Micro policies keep India’s push for insurance coverage on track

The global micro-insurance industry is projected to grow to $137 billion by 2029. India’s insurance penetration remains low at 4%, compared to the global average of 6.8%, but the government’s efforts through Jan Dhan accounts and social security schemes have laid a strong foundation for achieving the “Insurance for All” target by 2047. As of May 2024, 523 million PMJDY accounts were opened, with 55.6% held by women.