PMJJBY Enrolments Cross 27.8 Crore, PMSBY Reaches 58.8 Crore As Insurance Coverage Expands: Finance Ministry

The government’s insurance coverage schemes have recorded cumulative enrolments of 27.84 crore under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and 58.78 crore under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) as of July 1, 2026, according to a Lok Sabha reply by the Ministry of Finance.

PMJJBY provides life insurance cover for death due to any reason, while PMSBY provides cover for accidental death and disability. The annual premium for PMJJBY is Rs 436, while PMSBY costs Rs 20 a year.

The Finance Ministry has stated that regular enrolment drives are conducted across the country at the Gram Panchayat level, with banks and local administrations involved in raising awareness and increasing participation in the two schemes.

A four-month Financial Inclusion Saturation Campaign was also conducted from July 1 to October 31, 2025, across 2.70 lakh Gram Panchayats and Urban Local Bodies. The campaign focused on increasing enrolments, reducing pending claims and ensuring timely payment of benefits under PMJJBY and PMSBY.

The government has also exempted the Goods and Services Tax (GST) on all individual life insurance and health insurance policies, including family floater policies, as well as their reinsurance, with effect from September 22, 2025. The Finance Ministry said the measure was intended to improve affordability and encourage wider adoption of insurance products.

Under the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, the foreign direct investment (FDI) limit in the insurance sector was raised to 100 per cent. The Act also provides for a dedicated Policyholders’ Education and Protection Fund.

The government has separately been focusing on women through the Bima Sakhi, or Mahila Career Agents scheme, launched through the Life Insurance Corporation of India on December 9, 2024. As of June 30, 2026, the number of Bima Sakhis stood at 2,86,909, covering more than 50 per cent of Gram Panchayats.

Women accounted for 54.06 per cent of PMJJBY enrolments and 50.56 per cent of PMSBY enrolments nationally, based on data reported by banks. In Maharashtra, the corresponding shares were 50.64 per cent and 47.52 per cent.