Suraksha Bandhan

    In its bid to cast social security network across the nation through low cost insurance schemes,Government has decided to launch a Suraksha Bandhan drive, coinciding with the Raksha Bandhan festival, to reach out to the targeted groups for enrolment into the three flagship social security schemes implemented by the Modi government in May this year.In order to build on ''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, the special drive is being launched by participating banks and the insurance companies during two months period August and September, Finance Ministry officials say.

    This “Suraksha Bandhan” drive aims to give boost to the Government’s objective of creating universal social security system in the country, targeted especially at poor and the under-privileged masses. The envisaged social security initiative also includes the Atal Pension Yojana 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 enrol by December 31 next.

        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 Rs 351 in Bank branches by persons wishing to gift them to facilitate one year payment of premium for PMJJBY and PMSBY by the recipient.Mr Modi had  launched three schemes in  Kolkata on May 9 this year.The Pradhan mantri surkasha beema Yojana (PMSBY) providing an accidental cover of Rs two lakh has enrolled  several million people. Within days of the launch, it  had enrolled about ten crore  people.The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which gives a life cover of Rs two lakh, was lapped by people and numbers are swelling though the  Atal Pension Yojana (APY) - a long term pension plan is picking up slowly . Under the APY, subscribers would receive a fixed minimum pension of Rs 1,000 per month, Rs 2,000 per month, Rs 3,000 per month, Rs 4,000 per month, Rs 5,000 per month, at the age of 60 years, depending on their contributions.