This chapter explores the concept of universal health coverage (UHC) and the strategies for financing it. It begins by defining UHC and introducing the UHC cube, outlining its three key dimensions: population coverage, service coverage, and financial risk protection. The chapter then traces the global and Indian evolution of UHC, highlighting its integration into the Sustainable Development Goals (SDGs) and the measurement of progress through the UHC Coverage Index. One of the pathways to achieving UHC is through publicly financed health insurance schemes, which have played a crucial role in India’s health system. The chapter examines their impact, leading to the emergence of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). The chapter explores the expansion of the dimensions of the UHC cube, highlighting the challenge of the “missing middle” in population coverage and identifying possible strategies for their inclusion. It further argues for expanding the benefit package, particularly through the inclusion of outpatient care, to enhance service coverage. The chapter also presents evidence on financial risk protection, supporting the adequacy of AB PM-JAY’s current coverage and demonstrating its effectiveness in reducing out-of-pocket expenditure (OOPE). Finally, it underscores the essential role of the public sector in achieving UHC, emphasizing the need for its continued strengthening as the foundation of an equitable and sustainable health system.