Introduction of facility of automatic credit of PLI/ RPLI monthly premium from PO S.B 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 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

Courtesy : http://ipaspandhra.blogspot.in/

Bonus rates of PLI for the year 2009-10 declared

The rates of Bonus for the year ending 31.03.2010 on the Postal Life Insurance Policies on their becoming claim due to death or maturity declared vide Directorate of Postal Life Insurance Notification No.4-1/2008-LI dated 17th September, 2012 are as follows.

Sl No	Type of Insurance Policies	Rate of Bonus
(i)	Whole Life Assurance (WLA)	Rs.85 per thousand sum assured
(ii)	Endowment Assurance (EA)	Rs.60 per thousand sum assured
(iii)	Money Back Policies (AEA)	Rs.55 per thousand sum assured
(iv)	Convertible Whole Life Policies	Whole Life Bonus would be applicable but on conversion, Endowment Bonus rate will be applicable
(v)	Terminal Bonus	Rs.20 per sum assured of Rs.10,000 subject to maximum of Rs.1,000 for whole life policies and Endowment policies with term of 20 years and above.

The rate of Bonus for the year 2009-10 will be applicable from the date of receipt of this notification by the Circles and this will also be applicable to claim cases received but not settled till the date of receipt of this Notification.

Interim Bonus at the rates mentioned above will also be payable for all claims arising due to maturity or death until future valuation is completed.

Revised proposal forms of PLI and RPLI containing declaration from female proponents

PLI Form              Download from Here

RPLI Form            Download From Here

RPLI Medical         Download From Here

Yugal Suraksha        Download from Here

F.A.Q on PLI/RPLI commission

(Q) What is the new commission of RPLI?
(A)       it is 10% for first year premium (first 12 months) and 2.5% for the subsequent premium(13th month to last installment of policy) w.e.f 1.10.2009




(Q) What is the commission of PLI
(A) 0.25% of the sum assured