The Parliament was told on Monday that the government continues to place a high priority on financial inclusion, with its flagship insurance and health protection programs being extended to include all societal segments, including Scheduled Castes (SC), Scheduled Tribes (ST), and Other Backward Classes (OBCs).

In a written response to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary stated that the Financial Inclusion Saturation Campaign, which aims to increase membership under low-cost insurance plans, has now reached 2.7 lakh gram panchayats and urban local bodies (ULBs).

The minister claims that in order to facilitate access, the government has also developed a Jansuraksha webpage that has comprehensive details about the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

In an effort to further develop the insurance industry, the Finance Ministry pointed out that the Union Budget 2025 announced a rise in Foreign Direct Investment (FDI) in Indian insurance companies from 74% to 100%.

For example, PMJJBY offers Rs 2 lakh in life insurance coverage for people between the ages of 18 and 50 at an annual premium of Rs 436; PMSBY offers Rs 2 lakh in accidental insurance coverage for death or total permanent disability and Rs 1 lakh for partial permanent disability for people between the ages of 18 and 70 at a cost of just Rs 20 annually; and Pradhan Mantri Jan Arogya Yojana (PMJAY) offers Rs 5 lakh in health coverage per family annually for secondary and tertiary care hospitalization.

With subsidized premium rates of 2% for Kharif, 1.5% for Rabi, and 5% for commercial/horticultural crops, the Pradhan Mantri Fasal Bima Yojana (PMFBY) protects farmers against crop losses.

The government is depending on a robust network of 16 lakh banking correspondents (BCs) to serve as the last-mile link in providing these services in order to increase outreach.

According to the minister, banks have also been assigned explicit enrollment goals, and their progress is routinely assessed.

According to the minister, the goal of these coordinated efforts is to guarantee that all eligible citizens—especially those from disadvantaged groups—are included in the safety net of reasonably priced social security.