The Economic Survey spotlights a surge in India’s pension and insurance frameworks, bolstering social security amid rapid economic shifts. Presented by Finance Minister Nirmala Sitharaman, the report details how these expansions are reshaping citizen protections.
Through IRDAI and PFRDA-led innovations, reforms have amplified inclusion, targeting the unserved to build a comprehensive shield against financial vulnerabilities.
Pension coverage thrives via a tiered model: performance-driven NPS, state-guaranteed UPS (2025 debut), and inclusive EPF/APY schemes.
NPS reached 21.17 million subscribers and ₹16.1 lakh crore assets by late 2025. Growth metrics dazzle: 9.5% subscriber CAGR, 37.3% AUM CAGR (FY15-25). APY mirrored success at 43.7% subscribers, 64.5% AUM since launch.
Insurance pursues ‘All Insured by 2047’ with IRDAI’s flexible, principle-centric rules that cut compliance costs and ignite product development. Legislative tweaks digitize and expand the market.
In non-life, health’s 41% premium dominance signals priority shifts; claims hit ₹1.9 lakh crore, up 70% from FY21, led by health/motor.
Life insurance’s 91% AUM stranglehold and 75% premium share yielded ₹6.3 lakh crore benefits in FY25. Policy-specific GST reliefs and the 2025 Act’s full FDI liberalization promise exponential scaling.
This blueprint for social security not only mitigates risks but also fuels long-term prosperity.