Our Correspondent/ NEW DELHI
Government today launched Sampoorna Bima Gram Yojana and expansion of Postal Life Insurance, in New Delhi. Under the Sampoorna Bima Gram Yojana, at least one village having a minimum of 100 households will be identified in each of the revenue districts of the country.
Communication Minister Manoj Sinha said, endevour will be made to cover all households of that identified village with a minimum of one Rural Postal Life Insurance policy each. He said, coverage of all households in the identified Sampoorna Bima Gram village is the primary objective of the scheme.
Under the scheme expansion of clientèle base of Postal Life Insurance, it has been decided that its benefits will no longer be confined to government and semi-government employees. But will also be available to the professionals such as doctors, engineers, management consultants, chartered accountants, lawyers and bankers.
Mr Sinha said the two initiatives launched today will serve as an instrument of securing lives of people as well as enhancing financial inclusion.
The Minister added that the Government is committed to the cause of complete wellbeing of citizens. Expansion of clientele base of Postal Life Insurance (PLI) and ensuring coverage of Rural Postal Life Insurance (RPLI) to all households of Sampoorna Bima Gram villages in each district of the country is a step in that direction. These two major initiatives being undertaken by Department of Posts will serve as an instrument of securing lives of people as well as enhancing financial inclusion.
Postal Life Insurance (PLI), introduced in 1884, is one of the oldest life insurance schemes for benefit of Government and semi-Government employees. Rural Postal Life Insurance (RPLI), introduced on March 24, 1995 on recommendations of 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.
The insurance industry in India has undergone transformational changes after liberalisation of the insurance sector in the year 2000, subsequent to setting up of the insurance regulator Insurance Regulatory and Development Authority of India (IRDAI). In such a competitive scenario, it is felt that there is an urgent need for Postal Life Insurance (PLI) / Rural Postal Life Insurance (RPLI) to redefine itself.