Govt plans `Suraksha Bandhan Drive' to facilitate enrolment under social security schemes

The government will soon launch a `Suraksha Bandhan Drive', a mission mode programme for facilitating enrolment of beneficiaries under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as also the Atal Pension Yojana (APY), to ensure social security for all, especially the poor and the underprivileged sections of society.

Under the enrollment drive, participating banks and insurance companies will issue gift cheques that will act as seed capital for various schemes - Jeevan Suraksha Gift Cheques of Rs351, Suraksha Deposit Scheme (Rs201) and Jeevan Suraksha Deposit Scheme (Rs5,001).

This will facilitate subscription towards two affordable and convenient insurance schemes, namely, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accident and disability cover of up to Rs2 Lakh at an annual premium of Rs12 and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for a term life cover of Rs2 lakh at an annual premium of Rs330, launched by the Prime Minister Narendra Modi on 9 May 2015.

Participating banks and insurance companies will launch a special enrolment drive in August-September, in the backdrop of the forthcoming festival of Raksha Bandhan.

The drive will reach out to the pool of eligible bank account holders who are yet to be enrolled under these schemes.

The `Suraksha Bandhan' drive aims to take 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 envisaged social security initiative also includes the Atal Pension Yojana (APY), launched along with the two insurance schemes, which addresses the issue of old age income security by facilitating regular contributions during the working life of the subscriber for a guaranteed pension at the age of 60, with certain government contribution for eligible subscribers who enroll by 31 December 2015.

Participating banks supported by the participating insurance companies will work towards local outreach, awareness building and enrolment facilitation during this drive. All eligible citizens are requested to contact their bank branches for enrolment.

Public service organisations supported by peoples representatives, field functionaries of government departments / ministries working with the unorganised / informal sector and banks / insurance companies are expected to participate in these efforts through outreach drives, camps etc in large numbers during this period.

The last date for enrolling under the PMSBY and PMJJBY schemes has been extended till 30 September 2015, and persons enrolling within this period would not be required to submit a certificate of good health for PMJJBY. PMSBY enrolment does not in any event require any such certification.

The drive envisaged in the backdrop of Raksha Bandhan, will be supported through the Jeevan Suraksha gift cheques, which will be available for purchase for Rs351 in bank branches by persons wishing to gift them to facilitate one year payment of premium for PMJJBY and PMSBY by the recipient. The recipient of the gift cheque would deposit the instrument in his / her bank account for a realizable value of Rs342 (Rs12 + Rs330) to cover one year subscription to PMJJBY and PMSBY. The balance of Rs9 from the purchase price of Rs351 would be retained by the issuing bank as a service charge.

In addition, banks will make available a facility to account holders under the Suraksha Deposit Scheme and the Jeevan Suraksha Deposit Scheme aimed at enabling them to deposit Rs201 or Rs5,001, respectively in their accounts either on their own initiative by cash, regular cheque etc or based on cash / regular cheques etc received as gifts during the festive season of Raksha Bandhan for long term subscription to PMSBY or to both PMSBY and PMJJBY, respectively.

The Rs201 deposit envisaged under Suraksha Deposit Scheme would be used by the individual through his / her bank account to reserve Rs24 for paying two annual payments of Rs12 each for PMSBY, at the appropriate time, and the remaining Rs177 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 Rs5,001 deposit under Jeevan Suraksha Deposit Scheme would be used to reserve Rs684 for paying two annual payments of Rs342 (Rs12 + Rs330) each for subscription to PMSBY and PMJJBY, at the appropriate time, and the remaining Rs4,317 would be kept in FD for 5 to 10 years for payment of future PMSBY and PMJJBY subscriptions from the interest accrued every year.