In a bid to provide affordable life insurance services to people, particularly those living in rural areas of the country, the Modi government today launched Sampoorna Bima Gram (SBG) Yojana and expanded the coverage of Postal Life Insurance (PLI). This was done by Minister for Communications Manoj Sinha. With this, apart from government employees, PLI will now cover professionals also.
Talking to the media after the launch of the schemes in New Delhi, the Minister said that the vision of Prime Minister Narendra Modi to provide banking services through the postal network needs to be taken forward to provide affordable life insurance services to people living in rural areas of the country. He said that all villages under the Saansad Adarsh Gram Yojana will be brought under its ambit.
Under the Sampoorna Bima Gram (SBG) Yojana, at least one village (having a minimum of 100 households) will be identified in each of the revenue districts of the country, wherein endeavour will be made to cover all households of that identified village with a minimum of one RPLI (Rural Postal Life Insurance) policy each. Coverage of all households in the identified Sampoorna Bima Gram village is the primary objective of this scheme.
Sinha said that now the benefits of Postal Life Insurance (PLI) will no more be confined to government and semi-government employees only, but will also be available to professionals such as doctors, engineers, management consultants, chartered accountants, architects, lawyers, bankers etc. and to the employees of listed companies of NSE (National Stock Exchange) and BSE (Bombay Stock Exchange). The decision has been taken to enlarge the cover of social security and bring the maximum number of people under the protection of Postal Life Insurance (PLI).
PLI, introduced in 1884, is one of the oldest life insurance schemes for benefit of government and semi-government employees. On the other hand, Rural Postal Life Insurance (RPLI), introduced on March 24, 1995 on the recommendations of the Malhotra Committee, provides insurance cover to people residing in rural areas, especially weaker sections and women living in rural areas. Low premium and high bonus is the unique feature of PLI and RPLI schemes. As on March 31, 2017, there were 46.8 lakh PLI and 146.8 lakh RPLI policies across the country.
Postal Life Insurance
Postal Life Insurance (PLI) was introduced on 1st February 1884. In the beginning, the upper limit of life insurance was only Rs 4000, which has now increased to Rs 50 lakh. It covers employees of Central and state governments, Central and state public sector undertakings, universities, government-aided educational institutions, nationalized banks, local bodies, autonomous bodies, joint ventures having a minimum of 10% Govt./PSU stake, credit co-operative societies etc. PLI also extends the facility of insurance to the officers and staff of the Defence services and para-military forces. Apart from single insurance policies, Postal Life Insurance also manages a group insurance scheme for the extra departmental employees (Gramin Dak Sevaks) of the Department of Posts.
Types of Plans:
PLI offers 6 types of plans:
# Whole Life Assurance (SURAKSHA)
# Convertible Whole Life Assurance (SUVIDHA)
# Endowment Assurance (SANTOSH)
# Anticipated Endowment Assurance (SUMANGAL)
# Joint Life Assurance (YUGAL SURAKSHA)
# Children Policy (BAL JEEVAN BIMA)
Age Limit: In all policies the age limit is 19 to 55 years. Only in AEA and GRAM Priya in RPLI the maximum age limit is 40 years.