While the whole insurance industry is buzzing with competitive products and expensive promotions, the Postal Life Insurance (PLI) and the Rural Postal Life Insurance (RPLI) are working their way to glory. At least that’s what the statistics show. The PLI was introduced in the year 1884 and the RPLI was introduced 1995. These schemes are only available to Government and Semi government employees. The contract is guaranteed by the Government of India and it enjoys high bonus for a lesser premiums. The RPLI is implemented in the rural areas.
Many technological and administrative steps are taken towards making the two insurance schemes attractive to the customers. As many as 6,000 Gramin Dak Sevaks and 1,000 Direct Agents are contributing to service procurement and taking care of hundreds and thousands of customers. Now, all the after-sales services including maturity and loan cases are handled by local divisions. Policy documents are now printed and submitted to the insurants within 30 days. Facilities that the customers can now avail of include enhanced life cover of up to Rs 20 lakh, online premium deposit for a policy in any Post Office anywhere in the country, option of a variety of products, easier revival process and customers’ care centres at Divisions, Regions and Circles to take prompt care of grievances. Nomination change, transfer, assignment facilities can be availed at Circle/Regional office level.
These implementations would hopefully bring in more revenue from these Government Initiatives. Statistical Data from the website also shows that RPLI is gaining better ground in terms of growth. Without any promotion, these two schemes are silently adding substantial revenue to the Indian Government.
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