Codes for new categories of clientele of PLI

Some new categories of clientele under PLI have been added in Rule 6 of Post Office Life Insurance Rules-2011 vide Notification of even No. dated 18.10.2012 published in the Gazette of India No. 240 dated 18.10.2012 circulated vide this office letter of even No. dated 29.10.2012.

2.       Rule 16 of Manual for Circle Offices provides for suffixing letter(s) to the PLI policy number as per the organization to which the insured is belonging. As such, following codes may be assigned (sufficed) to policy numbers of PLI issued to the insured belonging to new categories added vide Notification ibid:

SI. No.	Category	Code
i	Employees on contract basis by Central Govt.	CC
ii	Employees on contract basis by State Govt.	CS
iii	Employees of Joint Ventures: Central State Bank	CC CS B
iv	Members of credit cooperative societies	CS
v	Employees of Universities: Central State	CC CS
vi	Employees of Scheduled Commercial Bank	B

Source:-Directorate of Postal Life Insurance Letter No. 25-l/2011-L1 (Vol-II) 03.12.2012

PLI/RPLI monthly premium will now be paid automatically from SB A/c.

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.

SAVING BANK INTEREST & PLI PREMIUM CALCULATORS

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(Prepared by Warrant Officer AB Kantharaja, Army Postal Service, Inspector Posts in Somwarpet Sub Division, Karnataka, http://abkantharaja.blogspot.in, email ID- abkantharaja@gmail.com)

New bonus rate in PLI

Simple Reversionary Bonus rate for the year ending 31.03.2010 on the Postal Life Insurance Policies on their becoming claim, due to death or maturity:-

Sl. No.	Type of Insurance Policy	Rate of Bonus
1	Whole Life Assurance (WLA)	Rs.85/- per thousand sum assured
2	Endowment Assurance (EA)	Rs.60/- per thousand sum assured
3	Money Back Policies (AEA)	Rs.55/- per thousand sum assured
4	Convertible Whole Life Policies	Whole Life Bonus would be applicable but on conversion, Endowment Bonus rate will be applicable
5	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.

Source:-Directorate of Postal Life Insurance Notification No.4-1/2008-LI dated 17th September, 2012

IRDA said

The sale of life insurance policies are set to become more scientific soon.


The life insurers should ensure a need-based sale of life insurance products by their direct sales personnel, the Insurance Regulatory and Development Authority said in the draft guidelines on product matrix released on Tuesday.

“It is important and necessary for insurers to have in place a suitability index (or a prospect product matrix) that can serve as a self governing tool to assess the quality of sale,” Mr J. Hari Narayan, Chairman, IRDA said.

As per the draft guidelines, an insurer or a distributor must make reasonable efforts to obtain a consumer's suitability information prior to making a recommendation to the consumer on a product.

Suitability information means information should include factors such as age, annual income and financial resources used for funding the purchase of the life insurance product besides risk tolerance.

The regulator is planning to bring the product matrix (or need-based sale) from April 1, 2012.



Sources The Business line

Courtsey: P K Patra

Postal Life Insurance-some useful informations to customers

                            Postal Life Insurance


This section is for information and guidance of our customers. We are happy to furnish following information for your guidance.



1. Issue of Policy Bonds

Policy Bond is issued along with letter of acceptance by PLI office of your state. If there is delay, contact DDM(PLI)/ADM(PLI) of your state.

Please go through information printed on the policy bond.

POSTAL LIFE INSURENCE PORTAL FOR ALL

 POSTAL LIFE INSURANCE CUSTOMER PORTAL

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