'Suraksha Bandhan' drive, Government's new plan to push social security

Date: August 10, 2015

PMSBY PMJJBY Jeevan Suraksha Gift cheques

Union Government launches Suraksha Bandhan drive in Mission Mode

To enhance social social security covers in an innovative way this festival season, the government will launch a “Suraksha Bandhan’ drive on on Raksha Bandhan (August 29), where facilities such as gift cheques and special deposits will be offered by select banks.The drive aims at taking forward Union Government’s objective of creating a universal social security system in the country, especially for the poor and the under-privileged sections. 

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A special enrolment drive will be launched by the participating banks and insurance companies during August-September, in the backdrop of the forthcoming festival of Raksha Bandhan.Raksha Bandhan, to be celebrated on August 29, is a festival where brothers traditionally give gifts to their sisters and vow to protect them. Similarly, the 'Suraksha Bandhan' drive would seek to encourage people to gift 'social security' plans to their loved ones. The new drive is aimed at taking forward the government's objective of creating a universal social security system in the country, targeted especially at the poor and the under-privileged.

The drive will be supported through the Jeevan Suraksha Gift cheques, which will be available for purchase for Rs 351 in bank branches by persons wishing to gift them to facilitate one year payment of premium for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) by the recipient. The recipient of the gift cheque would deposit the instrument in his or her bank account for a realisable value of Rs 342 (Rs 12 + Rs 330) to cover one-year subscription to PMJJBY and PMSBY. The balance of Rs 9 from the purchase price of Rs 351 would be retained by the issuing bank as a service charge.

Banks will also provide a facility to account holders under the Suraksha Deposit Scheme and the Jeevan Suraksha Deposit Scheme aimed at enabling them to deposit Rs 201 or Rs 5,001, respectively in their accounts either on their own initiative by cash, cheque or based on cash or cheques received as gifts on Raksha Bandhan for subscription to PMSBY or to both PMSBY and PMJJBY, respectively.