Public Sector falls short in terms of enrollment targets for PMSBY, PMJJBY
By October 2024-25, PSBs have only achieved 40% of their enrollment target of 64 million for PMSBY and just 30% of the 41 million target for PMJJBY.
Public Sector falls short in terms of enrollment targets for PMSBY, PMJJBY
Public-sector banks (PSBs) have not met the annual enrollment targets for two key insurance schemes aimed at social security: the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), according to government data.
By October 2024-25, PSBs have only achieved 40% of their enrollment target of 64 million for PMSBY and just 30% of the 41 million target for PMJJBY. Among the PSBs, the Bank of India has the lowest enrollment achievement at only 11% of its target, followed by UCO Bank at 14%, and both Bank of Maharashtra and Union Bank of India at 24%.
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State Bank of India (SBI) and Indian Bank have the highest enrolment percentages, 60 percent and 45 percent, respectively. In terms of PMJJBY, a life-insurance scheme, also launched in 2015, offering coverage for death due to any reason for persons aged 18-50 years with an individual bank or post-office account, UCO Bank has achieved the lowest enrolment at 10 percent, followed by Bank of India (13 percent), Union Bank of India (16 percent), and Punjab National Bank (19 percent).
SBI and Indian Bank have achieved the highest enrolment at 45 percent and 39 percent, respectively.
According to the Insurance Regulatory and Development Authority of India’s Annual Report for 2022-23, the penetration of life insurance decreased from 3.2 percent in 2021-22 to 3 percent in 2022-23, while the penetration of non-life insurance remained at 1 percent in both years.
The country’s insurance penetration decreased to 4 percent in 2022-23 from 4.2 percent in 2021-22. Globally, insurance penetration and density were 2.8 percent and $354 for the life segment, and 4 percent and $499 for the non-life segment. Overall, global insurance penetration and density were 6.8 percent and $853, respectively, in 2022.
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