PNB MetLife India Insurance Company Limited and India Post Payments Bank (IPPB) have launched the Sukanya Samriddhi Suraksha Yojana (SSSY), a group term life protection plan bundled with the Government of India’s Sukanya Samriddhi Yojana (SSY). The scheme aims to provide long-term financial security for girl children across the country. The unique plan ensures that contributions to a girl’s SSY account continue uninterrupted, even in the event of the untimely demise of the earning parent.
The SSSY plan offers life cover for the earning parent linked to the SSY account, with coverage terms ranging from 5 to 14 years. The contribution options range from ₹25,000 to ₹1,50,000, in multiples of ₹25,000. In the event of a parent’s demise, future annual contributions to the SSY account are funded by PNB MetLife. The plan requires no medical tests and has a simple sign-up process. Eligibility is open to parents aged 18-50 years, with coverage up to age 64.
The scheme will be rolled out nationwide through IPPB’s extensive network of post offices, postmen, Gramin Dak Sevaks, and Individual Business Correspondents. Digital platforms such as IPPB Micro-ATMs and the IPPB Mobile Banking App will also enhance accessibility, particularly for families in rural and underserved areas.
The collaboration between PNB MetLife and IPPB aims to expand protection coverage and instill confidence among families saving for their daughters. The initiative is aligned with the Insurance Regulatory and Development Authority of India’s vision of “Insurance for All by 2047”. The scheme addresses both wealth creation and risk protection, ensuring that no family’s financial planning for a girl child is derailed by unforeseen circumstances.
The Sukanya Samriddhi Yojana, introduced by the Government of India, is a savings scheme dedicated to the welfare of girl children. The scheme offers high interest rates, tax deductions, and long-term wealth creation. By combining the SSY’s savings benefits with life protection from PNB MetLife, the joint initiative promotes financial inclusion and reinforces the government’s commitment to women empowerment. Industry experts view the launch as a significant step in promoting financial inclusion and empowering families to confidently plan for their daughter’s future.