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Sampoorna Bima Gram (SBG) Yojana launched providing life insurance services to rural people - (13 Oct 2017)

Insurance

Sampoorna Bima Gram (SBG) Yojana launched by The Minister for Communications in order to provide affordable life insurance services to people living in rural areas. The main aim of the scheme is to cover all households in the identified SBG village. Further, all villages under the Saansad Adarsh Gram Yojana will come under its ambit. It will play a significant role in securing lives of people and enhancing financial inclusion for people living in rural areas. SBG Yojana would cover one village (having a minimum of 100 households) in each of the revenue districts of the country, wherein endeavour will be made to cover all households of that identified village with a minimum of one Rural Postal Life Insurance (RPLI) policy each.

Clientele base of Postal Life Insurance (PLI) would also expand. The Minister for Communications said that, now the 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, Management Consultants, Charted Accountants, Architects, Lawyers, Bankers etc. and to employees of listed companies of NSE (National Stock Exchange) and BSE (Bombay Stock Exchange). The Minister for Communications said that, the postal policies have low premium and high bonus, unlike the Private ones.

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.

Insurance industry has undergone significant changes after liberalisation of the insurance sector in the year 2000 and subsequent to setting up of the insurance regulator Insurance Regulatory and Development Authority of India (IRDAI). With the liberalization of Insurance sector, PLI and RPLI have to work in a very competitive market. It has the advantage of using the infrastructure of the Department of Posts and its vast net-work and hence, can offer life insurance cover at a lower cost than the other insurance companies. Various scheme of PLI and RPLI are very popular and doing extremely well in the rural sector. Both the schemes PLI as well as RPLI are entirely managed by the employees of the Department of Posts. This step by Union Government is in order to provide social security and bring the maximum number of people under the Postal Life Insurance (PLI) scheme.

Tags : LIFE INSURANCE   YOJNA   LAUNCH  

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