Today we at New India take great pride in being a partner in the remarkable success journey of the Pradhan Mantri Suraksha Bima Yojana (PMSBY). Since it’s launch, this 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 have always worked with core mission to bridge 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 adequate mass 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 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 ₹158 crore 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 rupees 596 crore. This dedication continues into the current year; out of the 11,600 claims intimated so far, we have already successfully settled 8,500, with the remainder being actively expedited.
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 per cent 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 would like to 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.”
Girija Subramanian is the Chairman-cum-Managing Director of New India Assurance Co Ltd
Published on May 8, 2026