Postal Life Insurance (PLI), the oldest life insurer in India, is setting up a full-fledged investment division for generating optimal returns, according to the Department of Posts. PLI was introduced in 1884 as a welfare scheme for postal employees & then extended to staff of the telegraph department in 1888.
PLI has grown from a few hundred policies in 1884 to 50.07 lakh as on March 31, 2012.It covers employees of Central & State governments, Central & State public sector undertakings, universities, government-aided educational institutions, nationalised banks, and local bodies. It also extends cover to officers & staff of Defence services and paramilitary forces.
Rural Postal Life Insurance (RPLI) was introduced in 1993, with the prime objective of spreading awareness as well as provide insurance cover to the rural population, especially those in the weaker sections & to women workers. As on March 31, 2012, there were more than 135.47 lakh such policies.
The IRDA’s (Insurance Regulatory and Development Authority’s) regulations that do not allow insurance company to outsource the investment function.
The PLI and RPLI corpus is now managed by SBI Funds Management and UTI Asset Management Company.
The assets managed under PLI &RPLI for the year ended 2011-12 are Rs. 23,011 and Rs 9,141 respectively.
Launched in 1884The funds are deployed as prescribed by IRDA, among others, in Central and State government securities, housing, infrastructure, corporate bonds & equity.
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