New India Assurance has established tie-ups with 316 banks, actively servicing around 8 crore account holders under the scheme in the financial year 2025-26 alone. This massive outreach has resulted in a total underwritten premium of approximately Rs.158 crores during this year.Since the inception of the PMSBY policy, we have serviced nearly 40,000 claims intimated under the policy, settling claims to the tune of Rs.596 crores.
Girija Subramanian, CMD, New India Assurance
The Pradhan Mantri Suraksha Bima Yojana (PMSBY), a flagship social security initiative by our government, has grown into a vital pillar of financial resilience, actively providing financial protection to crores of households across our nation.
We at New India Assurance Company Ltd. take great pride in being a partner in the remarkable success journey of this scheme.
We have always worked with the core mission of bridging the gap between vulnerability and financial security and PMSBY’s widespread impact is definitely a step towards its achievement.
The scheme tells us the success story when insurance for masses is designed without any sophistication, premiums kept at affordable levels and easy accessibility provided to masses.
Over the years, we have reached several key milestones that highlight our deep commitment to low-income and marginal groups and the informal sector.
On an unprecedented scale, we have successfully brought crores of people under the formal insurance umbrella, many of whom never had any access to insurance protection before. With a highly affordable annual premium, the scheme is an accidental insurance cover scheme providing basic financial protection to masses.
Furthermore, by integrating auto-debit mechanisms of bank accounts of our banking partners, we have guaranteed seamless service delivery and effortless renewals so that coverage remains uninterrupted. Most importantly, the true value of this initiative is reflected in our timely claim settlements, which have provided timely financial safeguard to families during moments of deep distress following tragic accidents.
As a proud driver of this national endeavour, New India Assurance has established tie-ups with 316 banks, actively servicing around 8 crore account holders under the scheme in the financial year 2025-26 alone. This massive outreach has resulted in a total underwritten premium of approximately Rs.158 crores during this year.
Treating service to our insured citizens as our utmost priority, we maintain a consistently high claim settlement ratio. Since the inception of the PMSBY policy, we have serviced nearly 40,000 claims intimated under the policy, settling claims to the tune of Rs.596 crores.
Looking to the future, we recognize that PMSBY’s ongoing success is driven not just by robust yet simple policy design, but by also the relentless dedication of our banking partners, our insurance teams, and IT infrastructure support, jointly working with the vision of “Insurance for All”.
Our goal still remains 100% cover to all who are till date deprived of financial protection of any insurance cover. We will continue to leverage technology to further fill in any identified gaps to further streamline the enrolment as well as the claims process and expand our outreach to cover even the most remote areas of the country.
We thank all the partners and stakeholders working with us in this great mission. Together, we will be building a financially inclusive and more resilient India aiming at the larger vision of “insurance for all- Surakshit Bharat”.