Status of Postal Life Insurance (PLI) policies Issued with sum assured amount in India during 2000-13

Postal Life Insurance (PLI), introduced in 1884 is the oldest life insurance scheme for the benefit of Government employees. Initially, meant only for the Postal employees, today it caters to employees of the Civil and Military personnel of the Central and State Governments, Local bodies, Government aided Educational Institutions, Universities, Nationalized Banks, many Autonomous and Financial Institutions, Public Sector Undertakings of the Central and State Governments. The types of policies available under P.L.I. are: (1) Whole Life Insurance (Suraksha), (2) Convertible Whole Life Assurance (Suvidha), (3) Endowment Assurance (Santosh), (4) Anticipated Endowment Assurance for 15 & 20 years (Sumangal), (v) Joint Life Endowment Assurance, and (6) (vi) Children Policy (Bal Jivan Bima). India has witnessed an increasing trend in PLI policies Issued during 2000-2013.

In 2000-01, PLI policies issued increased by 6.6% (CAGR) from 25233.48 hundred across the country, which increased to 54601.13 hundred in 2012-13 whereas, its sum assured amount increased by 19.9% (CAGR) from Rs. 10345.09 ten million to Rs. 91286.94 ten million during 2000-13.

Note: Original Data Source: Office of the Director, Postal Life Insurance, Department of Posts, Kolkata and published in Statistical Year Book-2014 by MoSPI.