A commemorative postage stamp on the Postal Life Insurance :
Issued by India
Issued on Feb 1, 1984
Type : Stamp, Postal Used
Watermark : No
Colour : Multi colour
Denomination : 100 Paise
- Postal Life Insurance, introduced on 1st Feb., 1884, is one of the oldest welfare schemes for Government employees. Even in the last century, the Govt. of the day was greatly exercised about the financial distress of its employees and their dependents, particularly after their retirement from service or decease. The question of establishing an institution to mitigate the hardships of employees was considered at length and it was in 1884 that the suggestion of the then Director General of the Post Office for the introduction of Postal Life Insurance was implemented.
- Initially, the scheme was introduced on a limited scale on an experimental basis and was meant only for the postal employees. Later, its benefits were extended to the telegraph employees. Gradually, the scheme was extended to the employees of other Govt. departments. Today, it caters not only to the Govt. servants of the Centre and the States but also to the employees of the Local Bodies, Government aided educational institutions, Universities, Nationalised Banks and some other autonomous and financial institutions of the Govt. of India.
- The scheme at the time of its inception made provision only for life insurance and two classes of monthly allowances, which were abolished in 1930. The Endowment Policy was introduced in 1898 and later the Convertible Whole Life Insurance Policy was introduced. For still greater benefits the Postal Life Insurance is introducing the Anticipated Endowment Insurance Policy from 1st February, 1984.
- The Postal Life Insurance Fund is administered by the Govt. of India exclusively in the interest of the policy-holder. Convenient terms are offered to give greater benefits to the insurants.