The insurance sector in India is growing rapidly but it still does not have much reach in the unorganized sector. In such a situation, SBI’s research team believes that flagship schemes like MNREGA (MHNREGA) and Ayushman Bharat-PMJAY of the central government can play a big role in this. According to Dr Soumya Kanti Ghosh, Group Chief Economic Advisor in SBI’s Ecowrap report, social security in the unorganized sector can be increased through MGNREGA and Ayushman Bharat PMJAY.
There have been 68.98 crore enrollments under all insurance and pension schemes across the country, out of which 10.34 crore are enrolled under PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) and 23.40 crore people are enrolled under PMSBY (Pradhan Mantri Suraksha Bima Yojana). The claim servicing ratio is 93.7 percent under PMJJBY and 77.3 percent under PMSBY. Apart from this, 3.13 crore people got enrolled under APY till June 2021, out of which 44 percent were women.
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MNREGA has so far provided livelihood security. However, SBI Research proposes that social security can also be made available through this. According to Dr Ghosh, after working for 100 days, the government can contribute a certain number of days (such as 10 days) to make social security. Apart from this, it may be made mandatory for MNREGA workers to enroll under PMJJBY and PMSBY, whose premium will be borne by the government. A premium of Rs 330 has to be paid annually under PMJJBY and Rs 12 annually under PMSBY. According to Dr. Ghosh, if only 10 percent of the people are able to complete the work of 100 days, then the government will have to bear the burden of only Rs 400-500 crore for this enrollment, but it will immediately benefit about 1 crore additional people.
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Through Ayushman Bharat-PMJAY
So far 16.14 crore Ayushman cards have been issued under the Central Government’s ambitious scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana. According to Dr Ghosh, the government can bring an opt-in scheme for health insurance along with public protection schemes. Under this, the government can auto-debit the interest received on the savings account for the payment of mediclaim policy. At present, health insurance is worth Rs 58572 crore while the savings bank interest is around Rs 1.35 lakh crore. At present, there are about 40 crore Jan Dhan accounts and if health insurance is included in this, then the scope of Ayushman coverage can be doubled in the current era.