Sampoorna Bima Gram Yojana:
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.
Two New Initiatives -
Under the new Sampoorna Bima Gram (SBG) Yojana, a minimum of one village will be taken up in each of the districts of the country, and efforts will be made to cover all households of the village with at least one Rural Postal Life Insurance policy each.
The second initiative involves expanding the ambit of Postal Life Insurance (PLI), which will now be available to professionals as well as employees of BSE and NSE listed companies.
The scheme was earlier confined to government and semi-government employees, but would now be available to doctors, engineers, management consultants, chartered accountants, architects, lawyers and bankers too.
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
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