Dear Comrades,
The policies of the country’s oldest life insurer have grown from a few hundreds in 1884 to 50.07 lakh as on end-March 2012
Life insurance behemoth, Life Insurance Corporation of India, and
new-generation private life insurers had better sit up and take notice.
The Government has allowed the country’s oldest life insurer, the Postal Life Insurance, to cover more groups of people.
The Department of Posts can now offer Postal Life Insurance (PLI) and
Rural Postal Life Insurance (RPLI) to employees engaged/ appointed on
contract basis by Central/State Governments, where the contract is
extendable.
Employees of joint ventures in which Central/State Government, public
sector undertakings and public sector banks have a minimum 10 per cent
shareholding and employees of all scheduled commercial banks can be
offered life insurance cover by the Department.
Members/employees of co-operative credit societies and other
co-operative societies registered under the Co-operative Societies Act
and partly/fully funded by the Central/State Government, Reserve Bank of
India, National Bank for Agriculture and Rural Development and public
sector banks can also be covered by the Department.
Further, employees of deemed universities and educational institutes
accredited by recognised bodies such as National Assessment and
Accreditation Council, All-India Council of Technical Education, Medical
Council of India, and/or affiliated to Universities/Boards are eligible
for insurance cover from
For rural population
Rural Postal Life Insurance was introduced in 1993, to provide cover to
the rural population, especially those in the weaker sections and to
women workers.
Insurance industry experts say that the Department of Posts, with its
vast network of 1.55-lakh odd post-offices across the country, may be
well-placed to meet the rural/social sector obligation under the
Insurance Regulatory and Development Authority’s rules.
PLI has grown from a few hundred policies in 1884 to 50.07 lakh as on
March 31, 2012. As on March 31, there were over 1.35 crore active RPLI
policies.
Business Line
