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 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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