India's efforts to achieve universal insurance coverage by 2047 could take shape in the upcoming 2026 Union Budget, set to be presented in February.
The Budget may introduce a special insurance product for rural women, potentially linked to Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts. PMJDY is a government inclusion programme to expand access to financial services.
Over 550m bank accounts have been opened under PMJDY, with more than 55% held by women. By mandating the linkage of insurance products to these accounts, the government could significantly expand coverage for rural women. The Jan Suraksha Yojana, which refers to the government's social security initiatives, may also be connected to Jan Dhan accounts, alongside potential measures to make insurance more affordable.
The government may also increase funding to strengthen the crop and climate risk insurance framework for farmers. Expanding coverage for climate-related hazards such as floods, heatwaves, and cyclones is expected to provide farmers with greater financial protection against adverse weather events.