Expanding access to affordable accident insurance has become a key priority under the government’s financial inclusion initiatives. To accelerate enrolments, the Ministry of Finance has asked private sector banks to strengthen participation in the Pradhan Mantri Suraksha Bima Yojana (PMSBY), particularly those that have fallen short of their annual targets.
The ministry has directed banks to improve customer outreach through both branch networks and digital channels to increase enrolment under the government-backed accident insurance scheme. The initiative aims to widen insurance coverage, especially among vulnerable sections of society, amid growing concerns over road accident fatalities.
The report highlights varied performance across private banks. IndusInd Bank enrolled 2.7 lakh customers in FY26 against a target of 8 lakh, while Yes Bank achieved 1.3 lakh enrolments against its target of 4.3 lakh. On the other hand, HDFC Bank exceeded its target by enrolling 29.4 lakh customers against a goal of 27.7 lakh. IDBI Bank also surpassed its target with 6.8 lakh enrolments compared to 6.5 lakh, while ICICI Bank reached 19.3 lakh enrolments against a target of 20.9 lakh.
Launched on May 9, 2015, PMSBY offers accidental death and permanent total disability insurance coverage of ₹2 lakh, along with ₹1 lakh coverage for partial disability, at an annual premium of ₹20. The scheme is available to bank account holders between 18 and 70 years of age, with the premium automatically debited from their accounts.
The government’s latest directive underscores its continued focus on improving financial inclusion by encouraging greater participation from private banks and expanding access to low-cost social security schemes.
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