In 2022, in an essay on this blog imagining India @ 100 , I let myself picture 2047 and did not much like what I saw. The country was larger and richer, yet also older and less healthy, weighed down by a rising burden of non-communicable disease and a protection gap that refused to close. I wrote then that insurance penetration had improved but still trailed its peers. I also noted that the regulator, taking a leaf from the Reserve Bank of India's book, had begun opening the sector to mutuals and cooperatives to reach those the market had overlooked. It was a thought experiment. What has changed since is that 2047 is no longer only my imagined horizon. It has become an official one. The Insurance Regulatory and Development Authority of India (IRDAI) has made an official mission of “Insurance for All by 2047”, placing it within the government's broader Viksit Bharat plan. The aim is for every citizen to have appropriate life, health, and property cover, for every enterprise to b...
Replying to a question in the Rajya Sabha on 28 July 2026, the Minister of State for Health and Family Welfare, Prataprao Jadhav, informed Parliament that over 447.3 million Ayushman cards have now been generated under the Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (PMJAY), and that as of 30 June 2026, the scheme had authorised 126.9 million hospital admissions worth INR 1,920 billion. A post on this blog in December 2020 ( PMJAY: Average cost per treatment is 2.5 per cent of the sum assured ) ran a simple back-of-the-envelope calculation. At that time, the scheme had recorded about 14 million admissions worth INR 175 billion, averaging INR 12,500 per admitted patient. The question raised then was whether a scheme whose average claim was this modest really needed a headline cover of up to INR 500,000 per family per year. Five and a half years on, the same arithmetic is worth repeating. The average cost of treatment has increased from INR 12,500 to INR 15,130. On the face of it,...