Govt plans ‘Suraksha Bandhan’ drive to push social security

Seeking to tap ‘Raksha Bandhan’ festival, 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.

A special enrollment drive will be launched by the participating banks and insurance companies during August-September, in the backdrop of the forthcoming festival of Raksha Bandhan, Finance Ministry said in a statement.

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 Finance Ministry said.

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.