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 SOs).
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
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