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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