Jansuraksha: India’s New Tryst with Mass Insurance

• by Premasis Mukherjee
• Aug 21, 2015
• 1 min
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In this Policy Brief, we analyse the performance trends of the three Jansuraksha insurance products (Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana).

In the month of May 2015, Government of India launched its flagship Jansuraksha insurance schemes which in its first 3.5 months, reached an impressive scale of 109million policies. While the government is celebrating the largest global success (in terms of outreach) of a contribution driven insurance programme, there is criticism around uniqueness and continuity policy for the schemes. In this Policy Brief, we analyse the performance trends of the three Jansuraksha insurance products (Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana). We trace the similarities and uniqueness of the schemes with their social insurance predecessors and comment on how the schemes are a departure from the hitherto subsidy driven social insurance / social security schemes. In the second section, we have analysed the current and potential challenges for Jansuraksha schemes regards to targeting of clients, managing claims and ensuring continuity. The Policy Brief concludes with key policy level suggestions that can ensure the policies are delivered to the intended target clientele, banks and insurers are adequately incentivised for their effort in effective delivery and that the Jansuraksha schemes are continued over a long term horizon.