The government plans to launch a ‘Suraksha Bandhan’ drive to push its flagship social security plans through innovative schemes like gift cheques and special deposits. The banks and insurance companies will launch a special drive during August-September, in the backdrop of Raksha Bandhan. The banks and insurance companies will launch a special drive during August-September, in the backdrop of Raksha Bandhan.
Raksha Bandhan is a festival when brothers traditionally give gifts to their sisters and vow to protect them. Similarly, the ‘Suraksha Bandhan’ drive would encourage people to gift ‘social security’ plans to their loved ones. The new drive aims to take forward the government’s universal social security system targeted especially at the poor and the underprivileged.
The drive will be supported through the Jeevan Suraksha Gift cheques, available for Rs 351 in bank branches for gifting 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 can deposit the instrument in his 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 would be retained by the bank as a service charge.
The banks will also allow the account holders under the Suraksha Deposit Scheme and the Jeevan Suraksha Deposit Scheme to enable them to deposit Rs 201 or Rs 5,001, respectively in their accounts on their own initiative by cash, cheque received as gifts on Raksha Bandhan for subscription to PMSBY or to both PMSBY and PMJJBY, respectively.