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)
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