Abstract

In India, a large proportion of India’s population is without insurance of any kind, that is, health, accident or life. In order to facilitate penetration of insurance to the lower income and unorganized employee, Government of India launched two innovative term insurance schemes namely Pradhan Mantri Jeevan Jyoti BimaYojna (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) on 09 May, 2015 from Kolkata with the motto of “Jan Dhan se Jan Suraksha” Social inclusion through financial inclusion. The primary motto of these schemes is to creating a universal social insurance system, targeted especially for the poor and the under-privileged people. The number of beneficiary during the financial year 2019-2020 was 18.22 crores and 6.85 crore in PMSBY and PMJJBY respectively. The number of subscribers under these schemes is raises at increasing pace. Therefore it is necessary to investigate about the policyholder’s attitude towards the social insurance scheme. The study found that, publication of social insurance scheme performance, extending the risk coverage like medi-claim benefits, temporary sickness benefits in addition to the existing coverage, offering concessional premium amount to existing policyholders to renew their policy of the scheme, joint policy features, will definitely attract many people and increase the insurance penetration rate.