The Union Government has launched Sampoorna Bima Gram (SBG) Yojana and expanded coverage of Postal Life Insurance (PLI) in a bid to provide affordable life insurance services to people particularly those living in rural areas. Witt expnasion, PLI will now cover professionals also apart from government employees.
Sampoorna Bima Gram (SBG) Yojana
Under SBG Yojana, at least one village (having a minimum of 100 households) will be identified in each of revenue districts of country to cover all households of identified village with minimum of one RPLI (Rural Postal Life Insurance) policy each. Coverage of all households in identified Sampoorna Bima Gram village is primary objective of this scheme.
Expansion of PLI
With expansion of PLI, benefits of 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 employees of listed companies of NSE (National Stock Exchange) and BSE (Bombay Stock Exchange). It will enlarge cover of social security and bring maximum number of people under protection of PLI.
Postal Life Insurance (PLI)
PLI was introduced in 1884. It is one of oldest life insurance schemes for benefit of government and semi-government employees. It covers employees of Central and state governments, Central and state public sector undertakings (PSUs), universities, government-aided educational institutions, nationalized banks, local bodies, autonomous bodies, joint ventures having a minimum of 10% Government/PSU stakes societies etc. It also extends facility of insurance to officers and staff of Defence services and para-military forces. It also manages group insurance scheme for extra departmental employees (Gramin Dak Sevaks) of Department of Posts.
PLI offers 6 types of plans viz. Whole Life Assurance (SURAKSHA), Convertible Whole Life Assurance (SUVIDHA), Endowment Assurance (SANTOSH), Anticipated Endowment Assurance (SUMANGAL), Joint Life Assurance (YUGAL SURAKSHA) and Children Policy (BAL JEEVAN BIMA). In all policies age limit is 19 to 55 years. Low premium and high bonus is unique feature of PLI scheme.