The Union Government has launched Sampoorna Bima Gram Yojana (SBG) on 13th October 2017 to provide affordable life insurance services to people particularly those living in rural areas. The Prime Minister Modi’s vision to provide banking services through a postal network is taken forward to provide affordable life insurance services to people living in rural areas. The PLI is one of the oldest life insurance schemes for benefit of government and semi-government employees and was introduced in 1884. Then in 1995 RPLI was introduced on the recommendations of the R.N. Malhotra Committee for reforms in the insurance sector which provides insurance to people residing in rural areas, especially the weaker sections and women. Low premium and the high bonus is the unique feature of PLI and RPLI schemes. Six types of plans are there in PLI viz. Whole Life Assurance (SURAKSHA), Convertible Whole Life Assurance (SUVIDHA), Endowment Assurance (SANTOSH), Anticipated Endowment Assurance (SUMANGAL) with the age limit of 19 to 55 years while maximum age limit for RPLI is 40 years.
PLI 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 have a minimum of 10% Govt./PSU stake, credit co-operative societies.
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.
“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)” said Communications Minister Manoj
Key facts about Sampoorna Bima Gram Yojana:
- At least one village having a minimum of 100 households will be identified in each of revenue districts of the country.
- The main objective is to cover all households of the identified village with a minimum of one Rural Postal Life Insurance policy each.
- By this decision, a maximum number of people will come under the protection of PLI and enlarge the cover of social security.
- The postal policies have low premium and high bonus, unlike the private ones.