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.
PLI Directorate letter No. 29-08/2009-LI (Pt) dated 25.10.2012
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.
Sd/-
(A.K. Poddar)
General Manager (O)
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