Over the years, awareness about insurance has grown and its demand has accelerated as many people look for financial protection for the long term.   

And anyone interested in insurance will find various sorts of policies offered by public and private companies. One of the schemes is run and guaranteed by the government.

The Postal Life Insurance (PLI) was introduced in 1884. Bangladesh Post Office (BPO) managed the PLI on behalf of the government. One of the key features of the PLI is that one can deposit premiums of his or her policy at any branches of BPO.

The rate of premium is very low, but the amount of bonus is high. One can open a policy for any amount as there is no maximum ceiling of investment.

A policy-holder can revive void policy and borrow from it. Any Bangladeshi can open the policy.  

The PLI is fixed-term insurance. It has two categories: age-based insurance and term-based Insurance. Under the age-based scheme, the age limit of the policy-holders has been fixed as 35, 40, 45, 50, 55, and 60. If the policy-holder passes away before the expiration of the term, the nominees will be entitled to the money.

Even if the policy-holder is alive, he or she will not be entitled to the money on maturity.

Under the term-based insurance, the period of the scheme has been fixed as 5, 10, 15, 20, 25, 30 and 40 years. A person who maintains a fixed term insurance policy gets Tk 3,300 for every Tk 100,000 policy.

There are several insurance schemes at the BPO. One is the whole life insurance policy.

Under the scheme, which can be opened by the people aged 50 to 70, the nominees will get Tk 4,200 per Tk 100,000 policy after the policy-holder's death.

Besides, one can open education insurance and marriage insurance policies. It can be availed for the education or marriage of one of the children.  The policy can be opened for a period of five to 17 years. The age of the policy-holder has been fixed for 20 to 60 years. Under the arrangement, the policy-holder may, at his discretion, specify the age at which the beneficiary can receive the money.

A senior official of BPO said because of the presence at the grassroots level, commoners are the primary beneficiary of the PLI.

"The PLI is secure as the government runs it. We also have a high claim settlement rate," said the official.