The government has taken various measures to increase financial inclusion that have driven insurance adoption and penetration across all segments. According to the Economic Survey 2023, here is a list of various government insurance schemes and progress made, claims disbursed.
Ayushman Bharat Yojana
The scheme offers Rs 5 lakh in health coverage per beneficiary family per year to poor and vulnerable families determined based on deprivation and occupational criteria.
Claims and achievement
Since inception (2018), 19.7 crore beneficiaries have been provided Ayushman cards, and over 4.3 crore hospital admissions worth over Rs 0.49 lakh crore have been authorised through a network of 28,667 empanelled healthcare providers, including 13,115 private hospitals as of 20th January 2023.
Pradhan Mantri Vaya Vandana Yojana
Senior citizens are provided with old age income security under the scheme through the provision of an assured pension/return tied to the subscription amount based on a government guarantee to LIC.
Claims and achievement
As of September 30, 2022, 8.6 lakh members had benefited from the scheme, with a total subscription amount of Rs 84,659.4 crore placed by these subscribers. The scheme was launched in 2017.
Pradhan Mantri Suraksha Bima Yojana
Beneficiaries are provided with risk coverage of Rs 2 lakh for accidental death and total disability and 1 lakh for partial disability under the scheme.
Claims and achievement
Since its establishment (2015), the scheme has enrolled 31.3 crore beneficiaries, with Rs 1.07 lakh claims paid as of November 30, 2022.
Pradhan Mantri Jeevan Jyoti Bima Yojana
Under the scheme, risk coverage of Rs 2 Lakh is credited to the savings bank account of the holder in case of the death of the insured
Claims and achievement
Since its inception (2015), 14.4 crore beneficiaries have been enrolled under the scheme, and 6.3 lakh claims have been disbursed as of 30th November 2022.
Premiums are expected to increase
According to the Economic Survey 2023, “Global life premiums are expected to contract slightly in 2022 after last year’s robust recovery from pandemic-induced lows driven by inflationary pressures, economic uncertainty, and monetary tightening. Saving premiums are expected to decline due to volatility in the financial markets and as disposable incomes fall. Heightened risk awareness due to Covid-19 may continue to support demand for life protection (and health) insurance products.”