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Life, accident insurance coverage may be doubled
Mint Ahmedabad
|January 20, 2025
The initiative aims to strengthen financial security, especially for economically weak sections
The central government may more than double the insurance coverage under its schemes, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY), in the upcoming budget, two people aware of the matter told Mint.
The initiative aims to strengthen financial security, especially for individuals from economically weaker sections, while advancing the vision of 'Insurance for All by 2047,' ensuring comprehensive insurance access for every individual and business in India, the people mentioned above added.
Proposals are under consideration to increase the life cover under PMJJBY, one of the government's largest life insurance programmes, from the current limit of ₹2 lakh to ₹5 lakh, the first person mentioned above said, requesting anonymity.
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