Suraksha Bandhan|Govt’s Scheme to push Social Security

What is Suraksha Bandhan ? – Suraksha Bandhan Scheme to Push Social Security – Participating Banks and Insurance Companies

Govt's Raksha Bandhan Gift Suraksha BandhanRaksha Bandhan, a festival of love between brothers and sisters is approaching. In this occasion, indian government is planning to launch a special drive named as “Suraksha Bandhan” . This scheme is to be launched to promote the social security schemes. Under the Suraksha Bandhan Scheme, people can gift social security schemes to their loved ones. This will be done using gift cheques and special deposits.

Suraksha Bandhan Scheme

Participating Banks and Insurance companies will organize special drives from August to September. Just like giving the gifts during the Raksha Bandhan Festival, people will be able to gift social security schemes to their loved ones. To avail the facility one must visit the enrollment drive centers.

Suraksha Bandhan Gift cheques and Special Deposits –

Jeevan Suraksha Gift Cheque will be the prime entity in this whole programme. Jeevan Suraksha Gift cheques will be available to purchase for Rs. 351 in bank branches. These will be purchased by the persons who wish to gift the social security schemes. The payment of Rs. 351 for Gift cheques will cover one year payment of the premium of Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana. 

Calculation

The one year premium for PBSBY and PMJJBY is actually 342 i.e. Rs. 12 for Suraksha Bima Yojana and Rs. 330 for Jeevan Jyoti Bima Yojana. The total amount hence is 342. The remaining 9 rupees would be retained by the issuing bank as service charge.

Facilities Under Suraksha Bandhan Scheme –

Two schemes namely Suraksha Deposit Scheme and Jeevan Suraksha deposit scheme can also be availed

Suraksha Deposit Scheme  –

  1. Under this scheme, Rs. 201 will be deposited.
  2. Out of Rs. 201, 24 rupees will be reserved as payment for Suraksha Bima Yojana for 2 years
  3. Remaining 177 rupees will be for a fixed deposit for 5 to 10 years for the payment of PMSBY subscriptions

Jeevan Surkasha Deposit Scheme –

  1. Under this Scheme, Rs. 5001 will be deposited
  2. Out of Rs. 5001, Rs. 684 will be deducted for the paying 2 annual payments for PMSBY and PMJJBY(2*(12 +330))
  3. Remaining Rs. 4317 would be kept for FD for 5 to 10 years for the payment of future PMSBY and PMJJBY subscriptions .

Details of Social Security Schemes –

For Detailed information regarding the social security schemes, use the links given below

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)

Atal Pension Yojana

Note – It is to be noted that the last date for the enrollment for PMSBY and PMJJBY has been extended till 30th September 2015.

Suraksha Bandhan Participating Banks

  1. State Bank of India(SBI)
  2. Punjab National Bank (PNB)
  3. HDFC
  4. AXIS Bank
  5. Oriental Bank of Commerce etc

Note – List will be updated soon.

The Suraksha Bandhan is great step to boost the reach of Social Security Schemes. This Raksha Bandhan, you can give this gift to your beloved brother and sister and can actually help him/her towards a better future.

We hope that this article helped you in Understanding the Details of Suraksha Bandhan. If you Still have any query, kindly write it down in the comments section below.

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