New Sukanya Suraksha Plan: PNB MetLife, IPPB tie up to bundle life cover with Sukanya Yojana for girl child security

PNB MetLife India Insurance Company Limited (PNB MetLife) and India Post Payments Bank (IPPB) have joined hands to launch the Sukanya Samriddhi Suraksha Yojana (SSSY), a first-of-its-kind group term life protection plan bundled with the Government of India’s flagship Sukanya Samriddhi Yojana (SSY). The scheme, launched under the Beti Bachao, Beti Padhao initiative, is designed to safeguard long-term financial security for girl children across the country.

Continuity of savings

The unique plan ensures that contributions to a girl’s Sukanya Samriddhi Yojana account continue uninterrupted, even in the event of the untimely demise of the earning parent. This feature guarantees that crucial financial goals such as education, marriage, and other aspirations remain protected.

Aligned with the Insurance Regulatory and Development Authority of India’s (IRDAI) vision of “Insurance for All by 2047”, the initiative aims to expand protection coverage and instill confidence among families saving for their daughters.

Key features of the SSSY plan

Life cover for the earning parent linked to the SSY account

Coverage terms from 5 to 14 years

Contribution options between ₹25,000 and ₹1,50,000 (in ₹25,000 multiples)

In the event of a parent’s demise, future annual contributions to the SSY account are funded by PNB MetLife

No medical tests required; simple sign-up

Eligibility for parents aged 18–50 years, with coverage up to age 64

Annual premium payments

Expanding Reach Through IPPB Network

How to access the scheme

The scheme will be rolled out nationwide through IPPB’s extensive network of post offices, postmen, Gramin Dak Sevaks (GDS), and Individual Business Correspondents (IBCs). Additionally, digital platforms such as IPPB Micro-ATMs and the IPPB Mobile Banking App will enhance accessibility, particularly for families in rural and underserved areas.

Speaking about the collaboration, R. Viswesvaran, MD & CEO, India Post Payments Bank, said:
“At India Post Payments Bank, our mission has always been to deliver accessible and affordable financial solutions to every Indian household. This collaboration with PNB MetLife allows us to further that vision by offering protection bundled with Sukanya Samriddhi Yojana, strengthening the financial future of millions of girls.”

Sameer Bansal, MD & CEO, PNB MetLife, added: “Financial security is not just about managing risks, it’s about enabling families to dream without fear. With the Sukanya Samriddhi Suraksha Yojana, we are addressing a critical need faced by many households. By ensuring continuity in savings even during unforeseen circumstances, we are empowering parents to confidently plan for their daughter’s future.”

About Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Yojana, introduced by the Government of India, is a savings scheme dedicated to the welfare of girl children. Parents can open an account for daughters up to age 10, with annual deposits ranging from ₹250 to ₹1.5 lakh. The scheme currently offers 8.2% interest per annum (July–September 2025 quarter), compounded annually, along with EEE (Exempt-Exempt-Exempt) tax benefits.

Key benefits of SSY include:

High interest rates compared to traditional savings options

Tax deductions under Section 80C up to ₹1.5 lakh

Full exemption of interest and maturity proceeds

Long-term wealth creation over a 21-year tenure

Flexible contributions tailored to family capacity

Withdrawals are permitted for higher education when the girl turns 18 (up to 50% of the balance), while full maturity benefits are payable after 21 years. Premature closure is allowed only under exceptional circumstances such as marriage, death, or medical emergencies.

Insurance + investment

By combining the Sukanya Samriddhi Yojana’s savings benefits with life protection from PNB MetLife, this joint initiative addresses both wealth creation and risk protection. It ensures that no family’s financial planning for a girl child is derailed by unforeseen circumstances.

Industry experts view the launch as a significant step in promoting financial inclusion and reinforcing the government’s commitment to women empowerment.