Dear Comrades,
Introduction of facility of automatic credit of PLI/ RPLI monthly premium from savings account of insured persons.
Copy of PLI
Directorate letter No. 29-08/2009-LI (Pt) dated 25.10.2012
To
All Heads of Circles
Addl. DG (APS)
Sub:
Introduction of facility of automatic credit of PLI/ RPLI monthly premium from savings
account of insured persons.
In the
last few years, there has been massive expansion of Postal Life Insurance (PLI)
and Rural Postal Life Insurance (RPLI). However, it has been noticed that a
number of policies particularly in RPLI lapse after a while. One of the reasons
for lapsation is absence of convenient ways of depositing premia of the
policy(ies). As such, it was under consideration of the Department to provide
facility of automatic deduction of premia from Savings Account so that (i) the
policy holder(s) need not have to visit Post Office every month for depositing
premia of his PLI/ RPLI policy and (ii) lapsation of PLI/ RPLI policies gets
reduced.
2. The competent authority has now approved the proposal for
providing the facility to the policy holder of PLI and RPLI to get premium
deposited/ credited by deduction of the same directly from his Savings Account
standing in Post Offices. However, this facility can be opted by only those
policy holders of PLI and RPLI whose Savings Accounts are maintained in the
Departmental Post Offices (GPOs, HOs, MDGs or 50s).
3. It is
requested to kindly take necessary action for implementation of aforesaid
scheme and wide publicity may also be given for this scheme through various
publicity channels.
4.
Accounting and operating procedure for automatic transfer of premium of PLI/ RPLI
from Savings Accounts of the policy holder is enclosed for information and action
accordingly.
5. It is
further informed that till the provisions are made in the software, automatic
credit of PLI/ RPLI monthly premium by deduction from savings account of the
policy holder will have to be done manually.
(A.K. Poddar)
General Manager (O)
