Postal Life Insurance introduced in India in 1884

 

Postal Life Insurance (PLI) was introduced on 1 February 1884 in India. 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. It is the oldest life insurer in this country. Over the years, PLI has grown substantially from a few hundred policies in 1884 to more than 50 Lacs policies as on 31.03.2021. It now covers employees of Central and State Governments, Defence and Para-Military Services, Public Sector Undertakings, Banks, Educational Institutions, Local Bodies, professionals (such as doctors, engineers, chartered accountants, MBAs, lawyers, etc.) and employees of companies listed with National Stock Exchange(NSE)/ Bombay Stock Exchange (BSE).