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 special enrollment drive, which will be launched by the participating banks and insurance companies during August-September, is cued from the tradition behind the festival, where brothers give gifts to their sisters and vow to protect them.
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 in a statement.
The government said the drive will be supported through the Jeevan Suraksha Gift cheques, which will be available for purchase for Rs 351 in bank branches.
It will facilitate a 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 use these cheques by depositing 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 will be retained by the issuing bank as a service charge.
Additional benefits will include banks providing account holders under the Suraksha Deposit Scheme and the Jeevan Suraksha Deposit Scheme 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.