY IRDAI
†3659. SHRI SANATAN PANDEY
Will the Minister of FINANCE be pleased to state:
a) whether the Government is aware that the Insurance Regulatory and Development Authority
of India (IRDAI) has set an ambitious mission of "Insurance for All" by 2047;
b) if so, whether the Government has taken steps to prepare a comprehensive Policy, Roadmap
or White Paper to achieve this target including consultations with all stakeholders;
c) if not, the reasons for the delay in formulating such a roadmap; and
d) the specific measures being undertaken to ensure affordable and appropriate insurance
coverage for all citizens and enterprises that align with this mission?
ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)
(a) to (d): The Insurance Regulatory and Development Authority of India (IRDAI) in its press
release dated 6th May, 2022, conveyed its commitment to undertake comprehensive reforms in
the insurance sector with the objective of achieving the vision of “Insurance for All” by the year
2047.
In order to increase the penetration and density of Insurance in India, in alignment with the vision
of Insurance for all, IRDAI, inter alia, 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
The various insurance schemes launched by the Government from time to time offer affordable
insurance coverage to the citizens thereby supporting the vision of Insurance for all. The salient
features of such schemes are given below:
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/-.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.
iii. Pradhan Mantri Jan Arogya Yojana (PMJAY) offers a health cover of ₹5 lakh per family
per year for secondary and tertiary care hospitilisation.
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.
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