Nearly 48 Crore People Enrolled in Rs. 2 Lakh Accident Insurance Scheme under PMSBY
As of Saturday, nearly 48 crore individuals have enrolled in the Pradhan Mantri Suraksha Bima Yojana (PMSBY), a government-backed ₹2 lakh accident insurance scheme, according to the Finance Ministry. The total enrolment under the scheme has reached 47.59 crore, with 1,93,964 claims received and 1,47,641 claims disbursed.
PMSBY is a one-year renewable accidental insurance scheme that provides coverage for death or disability caused by an accident. People aged between 18 and 70, who have an individual bank or post office account, are eligible to enroll. The scheme offers ₹2 lakh coverage for accidental death or disability (₹1 lakh for partial disability) at a premium of just ₹20 per year.
In addition, the Finance Ministry highlighted the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which has become a cornerstone of financial inclusion in India. Launched on August 28, 2014, PMJDY has now reached more than 54 crore beneficiaries, empowering unbanked citizens across the country.
As of August 14, 2024, there are 53.13 crore PMJDY accounts, with 55.6% of account holders being women and 66.6% of accounts located in rural and semi-urban areas. The total deposit balance under PMJDY accounts stands at ₹2.31 lakh crore, showing a remarkable 15-fold increase in deposits since the scheme’s launch.
PMJDY has helped people without a formal financial history to save and access credit, with an increase in Mudra loan sanctions growing at an annual rate of 9.8% over the last five years. This initiative has significantly contributed to the financial empowerment of marginalized and economically backward sections of society.
