• The Postal Life Insurance has introduced a pilot programme for ‘Direct Incentive Disbursement’ for its sales force in Delhi and Uttarakhand Circles

• The Department of Posts offers two types of life insurance schemes, namely Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI).

• India Post expects its pilot programme to provide incentives directly into accounts of salespersons selling Postal Life Insurance will benefit around 2 lakh members of the organisation.

• Under the programme, the PLI sales force receives incentives directly in their postal saving bank accounts, manage their funds, and immediate rewards drive optimal performance and automated payouts reduce administrative costs.

Postal Life Insurance

• Postal Life Insurance (PLI) was introduced on February 1, 1884.

• It started as a welfare scheme for the benefit of postal employees and was later extended to the employees of the Telegraph Department in 1888. 

• In 1894, PLI extended insurance cover to female employees of the erstwhile P&T Department at a time when no other insurance company covered female lives. 

• Over the years, PLI has grown substantially from a few hundred policies in 1884 to more than 50 lakh policies. 

• It now covers employees of central & state governments, defence and paramilitary services, Public Sector Undertakings, banks, educational institutions, local bodies, professionals (such as doctors, engineers, chartered accountants, lawyers, etc) and employees of companies listed with National Stock Exchange (NSE) / Bombay Stock Exchange (BSE).

Rural Postal Life Insurance

Rural Postal Life Insurance was introduced in 1995 for the benefit of rural populace to extend insurance cover to the people living in rural areas.

Manorama Yearbook app is now available on Google Play Store and iOS App Store