Latest news with #PradhanMantriSurakshaBimaYojana
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Business Standard
21-05-2025
- Business
- Business Standard
Pradhan Mantri Suraksha Bima Yojana - A decade of insurance inclusion
Pradhan Mantri Suraksha Bima Yojana (PMSBY) marks a significant milestone in India's journey toward universal social security. Launched in May 2015 and designed as an affordable and accessible personal accident insurance scheme, PMSBY targeted economically vulnerable citizens, particularly those in rural and unorganised sectors. With a nominal annual premium of ₹20, the scheme offers ₹2 lakh insurance coverage for accidental death or full disability, and ₹1 lakh for partial disability. Over the past decade, PMSBY has evolved from a government initiative to a symbol of inclusive insurance outreach. PMSBY was conceived as part of the government's broader strategy to strengthen the social security framework in India. It followed the successful rollout of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which brought millions of underbanked Indians into the formal banking system. The linkage between Jan Dhan accounts and PMSBY facilitated seamless enrolment through auto-debit, making it especially easy for low-income individuals to subscribe with ease. Together, these schemes have become pillars of India's insurance inclusion strategy, ensuring that the economically weaker sections are not left vulnerable in times of need. In the last ten years, the scheme has crossed 44 crore enrolments and has settled over 135,000 claims, disbursing more than ₹2,700 crore in FY 2024–25 alone. These figures highlight the scale and impact of the initiative in embedding insurance awareness across the nation. The National Insurance Company (NIC) has played a key role in implementing this scheme. Covering over 170.4 million individuals across states which is nearly 38 per cent of the total enrolment, NIC has worked with commitment and compassion to ensure the scheme reaches its intended beneficiaries. Over the decade, NIC has honoured nearly 55,000 claims, i.e. 40 per cent of the total claims, amounting to ₹1,000 crore, reinforcing its dedication to serving the underprivileged with empathy and efficiency. Through PMSBY, financial institutions have had the opportunity to directly engage with the lives of those often left out of mainstream insurance services. These interactions have not only deepened their resolve to support the mission of insurance inclusion but have also provided meaningful insight into the hardships and resilience of India's poor. The true measure of PMSBY's success lies in the stories of its beneficiaries, the stories of resilience in face of loss. Mrs. Meena Singh, a homemaker from Jehanabad, Bihar, lost her husband in a tragic road accident. Though devastated, the family received ₹2 lakh under PMSBY, which helped her continue her children's education. Her late husband had enrolled in PMSBY through his bank, with just ₹20 being auto-debited annually. Similarly, in Karnataka, Rani Kumari, a teenager injured in a bike accident, received timely medical treatment funded by the claim settlement of her deceased brother's policy. The ₹2 lakh payout provided critical financial relief for her family. Further East, in Guwahati, Ms. Riya Das, a young widow, received ₹2 lakh within seven days of submitting documents after her husband's accidental drowning. These touching stories, though only a few among thousands, reflect how PMSBY has brought dignity and hope to families during times of intense grief and financial distress. For many, it has been the only form of insurance they could afford — turning ₹20 into life-saving support. However, the journey of PMSBY has not been without its share of challenges. Initially, the scheme faced issues related to geographical remoteness, low awareness in rural areas, administrative hurdles in claim processing and difficulty in collecting valid documents to name a few. However, persistent efforts, digital outreach, and supportive government frameworks have addressed many of these concerns. The launch of the Jan Suraksha Portal has improved transparency and ease of enrolment and claims, especially for rural populations. Integration with banking and digital platforms has further streamlined operations and minimised delays. As India looks ahead to Viksit Bharat @2047, aiming for inclusive development, schemes like PMSBY are foundational to achieving 'Insurance for All.' To deepen its impact further, future measures could include Enhancing the coverage from ₹2 lakh to ₹5 lakh to reflect expanded benefits while remaining affordable, launching awareness campaigns at the block and panchayat levels, strengthening grievance redressal mechanisms and digital claim tracking. These steps will ensure the scheme remains sustainable and responsive to evolving needs, especially amid rising accident-related risks and medical costs. Over the past decade, Pradhan Mantri Suraksha Bima Yojana has not only promoted insurance literacy but also saved families from financial ruin in the aftermath of tragedies. The collaborative effort of the government, banks, insurers, and the resilience of the beneficiaries themselves has made PMSBY a model for social insurance schemes worldwide. As we move towards a more secure and equitable India, the journey of PMSBY stands as a testament to the power of simple, well-designed policies in transforming lives. From ₹20 premiums to ₹2 lakh payouts, the scheme continues to demonstrate that even the smallest contributions can build a future of security, trust, and dignity for all.
Time of India
18-05-2025
- Health
- Time of India
Health insurance for all state govt staff: CM
Bhopal: CM Mohan Yadav on Sunday announced that all state govt employees would be brought under the ambit of health insurance, describing it as a significant step in strengthening the state's commitment to staff welfare. He was speaking at a felicitation function organised by MP State Employees' Union at Ravindra Bhawan. The CM said good governance which makes people's lives easier is the primary objective of his govt, and the successful implementation of this vision rests upon the govt employees. "In this sense, the employees of Madhya Pradesh are true 'Karma Yogis'. It is through their dedication and hard work that the state is progressing steadily on the path of welfare and development." He said the loyalty and sincerity of state employees have been instrumental in implementing public welfare schemes, which have placed Madhya Pradesh among the leading states of the country. Govt employees, he said, serve as a vital bridge between the administration and the people, just as Nal and Neel did in the Ramayana. The union honoured the CM for the pro-employee decisions taken in recent months. Also present on the occasion were MLA Bhagwandas Sabnani, Employees' Union state president Hemant Srivastava and general secretary Jitendra Singh. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Zumbido no ouvido? Truque simples alivia isso! (Assista) Zumbido no ouvido Undo During the event, Yadav approved the union's demand to extend the benefits of the health insurance scheme to govt employees. He affirmed the state govt's unwavering commitment to employee welfare under the leadership of PM Narendra Modi. In alignment with the central govt, the state has decided to match the dearness allowance for its employees with that of the centre. The long-pending demand for house rent allowance, pending for the last nine years, has also been fulfilled. Furthermore, keeping in mind the convenience of officers, employees, and their families, a comprehensive transfer policy has been implemented across the state. Yadav assured that the state government is systematically resolving all long-standing employee-related issues. Special recruitment drives are being run to fill vacant positions. All posts in the police department have been filled, and approval for police bands in all districts has been granted. The recruitment process for vacant positions is being ensured through annual MP Public Service Commission examinations. Provision of government housing for employees has also been prioritised, and soon, state-run bus services will be launched to improve public transport. He added that 3,000 newly built staff quarters in New Market have been inaugurated and allocated to employees — an initiative aimed at improving their quality of life. Anganwadi workers, mini-Anganwadi workers, and helpers will now receive coverage under the 'Pradhan Mantri Jeevan Jyoti Bima Yojana' and 'Pradhan Mantri Suraksha Bima Yojana', he said. Following Modi's vision, the safety net of health insurance is being extended to a large section of the population, and in line with this effort, the health insurance demand of state employees has now been accepted. The chief minister further stated that with the expansion of industrial activities in the state, employment opportunities are on the rise. The government is providing special incentives to employment-generating industries. The state also aims to increase milk production from 9% to 20%. Several initiatives are underway for the welfare of the youth, women, farmers, and the poor as envisioned by Prime Minister Modi. Yadav emphasised that Madhya Pradesh now boasts better infrastructure, electricity, water, and road connectivity than many other states. Expressing gratitude for the honour conferred upon him, chief minister Yadav reaffirmed his belief that the government and its employees will continue to work together as a team to improve the lives of the people of Madhya Pradesh.
Time of India
13-05-2025
- Business
- Time of India
Sitharaman reviews financial inclusion schemes
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Finance Minister Nirmala Sitharaman on Tuesday reviewed the progress of the government's financial inclusion schemes. The meeting, chaired by Sitharaman, was attended by Department of Financial Services (DFS) Secretary M Nagaraju and other officials."The Finance Minister emphasised the need to strengthen financial inclusion initiatives by bringing the masses within their ambit and stressed the importance of enhancing customer experience across banking services," DFS said in a post on schemes which were reviewed include Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and PM Vishwakarma, among others.
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Business Standard
09-05-2025
- Business
- Business Standard
Biz correspondents' body to raise Atal Yojana renewal commission with banks
The Business Correspondent Resource Council (BCRC) is likely to raise the issue of non-payment of Atal Pension Yojana (APY) renewal commission by banks to business correspondents (BC), and is to seek a meeting with the Indian Banks' Association (IBA) to resolve the matter. BCRC had voiced its concern with the Pension Fund Regulatory and Development Authority (PFRDA), which advised it to reach out to banks directly for resolution. PFRDA said it releases APY incentives solely to APY Service Providers (APY-SPs). 'These APY-SPs, in turn, are responsible for distributing the incentives to their BCs, if applicable, based on their internal arrangements, agreements, and terms and conditions,' the regulator said in its communication to BCRC. In January this year, BCRC had taken up the matter of renewal commissions not being credited on social security schemes - Pradhan Mantri Suraksha Bima Yojana; and Pradhan Mantri Jeevan Jyoti Bima Yojana – to BCs with the Insurance Regulatory and Development Authority of India (Irdai). It was pointed out that BCs are the frontline workers driving penetration of the government's flagship schemes, and the absence of renewal commission is demoralising. This may result in reduced participation and outreach effectiveness in the long run given that BCs invest significant time and resources in out-calling, personalised follow-ups, and re-educating customers on financial literacy. As of April 2025, APY has accumulated over 7.65 crore subscribers, mobilised a total corpus of Rs 45,974.67 crore, and recorded increasing participation from women, who now comprise about 48 per cent of all subscribers. APY is aimed at workers in the unorganised sector, who often lack formal pension coverage. It was initially available to all citizens between 18 and 40 years of age, but effective October 2022, individuals paying income tax are not eligible to join the scheme. It provides subscribers with a fixed monthly pension at the age of 60 years, based on their contributions. The different slabs are Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, and Rs 5,000 per month. Banks receive a minimum of Rs 100 for each APY application, with incentives provided for promotional efforts and for new accounts opened during the year. The amount varies based on the number of APY subscribers with each bank. Of late, BCRC has voiced its worries on the viability of the BC channel with the Ministry of Finance. In November last year, this issue was flagged in a meeting with the Minister of State for Finance Pankaj Chaudhary. During the talks, the BCRC revisited the problems highlighted by the working group set up under the chairmanship of C S Setty in December 2022. Setty, who is currently chairman of State Bank of India, was the bank's managing director at the time. It may be recalled that the first steps for rolling out the digital audit of the over 2.5 million BCs along with their training and certification was decided at a meeting held at the Department of Financial Services (DFS) with the monitoring committee on the functioning of BCs. A working committee is to be formed headed by one of the managing directors of the SBI with members drawn from Yes Bank as well as the Business Correspondents' Federation of India. Other issues which figured at this DFS meeting were the penalties imposed on BCs by banks, as well as the amounts charged by banks as security deposits, which range between Rs 50 lakh and Rs 1.8 crore for 1,000 kiosk points. It was indicated that the establishment of an infrastructure and equity fund for corporate BCs, with the option to tap the National Bank for Agriculture and Rural Development (Nabard), and the RBI Payments Infrastructure Development Fund, may be taken up at a later date.
Hans India
09-05-2025
- Business
- Hans India
10 years of PMJJBY: Low-cost life insurance a big help for families in Jharkhand, say beneficiaries
As the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) marks a decade since its inception, stories from across India underscore the scheme's tangible impact on the ground, especially in regions like Jharkhand's Koderma and Sahibganj districts where thousands have found security and solace in its simple yet effective design. In Koderma alone, nearly 1.31 lakh individuals have enrolled in PMJJBY, a government-backed life insurance scheme that provides a guaranteed cover of Rs 2 lakh at an annual premium of just Rs 436. Local beneficiaries speak of the policy as more than just insurance -- it is a "gift from Prime Minister Narendra Modi to the poor", said one resident, reflecting the sense of relief and dignity the scheme brings in times of personal loss. Beneficiaries in the district acknowledge the harsh unpredictability of life -- accidents, illnesses, and unforeseen tragedies that often leave families shattered and financially vulnerable. For them, PMJJBY has offered a critical financial cushion. "Life and death are not in our hands, but this scheme ensures that our families are not left helpless," said another resident. While life insurance products from both the public sector and private insurers are available in the market, PMJJBY stands out due to its affordability and no-frills access. As pointed out by a beneficiary, "No private company offers a Rs 2 lakh cover at just Rs 436. This is only possible through PMJJBY and Pradhan Mantri Suraksha Bima Yojana." The integration of PMJJBY with the broader Jan Dhan Yojana ecosystem has further streamlined access. Citizens with Jan Dhan accounts can easily enrol and claim benefits from PMJJBY and other linked insurance schemes through their bank. Nivas Kumar, a bank manager in the district, highlighted that a single account could unlock multiple benefits for families. "In case of accidental death, the nominee can claim benefits under PMJJBY, Pradhan Mantri Suraksha Bima Yojana, and even schemes linked to the RuPay card," he noted. In Sahibganj, too, the scheme's relevance continues to grow. Gopal Ghosh, a local beneficiary, praised the initiative as a vital government intervention. "Under this scheme, a cover of Rs 2 lakh is given. For families with no safety net, this is life-changing," he said. Ayodhya Kumar, a manager at UCO Bank, added that people are increasingly recognising the scheme's welfare-oriented nature. "It's not just about the money. It's about knowing that someone will be there for your family if something happens to you," he said. As PMJJBY enters its second decade, voices from Koderma and Sahibganj call for greater awareness and outreach to ensure that more citizens can benefit. "It is a boon for the poor and middle class," a resident said. "The only need now is to ensure every eligible person knows about it and signs up," he added.
