Sampoorna Bima Gram Yojana (SBG) – New Postal Life Insurance (PLI)

Sampoorna Bima Gram Yojana (SBG) – New Postal Life Insurance (PLI)

Full form of PLI is Postal Life Insurance. The need to provide social justice and financial equality for the common people, more so the poor and backward people in the rural areas has prompted the central government to take necessary steps in the form of welfare schemes. The latest scheme in this list is the Sampoorna Bima Gram Yojana that allows the central government to rope in maximum number of rural people under the Postal Life Insurance.

sampoorna bima gram yojana

Launch details of the scheme

Many social security schemes are operating right now, but the announcement of the new insurance policy scheme was made on the 13th Oct 17. The implementation of the new program was done under the direction of the Prime Minister and the declaration was done by Manoj Sinha. He is the current Minister of Communications and the department will implement and monitor the scheme with the assistance of the Postal Service Department. The official website of the scheme will be launched soon.

Key features of the scheme

  1. Providing life insurance to people – With the assistance of the scheme, the central government will be able to provide the poor people with adequate insurance policies to give them social security.
  2. Catering to rural areas – As per the guidelines of the scheme, the PLI will be offered to the people who live in the rural and remote areas and lack exposure to proper economic facilities.
  3. Assistance of Postal department – The aim of PM is to assist in the widespread implementation of the banking and insurance facilities. To reach the rural people, the postal network will be utilized.
  4. PLI for non-government employees – Earlier, the benefits of the Postal Life Insurance scheme could only be acquired by the people who were employed under the state or the central authority. The new scheme makes it available to professionals from other fields as well.
  5. Villages to be included – It is mentioned in the draft of the scheme that all the rural areas, which already fall under the Saansad Adarsh Gram program will come under this new scheme automatically.
  6. Selection of the village – All villages, which fall in the revenue generating districts and house at least 100 families, will be brought under the welfare insurance scheme. By and by, all families will be covered.
  7. Providing RPLIs – After the rural areas have been selected, efforts will be taken to provide each household with a minimum of one Rural Postal Life Insurance policy or the RPLI.
  8. Types of plans available – As per the guidelines of the scheme, the government will provide the common people with six different kinds of Postal Life Insurance policies. Convertible Whole Life Assurance, Whole Life Assurance, Anticipated Endowment Assurance, Endowment Assurance, Children Policy and Joint Life Assurance are these schemes.
  9. Number of beneficiaries – In the latest figures released by the government, around 146.8 lakh RPLI and 46.8 lakh PLI schemes are operational all over the country.

Beneficiaries of the scheme

  1. Under the old policy, employees who have jobs under the central or the state governments or under any such body or association that is either managed or funded by these departments were allowed to get the benefits of the PLIs.
  2. The people who had jobs under the para-military and the defense departments, nationalized bank employees, people working in government educational institutes, and other autonomous bodies will also be included in the program.
  3. With the implementation of the new program, the people who are associated with these and other professions like doctors, chartered accountants, engineers, managers etc. Along with these people, the rural people will also be included in the list.

What is PLI?

On the 1st of Feb, 1884 the central government passed the law for the implementation of the Postal Life Insurance policy. It happens to be the oldest insurance policy that was offered for the government employees. The maximum limit of these policies, at that time, was no more than Rs. 4000. In the recent times, the same upper limit has reached a mark of Rs. 50 lakhs. By taking these policies, the people will be given financial security and social equality. The implementation of the Rural Postal Life Insurance schemes was done as per the ruling of the Malhotra Committee on the 24th of Mar, 1995.

The implementation of the new scheme will allow the central government in reaching remote areas. As the Indian Postal system has its branches in the remotest corners of the country, it will be easy for the central government to use these channels as vehicles of scheme implementation.

Other Schemes –

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