Dec 15, 2024 11:14 AM IST
The Finance Ministry announced that 48 crore people have enrolled in the Pradhan Mantri Suraksha Bima Yojana for accident insurance coverage
The Finance Ministry said on Saturday that about 48 crore people had signed up for accident insurance coverage worth ₹2 lakh via the Pradhan Mantri Suraksha Bima Yojana (PMSBY).
In a social media post on X, the Finance Ministry also stated that as of right now, 47.59 crore people have enrolled in the PMSBY, 1,93,964 claims have been received, and 1,47,641 claims have been disbursed. PMSBY is a one-year accidental insurance plan that provides coverage for accident-related death or disability and is renewed annually.
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Anyone between the ages of 18 and 70 who has a personal bank or post office account is eligible to sign up for the program. Accidental death and disability coverage for death or disability resulting from an accident, with a premium of ₹20 per year, is ₹2 lakh ( ₹1 lakh in the event of partial disability).
With over 54 crore beneficiaries, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has emerged as a keystone of financial inclusion, enabling unbanked people all around the country, the Ministry continued. In August of this year, the Pradhan Mantri Jan Dhan Yojana (PMJDY), which Prime Minister Shri Narendra Modi introduced on August 28, 2014, marks ten years of effective execution.
The finance ministry consistently works to empower the economically disadvantaged and marginalised groups through its financial inclusion initiatives through PMJDY, the largest financial inclusion program in the world. According to official numbers, as of August 14, there were 53.13 crore PMJDY accounts overall; 55.6 percent (29.56 crore) of Jan-Dhan account holders were women, and 66.6 percent (35.37 crore) of Jan-Dhan accounts were located in rural and semi-urban regions.
The total amount of deposits in PMJDY accounts is ₹2,31,236 crore. According to the government, as of August 15, 2024, deposits have climbed by around 15 times, while accounts have expanded by 3.6 times. Those without a formal financial background can now get credit and save thanks to PMJDY.
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Now, account holders may demonstrate their saving habits, which qualifies them for bank and financial institution loans. According to the finance ministry, the closest substitute is penalties under Mudra loans, which increased at a compound annual rate of 9.8% over the five years from FY 2019 to FY 2024.
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