Govt to start Suraksha Bandhan insurance drive

Cashing in on the Raksha Bandhan festival, the government will kick off ‘Suraksha Bandhan’ drive to provide insurance cover to all.

Banks and insurance companies will reach out to eligible bank account holders who are yet to be enrolled under the two insurance schemes — Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accident and disability cover and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for a term life cover.

The special enrolment drive will begin on Raksha Bandhan day at the end of this month, the finance ministry said in a statement. “This ‘Suraksha Bandhan’ drive aims to take forward the government’s objective of creating a universal social security system in the country,” the statement said.

The envisaged social security initiative also includes the Atal Pension Yojana (APY), launched along with the two insurance schemes on May 9 this year.

APY 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.

Public service organisations supported by peoples representatives, field functionaries of government departments,  and banks along with insurance companies, among others, are expected to participate in the efforts through outreach drives and camps in large numbers.

The last date for enrolling under the PMSBY and PMJJBY schemes has been extended till September 30, and persons enrolling within this period would not be required to submit a certificate of good health for PMJJBY.