PMJJBY Key to Government’s Goal of Universal Insurance Coverage by 2047: LIC CEO

May 9 (BNP): The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is playing a key role in advancing the Government of India’s goal of achieving “Insurance for All by 2047,” according to LIC CEO and MD R. Doraiswamy.

He said the scheme has significantly expanded life insurance coverage among low-income and underserved sections of society by offering affordable protection and easy enrolment through the banking system.

Launched in 2015, PMJJBY provides a simple one-year life insurance cover linked to bank accounts, helping bridge the gap for millions who previously had little or no access to formal insurance products. Officials noted that the scheme is part of a broader financial inclusion push aimed at building a stronger social security framework in the country.

The LIC chief highlighted that India’s insurance penetration was relatively low at the time of the scheme’s introduction, and initiatives like PMJJBY have helped make insurance more accessible and affordable for the masses.

He added that the government’s long-term vision of universal insurance coverage is being supported by such flagship schemes, which aim to ensure financial protection for families across both rural and urban areas.

Officials believe that continued expansion of PMJJBY and related schemes will be crucial in increasing awareness, deepening insurance penetration, and achieving the national goal of “Insurance for All by 2047.”