Context:
PSBs Lag in Meeting Insurance Targets Under Financial Inclusion Initiative.
Key Schemes Overview
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Launched in 2015 for individuals aged 18-50 with a bank or post office account.
- Provides life insurance worth ₹2 lakh with an annual premium of ₹436 until the individual turns 55.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Offers accidental insurance for individuals aged 18-70, renewable annually.
- Premium set at ₹12 per annum for coverage up to ₹2 lakh.
PMJJBY Performance
- Target: 40.74 million enrolments
- Achievement: 51% of the target met by December 2024 with 20.78 million enrolled.
- Top Performers:
- State Bank of India (SBI)
- Indian Bank
- Punjab Sind Bank
- Lagging Performers:
- Indian Overseas Bank
- Central Bank of India
- Top Performers:
PMSBY Performance
- Target: 63.4 million enrolments
- Achievement: 64% of the target met by December 2024 with 40.7 million enrolled.
- Top Performers:
- SBI
- Punjab National Bank (PNB)
- Indian Bank
- Top Performers:
Action Required
- Underperformance in PMJJBY: The nine public sector banks (PSBs) have not met the 50% target, with some banks significantly lagging.
- The Union Finance Ministry has called for stronger efforts, particularly for underperforming banks, to ensure targets are met and improve financial inclusion.
