In order to push social security plans by means of fresh schemes like gift cheques and deposits, the government is planning to launch “Suraksha Bandhan” scheme and this would be done during the Raksha Bandhan festival, a festival for relationship between brothers and sisters. The announced was made on 9th August 2015.
Finance ministry stated that, a special enrolment drive by banks and insurance companies would be initiated in the months of August and September, when the festival of Raksha Bandhan takes place. Raksha Bandhan is a festival, where brothers present sisters with some gifts and promise them to take care of them. This year, Raksha Bandhan would be celebrated on 29 August.
The Finance Ministry further added that ‘Suraksha Bandhan’ scheme would encourage people all over to gift ‘Social security’ plans to their dearest ones. Universal social security system is the main objective behind the launching of the new plan, and this new plan would carry forward governments’ objectives. Enrolling persons would be exempted from submitting a certificate of good health for PMJJBY.
The expected social security initiative also included Atal Pension Yojana, that deals with old age income security, by encouraging contributions during working life of subscriber leading to definite pension from the age of 60. There would be some contributions from the government for eligible people who gets registered by December 2015.
Jeevan Suraksha Gift cheques would support the government drive and these cheques could be purchased for Rs 351 in bank branches by those wishing to gift them to enable one year payment for Pradhan Mantri Jeevan Jyoti Bima Yojana, PMJJBY and Pradhan Mantri Suraksha Bima Yojana, PMSBY by those who receives.
In order to cover one-year subscription to PMJJBY and PMSBY, the recipient of the gift cheque would deposit amount of Rs 342 (Rs 12+ Rs 330). Balance of Rs 9 would be retained as service charge by the bank. Under the Suraksha Deposit scheme, and Jeevan Suraksha Deposit Scheme, account holders of the banks could deposit Rs 201 or Rs 5001 respectively in their accounts either by their own cash, cheque or cheques received on Raksha Bandhan for subscription to PMSBY or PMSBY and PMJJBY respectively.