Sampoorna Bima Gram Yojana launched & coverage of Postal Life Insurance expanded

The Union Minister for Communication, Manoj Sinha launched one of the Prime Ministers dream scheme Sampoorna Bima Gram Yojana (SGB). The scheme aims to expand the client base of Postal Life Insurance. The Modi Government has also expanded the coverage of Postal Life Insurance. With the scheme Sampoorna Bima Gram Yojana (SBG), the government will provide affordable life insurance services through the postal services in the rural India. Till today postal services in India were used just to provide banking services in the rural areas in the countries. The Postal Life Insurance (PIL) used to cover only government and semi-government employees, now even professionals will be covered under the scheme. Initially all the villages under Saansad Adarsh Gram Yojana will be covered under Sampoorna Bima Gram Yojana (SBG) and later on the scheme is taken to other villages in the country.

Highlights of the Sampoorna Bima Gram Yojana (SGB):

  • A scheme to provide affordable life insurance via Indian Postal Services along with banking services in the rural areas
  • Initially one village with at least 100 households in each of the revenue districts in the country will have all the households covered under the Rural Postal Life Insurance Policy (RPLIP)
  • The Postal Life Insurance (PIL) will now cover professionals as well in the villages such as engineers, doctors, management consultants, chartered accountants, architects, lawyers, bankers etc
  • The scheme will provide social security cover with Postal Life Insurance

Postal Life Insurance (PLI):

  • Launched in 1984 to provide life insurance cover to the government and semi-government employees
  • Rural Postal Life Insurance Policy (RPLIP) was launched in 1995 based on the recommendations by the Malhotra Committee
  • The policy has low premium and provides high returns
  • The policy provides insurance cover to the people residing in the villages especially weaker sections and women
  • Life insurance cover when the scheme started was Rs. 4000 and now increased to Rs. 50 lakh
  • Types of plans: Whole Life Assurance (SURAKSHA), Children Policy (BAL JEEVAN BIMA), Convertible Whole Life Assurance (SUVIDHA), Joint Life Assurance (YUGAL SURAKSHA), Endowment Assurance (SANTOSH), Anticipated Endowment Assurance (SUMANGAL)
  • All the policies has age limit 19 to 55 Only in AEA and GRAM Priya in RPLI the maximum age limit is 40 years

Other Prime Minister Narendra Modi schemes


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