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Sunday, 29 June 2014

Postal Life Insurance to Sell Policies Online

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Postal Services Board member (PLI) Anjali Devasher presenting postal life insurance award to Maj. R Subramani in Hyderabad on Thursday. Chief postmaster-general BV Sudhakar in the middle. | A SURESH KUMAR
 
HYDERABAD: Postal Life Insurance (PLI) and Rural Postal Life Insurance(RPLI) will soon allow its users to purchase and view policies status online and even pay the premium.
 
Completing 130 years, Postal Life Insurance, the oldest Life Insurance scheme in the country, is all set to roll out Core Insurance Solutions (CIS) across all its 812 head post offices/CPCs and sub post offices as its second phase of technology upgradation, said Faiz-ur-Rahman, chief general manager, PLI. The CIS is set to be fully operational in the next six months and has been operating in over 100 head post offices across the country as a pilot project.
 
During an interaction in the backdrop of an award ceremony to felicitate the outstanding business performers in PLI and RPLI, the CGM said that they have set a target premium of `9,500 crore to be raised in 2014-15. It had raised `7,500 crore in 2013-14 and `5,200 crore in 2012-13. ‘’We are unique in the sense that we assure highest return from our products. When no other company has declared any bonus, we have and we can,’’ he said. Speaking about the scenario in Telangana and Andhra Pradesh, BV Sudhakar, chief post master general, AP circle, stated that the circle has set a target Rs 700 crore premium to be raised in 2014-15.
 
‘’PLI for us means prosperity, longevity and integrity. When the industry is growing at about 16 per cent, we in AP circle are growing at 25 to 30 percent,” he said. 
 
Further, explaining how PLI is able to offer highest returns with lowest premiums, he said that since the sale, service and redressal of complaints are all done through the network of department of posts, the operation costs remain very low compared to other insurance providers, and the surplus thus generated is passed on to insurants in the form of higher bonus. 
At present, the number of live policies in PLI and Rural PLI is almost 28 million. The corpus size is nearly `50,000 crore and the total sum assured for all policies put together come to `1.99 lakh crore, he said.
 

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