Calculate PLI Maturity value with the help of PLI maturityCalculator. This calculator is for Endowment Assurance (Santosh Policy)
*Maturity value is subjected to current bonus rate i.e 52/- per thousand.
This Post is to inform that in the Tamil Nadu circle about the pilot rollout of McCamish and GL Integration for Postal Life Insurance (PLI). The rollout will begin on April 23rd, 2024 and encompass all post offices within the circle.
To ensure a smooth implementation, necessary instructions have been issued to all concerned parties. These detailed instructions are aimed at facilitating a successful PLI-GL rollout.
PAN India Roll Out will be begin soon. This will eliminate all types of mannual voucher posting related to PLI.
Stay with Postalblogs for more updates.
F.No.13-02/2021-LI Dated 15.04.2024 issued by Directorate of Postal Life Insurance,Department of Posts
This Post is to inform you about a recent change in the Department of Posts’ policy regarding advance premium collection for Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) schemes. This change is effective immediately, April 15th, 2024.
New Limit on Advance Premium Collection
To ensure better financial management and align with standard industry practices, the maximum advance premium that can be collected for a PLI/RPLI policy is now limited to 12 months. This excludes any previous or current premiums you’ve already paid, regardless of your chosen payment frequency (monthly, quarterly, half-yearly, or annually).
Explanation and Implementation
The Department is currently working on amending the PLI Rules, 2011, to reflect this new regulation. For your reference, a detailed explanation with illustrations is included in Annexure A of the official notification (F.No.13-02/2021-LI), which can be accessed through the Department of Posts website. The system has already been updated to reflect this change, ensuring its immediate implementation.
Source- Employee Corner
This post is to inform all about a recent review process regarding the promotional and incentive structure for Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) sales.
Background:
In June 2020, a structure outlining promotions and incentives for PLI/RPLI sales was established. Based on feedback, this structure was revised in July 2023. Notably, a new “procurement incentive” was introduced for Divisional Heads, ASP(HQ), and Sub-Divisional Heads. This incentive aims to motivate and monitor sales personnel within their divisions to achieve higher sales targets over a one-year period (effective from July 1, 2023).
Current Review:
The Department of Posts is currently evaluating the effectiveness of the procurement incentive for Divisional Heads, ASP(HQ), and Sub-Divisional Heads. This evaluation focuses on:
Input Needed:
To ensure we have a comprehensive understanding of the program’s impact, we are requesting feedback from all Circles .By April 26, 2024, Circles should submit their comments to the PLI Directorate, along with a recommendation on whether the procurement incentive should be continued for these positions beyond June 30, 2024.
Please note: This is an informational update. Circles will receive separate communication for official feedback submission.
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This post addresses a recent error encountered during NACH mandate registration through the SBI portal, specifically the “Data Mismatch with Image End Date” issue.
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DOWNLOAD PLI DIRECTORATE ORDER
MINISTRY OF COMMUNICATIONS
(Department of Posts)
(DIRECTORATE OF POSTAL LIFE INSURANCE)
NOTIFICATION
New Delhi, the 13th March, 2024
No. 04-01/2019-LI.—In exercise of powers conferred vide Rule 3 of Post Office Life Insurance Rules (2011) and on the basis of Actuarial Valuation of the assets and liabilities of Post Office Life Insurance Fund (POLIF) as on 31.03.2023, the Director General Postal Services is pleased to declare a simple Reversionary Bonus on the Postal Life Insurance Policies on their becoming claims, due to death or maturity at the following rates:-
| Type of Insurance Policy | Rate of Bonus |
| i. Whole Life Assurance (WLA) | Rs. 76/- per thousand of sum assured |
| ii. Endowment Assurance (EA) (including Joint Life & Children Policies) | Rs. 52/- per thousand of sum assured |
| iii. Anticipated Endowment Assurance (AEA) | Rs. 48/- per thousand of sum assured |
| iv. Convertible Whole Life Assurance (CWLA) | Whole Life bonus rate would be applicable, but on conversion, Endowment Assurance bonus rate will be I applicable |
| v. Terminal Bonus | Rs. 20/- per sum assured of Rs. 10,000/- subject to maximum of Rs. 1000 for Whole Life Assurance and I Endowment Assurance policies with term of 20 years or more. |
JITENDRA GUPTA,
Chief General Manager (PLI)
Source- Indiapost notification
No. 29-09/2023 — LI
Government of India
Ministry of Communications
Department of Posts
Directorate of Postal Life Insurance
Chanakyapuri PO Complex,
New Delhi, Dated 22.03.2024
To,
All the Heads of Circle
Subject: – Guidelines for the payment of GST on Late Fees/ Default fees/interest collected on delayed payment of PLI/RPLI premia — reg.
This is regarding guidelines / directions sought by various circles for the payment of GST on Late Fees/ Default fees/interest collected on delayed payment of PLI/RPLI premia w.e.f. 1st July 2017.
It is to intimate that audit has raised objections in different Circles and in this Directorate for the non-payment of GST on the subject cited above.
In view of the above, a detailed accounting procedure is enclosed for smooth payment of due GST.
Therefore, it is kindly requested to issue necessary instructions to the concerned DDOs to ensure that the payment of GST on Late Fees/ Default fees/interest collected on delayed payment of PLI/RPLI premia w.e.f. 1st July 2017 along with applicable interest has been made to the GST Authorities and appropriate return has been filed.
General Manager (Finance)
This is regarding payment of honorarium to operational staff working at CPC in connection with liquidation of new proposals indexed in PLI and RPLI from 15.03.2024 to 31.03.2024.
CPC, it has been decided that they may be considered for payment of honorarium on procurement of new PLI/RPLI policies at the following rates:
| Activity | Honorarium amount per new PLI/RPLI business proposal (in Rs.) |
| Indexing of new business proposal (at BO/SO/HO) | 2 |
| Scanning Assistance at CPC | 2 |
| Data Entry Operator at CPC | 2 |
| Quality Checker at CPC | 2 |
| Approver at CPC | 2 |
| Issuance of Policy Bond | 2 |
| Total | 12 |
| 10 Digits CSI GL Code |
Mapped with 15 Digits CGA Head of Accounts |
Nomenclature into CSI-SAP System |
| 3031620113 | 320103101080101 | Honorarium |
To,
All the Heads of Circle
Encl: As above.
