An Overview and Significance of Different Bancassurance Schemes Launched for Financial Inclusion in India

Bancassurance is a relationship between a bank and an insurance company that aims to provide customers of the bank with insurance products or insurance benefits. The objective of the research paper is to provide an overview of Bancassurance products & schemes launched by the government and the private banks to contribute towards the financial inclusion of the nation. The authors furthermore discussed and provides the details of various schemes launched by government such as Life Cover under Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Vaya Vandana Yojana (PMVVY), Pradhan Mantri Fasal Bima Yojana (PMFBY), and other such schemes. The methodology adopted for the research is to review the published articles and the reports and to summarise the significance and the importance of the bancassurance towards the financial inclusion of the country. The finding of the study concluded that the bancassurance schemes launched by the government of India and the schemes run by the private banks to increase the bancassurance percentage in the country are having significant positive results. There are still the number of issues needs to be addressed to achieve the 100% financial inclusion in the country.