The Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and the Atal Pension Yojana seem to have struck the right chord with the people. For the first time one notices a promise of a quantum growth in insurance coverage.
After six decades of nationalisation of life insurance, penetration has been poor at 6 per cent. When it comes to general insurance, it is still worse. In this background, the recent efforts of the Modi government to expand insurance coverage is welcome. By keeping the premiums low, there is the promise of achieving quantumgrowth in quick time.
In a recent address Finance Minister Arun Jaitley mentioned a handsome increase in the coverage in insurance through the new schemes announced for enhancing social security.
The Pradhan Mantri Suraksha Bima Yojana which offers accident insurance for just Rs 12 per annum evoked positive response. The Finance Minister said over 7.84 crore persons have availed of PMSBY. Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offering life insurance cover for just Rs. 330 per annum (less than a rupee a day), 2.70 crore have registered. The Atal Pension Yojana also had a equally evocative response with 4.69 lakh people opting for it.