48 Crore Sign Up for ₹2 Lakh Accident Insurance under PMSBY: Finance Ministry
The Finance Ministry announced on Saturday that a staggering 48 crore individuals have signed up for accident insurance coverage worth ₹2 lakh through the Pradhan Mantri Suraksha Bima Yojana (PMSBY). This one-year accidental insurance plan provides coverage for accident-related death or disability and is renewed annually.
In a recent social media post, the Finance Ministry revealed that 47.59 crore people have already enrolled in the PMSBY, with 1,93,964 claims received and 1,47,641 claims disbursed. This initiative is open to anyone between the ages of 18 and 70 who has a personal bank or post office account, with a premium of just ₹20 per year for coverage of ₹2 lakh in case of accidental death or disability (₹1 lakh for partial disability).
The Pradhan Mantri Jan Dhan Yojana (PMJDY) has also played a crucial role in financial inclusion, with over 54 crore beneficiaries benefiting from the program. Launched by Prime Minister Narendra Modi on August 28, 2014, PMJDY has marked ten years of successful implementation this year. The program aims to empower economically disadvantaged and marginalized groups through financial inclusion initiatives.
As of August 14, there were a total of 53.13 crore PMJDY accounts, with 55.6% held by women and 66.6% located in rural and semi-urban areas. The total amount of deposits in PMJDY accounts has reached ₹2,31,236 crore, allowing those without a formal financial background to access credit and savings opportunities.
Overall, the government’s efforts to promote financial inclusion have been successful, with PMJDY account holders now able to demonstrate their saving habits to qualify for loans from banks and financial institutions. The finance ministry highlighted the growth in Mudra loans, which increased at a compound annual rate of 9.8% over the past five years, providing further financial support to individuals across the country.
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