The Union Minister for Communications, Manoj Sinha on 13 October 2017 launched the Sampoorna Bima Gram (SBG) Yojana, an initiative for expansion of client base of Postal Life Insurance.
During the launch, the Minister said that Prime Minister Narendra Modi’s vision 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.
About Sampoorna Bima Gram Yojana
• Under the Yojana, at least one village having a minimum of 100 households will be identified in each of the revenue districts of the country.
• Following this, effort will be taken to cover all households of that identified village with a minimum of one RPLI (Rural Postal Life Insurance) policy each.
• The main objective of the scheme is to cover all households in the identified Sampoorna Bima Gram village.
• Under the scheme expansion of clientele base of PLI, it has now been decided that benefits of PLI will no more be confined to Government and semi-Government employees, but will also be available to professionals such as Doctors, Engineers, Lawyers, Charted Accountants and Bankers.
• The decision has been taken to expand the cover of social security and bring maximum number of people under the protection of Postal Life Insurance (PLI).
These major initiatives being undertaken by Department of Posts are expected to serve as an instrument of securing lives of people as well as enhancing financial inclusion.
Postal Life Insurance (PLI)
• The scheme, which was introduced in 1884, is one of the oldest life insurance schemes introduced for the benefit of Government and semi-Government employees.
• The Rural Postal Life Insurance (RPLI) was introduced on 24 March 1995 on the recommendations of Malhotra Committee.
• The scheme provides insurance cover to people residing in rural areas, especially weaker sections and women living in rural areas.
• The main highlight of the schemes include Low Premium and High Bonus.
• Till 31 March 2017, there were 46.8 lakh PLI and 146.8 lakh RPLI policies across the country.