Suraksha Bandhan Yojana started from Raksha Bandhan

As part of the celebrations of Raksha Bandhan, banks have vowed to push the social security schemes launched by the Prime Minister, including Suraksha Bandhan Yojana, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Mudra Yojana. The progress of the implementation  of various schemes was discussed at  the review meeting convened by the district-level Bankers Consultative Committee, which was attended by L M Deshmukh, general manager of the Bank of Maharashtra, M R Prakash, committee convenor, and MP Anil Shirole. Shirole said the basic aim was to reach out to as many people as possible and apprise them of the schemes. “Starting August 29, we will team up with banks to convince people to opt for the recently launched Suraksha Bandhan Yojana (SBY). We will also urge people to gift this to their maids, drivers and helpers on the occasion of Raksha Bandhan.” For the Suraksha Bandhan Yojana, one has to invest Rs 201 and Rs 5,001 which will be kept as a fixed deposit in banks and the yearly interest generated will be used to pay the premium

Highlights of the Pradhan Mantri Suraksha Bima Yojana

Eligibility: Available to people in age group 18 to 70 years with bank account.
Premium:  Rs.12 per annum.
Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.

Risk Coverage:  For accidental death and full disability - Rs.2 Lakh and for partial disability Rs.1 Lakh.
Eligibility: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme.  Name of nominee to be given in the form.
Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
Who will implement this Scheme?: The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
Government Contribution:
(i)Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year.
(ii)Common Publicity Expenditure will be borne by the Government.