48 crore Indians enrolled in Rs 2 Lakh accident insurance under PMSBY: Finance Ministry

Nearly 48 crore individuals have enrolled in Rs 2 lakh accident insurance coverage through the Pradhan Mantri Suraksha Bima Yojana (PMSBY), the Finance Ministry said on Saturday.

The Finance Ministry in a social media post on X added that the cumulative enrolment under the PMSBY has been 47.59 crore, and the cumulative number of claims received stood at 1,93,964, while the cumulative number of claims disbursed is 1,47,641.

PMSBY is a one-year accidental insurance scheme renewable from year to year, offering coverage for death or disability due to an accident.

Persons in the age group of 18-70 years having an individual bank or a post office account are entitled to enrol under the scheme.

Accidental death cum disability cover of Rs 2 lakh (Rs 1 lakh in case of partial disability) for death or disability due to an accident against a premium of Rs 20 per annum.

The Ministry added that Pradhan Mantri Jan Dhan Yojana (PMJDY) has become a cornerstone of financial inclusion with more than 54 crore beneficiaries, empowering unbanked citizens nationwide.

The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched by Prime Minister Shri Narendra Modi on 28th August 2014, completes a decade of successful implementation in August this year.

PMJDY is the largest financial inclusion initiative in the world, through which the finance ministry continuously endeavours to provide support to the marginalised and economically backward sections through its financial inclusion interventions.

As of 14th August, 24, the number of total PMJDY accounts is 53.13 crore; 55.6 percent (29.56 crore) Jan-Dhan account holders are women, and 66.6 percent (35.37 crore) Jan Dhan accounts are in rural and semi-urban areas, as per the official figures.

Total deposit balances under PMJDY accounts stand at Rs 2,31,236 crore. The ministry added that the deposits have increased about 15 times with an increase in accounts of 3.6 times as of Aug 15, 2024.

PMJDY has enabled savings while providing credit access to those without a formal financial history. Account holders can now show saving patterns, which makes them eligible for loans from banks and financial institutions.

The closest proxy is sanctions under Mudra loans, which rose at a compounded annual rate of 9.8 percent in five years from FY 2019 to FY 2024, as per the finance ministry.