Suraksha Bandha Yojana (SBY) Image

Taking a step further towards efficiency, transparency and reliability, the Union Government has launched a special “Suraksha Bandhan” enrollment drive for its two flagship social security schemes that were implemented in May 2015 – Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accidental death and disability and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for a term life cover.

The PMSBY and PMJJBY schemes have been very well received because, apart from being financial securities for underprivileged, they also act as collateral in case the subscriber wants to take a loan from the bank. The scheme has an add-on benefit of easy recovery by the financial institutions in case of the death of the subscriber.

The Suraksha Bandhan initiative will try to encompass more people under these schemes. This drive is a Mission Mode Project under the National e-Governance Plan (NeGP).

The Salient Features

The Government will launch the drive in the form of gift cheques and special deposits, coinciding with Raksha Bandhan in August 2015.

Some of the salient features of the Suraksha Bandhan drive that will facilitate enrollment under social security schemes are as follows:

  • The drive will be launched through participating banks and insurance companies.
  • The participating banks and insurance companies will work towards local outreach, awareness building and enrollment facilitation during this drive.
  • People’s representatives, field functionaries of government departments and ministries working with informal sectors are also expected to pitch in the awareness drive.
  • During this drive, people who enroll will be exempted from submitting certificate of good health for the PMJJBY.
  • It will help reach out to the pool of eligible bank account holders who are yet to avail the social security schemes.
  • The drive will include the Atal Pension Yojana, which promises old age income security through regular contributions during the working life of the subscriber and a certain amount of government contribution. This will see a guaranteed pension at the age of 60 for the eligible subscribers who enroll by December 31, 2015.
  • The drive also encourages people to gift social security to their near and dear ones in the form of Jeevan Suraksha gift cheques of Rs.351, paid in lieu of the one-year premium for PMJJBY and PMSBY.
  • The last date for enrolling under the PMSBY and PMJJBY schemes has been extended till September 30, 2015.
  • The eligible citizens are required to contact their respective banks for details.

Suraksha Bandhan

This initiative of the Union Government aims at creating a universal social security system in the country, targeting especially the poor and underprivileged. The festival of Raksha Bandhan is celebrated to felicitate the bond of love and protection between a brother and a sister. The Suraksha Bandha Yojana has also been formulated in similar lines, where the government steps in to protect the interests of the citizens of the country.

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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Atal Pension Yojana
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