The salient features of this scheme are as under:
PLI also extends insurance cover to the officers and staff of the Defence services and Paramilitary forces. It now covers employees of Central and State Governments, Central and State Public Sector Undertakings, Universities, Government aided Educational Institutions, Nationalized Banks, Local bodies, autonomous bodies, joint ventures having a minimum of 10% Govt./PSU stake, credit cooperative societies etc. Over the years, PLI has grown substantially from a few hundred policies in 1884 to more than 46 Lacs policies as on. It is the oldest life insurer in this country.
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. Postal Life Insurance (PLI) was introduced on 1st February 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.
