Government Move to Hike PMJJBY Social Cover to ₹5 Lakh

The Department of Financial Services (DFS), in lockstep with the IRDAI, has initiated talks to significantly enhance the safety net of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as it hits its 10-year milestone. Discussions are underway to scale up the insurance cover from its current level up to a substantial ₹5 lakh per adult.

For corporate entities looking to execute meaningful corporate social responsibility (CSR) initiatives, this offers an incredible opportunity. Companies can sponsor or facilitate expanded, state-backed social covers for their contractual labour and unorganised workforces at highly subsidised rates.