New Delhi: Prime Minister Narendra Modi on Sunday called on Indian men to gift insurance policies to women, setting a target till Raksha Bandhan, under the government’s recently launched social security schemes.

“With the festival of Raksha Bandhan, dedicated to sisters and mothers, coming up in August, let us start a campaign for social security for women… think of the women around you can help, whether it is a woman working as a maid in our house, or in our fields or whether it is our own sisters, we can ensure that they avail the social security schemes,” Modi said, appealing for financial empowerment of poor women.

“We should set a specific target, two crore, five crore… how many women can we benefit till Raksha Bandhan. More than 10 crore people have already joined the social security schemes launched recently,” he added.

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers a renewable one-year accidental death-cum-disability cover of Rs.2 lakh for partial or permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs.12 per annum per subscriber. 

The scheme is managed by general insurance firms.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers a renewable one-year life cover of Rs.2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs.330 per annum per subscriber.

The scheme would be administered through LIC or other life insurance companies willing to offer the product on similar terms on the choice of the bank concerned.

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