Government today (9th August, 2015) launched a new drive called Suraksha Bandhan. Under this, you will get the different types of Jeevan Suraksha Gift Cheques (or Jeevan Suraksha Deposit Scheme). This scheme is going to be special on this year’s Raksha Bandhan Festival (Rakhi Festival). You can gift these Jeevan Suraksha Gift Cheques
Before this launch, Government already launched three schemes and they are as below.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Atal Pension Yojna (APY)
Under this scheme, you can buy either Gift Card or Banker’s cheque and gift it to your loved one. The receiver of this gift card must visit her Bank (if already have Bank Account) or open a zero balance account and deposit this gift card.
These gift cards available in three denominations of Rs.201, Rs.351 and Rs.5,001.
#1: Pradhan Mantri Jeevan Suraksha Deposit Scheme Rs.201.
Under this Gift card, you are gifting your loved one to cover their accidental insurance for Rs.2,00,000 under the scheme of Pradhan Mantri Suraksha Bima Yojana (PMSBY). The rest of the amount will be converted to 10 years Bank FD at a rate of 8% per annum. Rs.201 will be used in below manner.
- Once the Gift Card deposited to Bank then Rs.12 will be deducted from that Gift card towards one year premium of Pradhan Mantri Suraksha Bima Yojna. This covers the Accidental Insurance for Sum Insured of Rs.2,00,000.
- The next year’s Rs.12 premium towards Pradhan Mantri Suraksha Bima Yojana will be parked separately in a savings account as the premium for a second year.
- Rs.177 (Rs.201-Rs.12-Rs.12) will be converted as Bank FD which will fetch 8% return for the next 10 Yrs. This means Rs.177 will earn yearly Rs.14.16. This interest will be sufficient to pay the yearly interest of Rs.12 towards Pradhan Mantri Suraksha Bima Yojana.
#2: Pradhan Mantri Jeevan Suraksha Deposit Scheme Rs.351.
Under this Gift Card, you are gifting Rs.351 to buy Rs.2,00,000 of Accidental Insurance under Pradhan Mantri Suraksha Bima Yojana and Rs.2,00,000 of Life Insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana. Rs.351 will be utilised in below manner.
- Once the Gift Card deposited to Bank then Rs.12 will be deducted from that Gift card towards one-year premium of Pradhan Mantri Suraksha Bima Yojna. This covers Accidental Insurance for Sum Insured of Rs.2,00,000.
- Rs.330 will be deducted from Gift Card as a one-year premium of Pradhan Mantri Jeevan Jyoti Bima Yojana. This covers the Life Insurance for Sum Assured of Rs.2,00,000.
- Remaining Rs.9 (Rs.351-Rs.12-Rs.330) will be deposited into a savings account to whom you gifted.
- From the second year onward, insured must pay the premium for both the schemes from his/her own pocket.
#3: Pradhan Mantri Jeevan Suraksha Deposit Scheme Rs.5,001.
Under this Gift Card, you are gifting Rs.5,001 to buy Rs.2,00,000 of Accidental Insurance under Pradhan Mantri Suraksha Bima Yojana and Rs.2,00,000 of Life Insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana. The rest of the amount will be deposited in a bank to facilitate the premium for both the schemes on a yearly base. Rs.5,001 will be utilised in below manner.
- Once the Gift Card deposited to Bank then Rs.342 will be deducted from that Gift card towards one-year premium of Pradhan Mantri Suraksha Bima Yojna and Pradhan Mantri Jeevan Jyoti Bima Yojana. This covers Accidental Insurance for Sum Insured of Rs.2,00,000 and Life Insurance of Rs.2,00,000.
- Next year’s premium towards both these insurance plans will be kept in savings account (Rs.342).
- Remaining Rs.4,317 will be converted into an FD of either 5 yrs or 10 yrs which will fetch an interest of 8% per annum. This deposit generates a yearly income of Rs.345.36 and be utilised towards the premium payment of both the schemes.
Few Conditions–
- Managing of the insurance schemes (timely payment) rests with the insured (but not the gifted person).
- As per tax laws, TDS will be deducted from FDs.
- The last date for enrolling of both PMSBY and PMJJBY has been extended till 30th September, 2015.
This is just an information I am having as of now. Let us see more details once it is launched.
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Anshu
Hello
This Pradhan Mantri Jeevan Suraksha Deposit Scheme Rs.5,001, is for life time coverage. Is there any premium we need to deposit every year. Where to buy this plan which bank are selling?
Thanks,
Basavaraj Tonagatti
Anshu-Please read how rs.5,001 gift cheque works from above post. You will get the answer.
SARAT SINGH
SIR , MY UNCLE BUY THE SURAKSHA DEPOSIT SCHEME, BUT HE NO MORE REASON HE SUFFRING FROM SOME DESIES, I CLAIME THIS MONEY, BECAUSE I AM NOMINES,
Basavaraj Tonagatti
Sarat-If he is suffering from daisies, then how can you claim? Suraksha meant for accidental claims.
rajesh
Respected sir,
This rs.5001. scheme can be gifted only to sisters or for everyone those who r not insurance in pmjjsby ?
Basavaraj Tonagatti
Rajesh-As per my understanding yes, you can gift it to anybody.
sunanda
Pls explain if there will be some amount dat v wil receive on behalf of dis scheme else than insurance…
I mean any maturity or only 2lacs of life cover is its attraction point..
Basavaraj Tonagatti
Sunanda-There are pure risk-taking plans. There is no maturity on such plans. They act exactly like typical term insurance.
Virendra
Please clarify, does the insurance amount increase if I gift my sister two or three Suraksha Bandhan gift card of 351/-
each.
Basavaraj Tonagatti
Virendra-One can have only one PMSBY and PMJJBY. Hence, it is waste for you to think of that idea.
KD
If me or my sister is more than 50 years, are we not eligible for the Suraksha Voucher of Rs 351?
Sudhir Lipare
Can I buy this gift card online?
Basavaraj Tonagatti
Sudhir-No, you can’t buy it online. You will get it from your bank.
manoj
sir mere sister ko ye lic policy gift karni hai to sir esake liye mujhe kitane paise har mahina dene padenge aur kitane milenge
Basavaraj Tonagatti
Manoj-Don’t buy any policies. If you want then better in small, the above plan is best.
rajeev bishnoi
Sir
Tell me about surksha bandhan yojna in detail.
I want to gift my sis.
Basavaraj Tonagatti
Rajeev-What more can I explain?
mukesh lohar
Dear sir, I want to gift my small sister jeevan suraksha deposite scheme of Rs 5001 but sbi not submitt my amount and not give me any information
Basavaraj Tonagatti
Mukesh-First check whether your sister is eligible for both these schemes. If she is eligible then let the banks must provide you. It is their responsibility.
viveka nanda
sir actually I need a suraksha bima for my mom n dad
we r a middle class family n we have no policy for our future plzzz suggest me mom age-54 dad-59
Basavaraj Tonagatti
Viveka-Both are not eligible as the maximum age limit for both the plans set as 50 years only.
Sushil
For your Mom , you can go for Jeevan Rakshak Plan
Minimum Basic Sum Assured per life* : Rs. 75,000
Maximum Basic Sum Assured per life* : Rs. 200,000
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
Minimum Age at entry : 8 years (completed)
Maximum Age at entry : 55 years (nearest birthday)
Minimum Policy Term : 10 years
Maximum Policy Term : 20 years
Maximum Age at Maturity : 70 years (nearest birthday)
Basavaraj Tonagatti
Sushil-Jeevan Rakshak? Whose Rakshak is this and in what way it protect? Read my review of this plan in my earlier post at “LIC’s Jeevan Rakshak (Plan No.827)-Whose Rakshak is this?“.
Ashwini Kumar
My father expired on 10 may. After this my mother got 10 lac and above amount from his department. I know that in which scheme is best for this money? I want something amount monthly or quarterly. And something amount or interest increase the basic amount. My English is not good. But I hope you understand my goal..
Basavaraj Tonagatti
Ashwini-First define yourself what is that SOMETHING, purpose of this income and for how long you need this. Based on these only I can guide you. English is not a hindrance and don’t worry about that.
Shanthikumar
sir thank you for the information, pls keep us update regards this matter.Thank you.
Basavaraj Tonagatti
Shanthikumar-Sure 🙂
hutokshi sutaria
hi!
My nephew is 5 years old s and on his birthday, i want to gift him in terms of some mutual fund/Deposit , which on his growing up helps him in further education. Will appreciate your advice in the matter.
Basavaraj Tonagatti
Hutokshi-What will be the amount?