New Delhi, Oct 13 (IANS): Communications Minister Manoj Sinha here on Friday launched the Sampoorna Bima Gram (SBG) Yojana and an initiative for expansion of clientele base of Postal Life Insurance.

Talking to media after launching the schemes, the minister said Prime Minister Narendra Modi's vision to provide banking services through the postal network needs to be taken forward to provide affordable life insurance services to people living in rural areas of the country.

He said all villages under the Saansad Adarsh Gram Yojana will be brought under its ambit, said an official statement.

Sinha said that under Sampoorna Bima Gram (SBG) Yojana, at least one village (having a minimum of 100 households) will be identified in each of the revenue districts of the country, wherein endeavour will be made to cover all households of that identified village with a minimum of one Rural Postal Life Insurance (RPLI) policy each.

Coverage of all households in the identified Sampoorna Bima Gram village is the primary objective of this scheme.

Sinha said that under the scheme for expansion of clientele base of PLI, it has now been decided that benefits of Postal Life Insurance (PLI) will no more be confined to government and semi-government employees, but will also be available to professionals such as doctors, engineers, management consultants, charted accountants, architects, lawyers, bankers and to employees of listed companies of NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).

The decision has been taken to enlarge the cover of social security and bring maximum number of people under the protection of PLI. He said the postal policies have low premium and high bonus, unlike the private ones.

The PLI, introduced in 1884, is one of the oldest life insurance schemes for benefit of government and semi-government employees. The RPLI, introduced on March 24, 1995, on recommendations of the R.N. Malhotra Committee for reforms in the insurance sector, provides insurance cover to people residing in rural areas, especially the weaker sections and women.