Sampoorna Bima Gram Yojana:- Life Insurance Scheme for All Rural Peoples

Published Date - 01 November 2017 11:55:30 Updated Date - 01 November 2017 12:35:56

Postal Life Insurance (PLI) is arguably the oldest life insurance scheme of India. It was introduced in 1884. The beneficiaries of this scheme were Government and Semi-Government employees. In 1995, that is nearly a century after its launching, a new insurance scheme was introduced for covering the people living in rural areas, especially weaker sections and women. This scheme was named Rural Postal Life Insurance (RPLI) Scheme. Like the PLI, RPLI was known for low premium and high bonus.  As on March 31, 2017, the number of people covered under the above the two schemes was 46.8 lakh and 146.8 lakh respectively. Now the Ministry of Communication, Govt. of India has launched on October 13, 2017 yet another insurance scheme. This is to be called Sampoorna Bima Gram (SBG) Yojana.

The central government has launched Sampoorna Bima Gram (SBG) Yojana to provide an insurance cover to all the poor people of the rural areas. All the identified households in the villages will be given an insurance policy. Moreover, all the villages under the Saansad Adarsh Gram Yojana (SAGY) will also get covered under this scheme.

The Sampoorna Bima Gram (SBG) is an initiative for an increased the number of people under Postal Life Insurance (PIL) Scheme. The main aim of this scheme is to provide an affordable life insurance service for those people who are residing in the rural areas. Moreover, this scheme will also extend the banking services through the postal network across the country.

According to the official notification, the benefits of Sampoorna Bima Gram Yojana is open to all citizens including government, semi-government, Doctors, Engineers, Management Consultants, Charted Accountants, Architects, Lawyers, Bankers etc. and to every employee of the listed companies of NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).

Types of Plans:

PLI offers 6 types of plans:

# Whole Life Assurance (SURAKSHA)

# Convertible Whole Life Assurance (SUVIDHA)

# Endowment Assurance (SANTOSH)

# Anticipated Endowment Assurance (SUMANGAL)

# Joint Life Assurance (YUGAL SURAKSHA)

# Children Policy (BAL JEEVAN BIMA)

Age Limit: In all policies the age limit is 19 to 55 years. Only in AEA and GRAM Priya in RPLI the maximum age limit is 40 years.

 

Purpose of Sampoorna Bima Gram (SBG) Yojana

The purpose of Sampoorna Bima Gram (SBG) Scheme is to expand the clientele base of Postal Life Insurance (PLI) by providing affordable life insurance services to the rural people. This scheme will bring all villages under the Saansad Aadarsh Gram Yojana within its ambit. At least one village that has minimum 100 households will be identified in each of the districts of the country and effort will be made to cover all households of such identified village with a minimum of one RPLI (Rural Postal Life Insurance) policy each.

The clientele base of PLI has also been dicided to expand by opening its doors to professionals such as Doctors, Engineers, Management Consultants, Chartered Accountants, Architects, Lawyers, Bankers and others, and also to the employees to listed companies of NSE (National Stock Exchange) and Bombay Stock Exchange (BSE).

The Govt. believes that the proposed expansion of clientele in respect of PLI and covering under RPLI in insurance all the households of Sampoorna Bima Gram Yojana in each district of the country would go a long way to serve as an instrument of insuring rural people’s lives as well as enhancing financial inclusion.

 

Highlights of Sampoorna Bima Gram (SBG)

The complete details and features of the scheme are given below :-

  • The government will cover at least one village (having a minimum of 100 households) under this scheme. This village will be identified from each revenue districts across the country.
  • The government will provide at least one RPLI (Rural Postal Life Insurance) policy to each household in the identified village.
  • Subsequently, the government will expand the client base of Postal life insurance (PLI) through the Sampoorna Bima Gram Yojana.
  • The benefits of the Postal Life Insurance (PLI) Scheme has been extended to all the citizens including the doctors, government employees, lawyers, engineers etc.
  • In addition to this, the Postal Life Insurance (PLI) will have low premium and high bonus as compared to the Private company’s Insurance.
 

The Department of Posts is operating these initiatives for the expansion of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI). Moreover these initiatives will secure the life of Poor people as well as prove helpful in their financial Inclusion

Salient Features of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI)

Government has made some interesting provisions in both the schemes which are specified below:-

  • Postal Life Insurance (PLI) was only for the benefits of Government and semi-Government employees. This scheme was launched in 1884 under the British Rule.
  • Rural Postal Life Insurance (RPLI) was launched on March 24, 1995 to provide insurance cover to people residing in rural areas, especially weaker sections and women living in rural areas.
  • Moreover, both these schemes has low premium and high bonus which is a unique feature of these schemes.
  • As per official data, over 46.8 lakh employees in PLI and 146.8 lakh rural people in RPLI have been covered already across the nation.
 

Through this scheme, the government will provide an affordable life insurance services to all citizen of Rural people.

 

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.

4. 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.

Related Content

— Candidates can also see the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to provide Insurance cover to all the Indian citizens.

— Moreover, candidates can also see the Pradhan Mantri Vaya Vandana Yojana (PMVVY) to provide Insurance cover to the poor people.

 


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