Government launches 'Suraksha Bandhan' drive to push social security schemes

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  • In order to build on the very encouraging response to the two very affordable and convenient to subscribe insurance schemes, namely the Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accident and disability cover of up to Rs.2 Lakh at an annual premium of Rs.12 and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for a term life cover of Rs.2 Lakh at an annual premium of Rs.330, government has launched special enrolment drive named as "Suraksha Bandhan” 
  • Through "Suraksha Bandhan” drive government will encourage the pool of eligible Bank account holders who are yet to be enrolled under these social security schemes by participating Banks and Insurance Companies in the months of 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

Key facts about Suraksha Bandhan drive :-

  • 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 their loved ones  to facilitate their 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.
  • The Rs.201 deposit envisaged under Suraksha Deposit Scheme would be used by the individual through his / her Bank account to reserve Rs.24 for paying two annual payments of Rs.12 each for PMSBY, at the appropriate time, and the remaining Rs.177 would be in a Fixed Deposit (FD) for 5 to 10 years for payment of future PMSBY subscriptions from the interest accrued every year.
  • Similarly the Rs.5001 deposit under Jeevan Suraksha Deposit Scheme would be used to reserve Rs.684 for paying two annual payments of Rs.342 (Rs.12 + Rs.330) each for subscription to PMSBY and PMJJBY, at the appropriate time, and the remaining Rs.4317 would be kept in FD for 5 to 10 years for payment of future PMSBY and PMJJBY subscriptions from the interest accrued every year.
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