Insurance for all by 2047 A Study Of PMSBY: Insurance Penetration of the Population of Chhattisgarh State

Abstract

Insurance provides coverage of unexpected risks which can result in economic, financial and social losses. The PMSBY scheme is a flagship financial inclusion program of the Government of India announced in 2015 to provide accidental death or disablement cover to the insured at an extremely affordable premium. The purpose of this article is to see whether the flagship insurance penetration initiative of IRDAI, that is the ‘Insurance for All by 2047’ has been successful in increasing the penetration of PMSBY insurance in Chhattisgarh after its launch in the year 2022, and how has it contributed to the betterment of the State’s economy after its announcement.