Finance Minister Nirmala Sitharaman will hold a meeting with heads of public and private sector insurers on Saturday for faster settlement of claims and simplifying the procedures under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) and during the pandemic.

As of May 5, total cumulative enrollment stood at 23.37 crore under PMSBY and 10.33 crore under PMJJBY.

The banking network has been expanded under the Pradhan Mantri Jan Dhan Yojana. Over 42 crore bank accounts have been opened.

"This expanded banking network has been leveraged by the PMJJBY & PMSBY to provide life and accident insurance cover of Rs 2 lakh each at nominal annual premiums of Rs 330 and Rs 12, respectively, to the marginalised and the poor," it said.

Since 2014, the Modi government has taken various financial inclusion initiatives to empower the people, it said in another tweet.

"Enrollment under the PMJJBY stands at 10.3 crore subscribers and under PMSBY at 23.40 crores subscribers. The meeting on Saturday is expected to further ease and speed up processes for them," it added.