Public Sector General Insurance Companies (PSGICs) to help in Spreading the Advantages of Insurance to the Rural Masses and in Marketing Micro Insurance Products to Further the Financial Inclusion Initiatives in the Country

Press Information Bureau

Government of India

Ministry of Finance

20-December-2012 18:42 IST

There is no proposal for universalisation of Health Insurance coverage in the country. However, the Government has launched the Rashtriya Swasthya Bima Yojana (RSBY) on 1.10.2007, to provide smart card based cashless Health Insurance; including maternity benefit, cover of Rs, 30,000/- per annum on family floater basis to BPL families (a unit of five) in the unorganised sector. The scheme became operational from 1.4.2008 and is presently being implemented in 26 States/Union Territories. More than 3.31 crore cards have been issued as on 30.11.2012. it is the endeavour of the Government to extend RSBY to all unorganised workers in a phased manner.

The Public Sector General Insurance Companies (PSGIC) have presence in all the major towns of the country. Keeping in view the huge untapped rural market, they have decided to increase their reach up to tier IV towns. This would help not only spreading the advantages of insurance to the rural masses but would also help in marketing Micro Insurance Products. This would help in furthering the Financial Inclusion initiatives in the country.

This was stated by the Minister of State for Finance Shri Namo Narain Meena in a written reply to a question in the Rajya Sabha today.

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