Monday, February 2, 2015

India's oldest life insurance 'Postal Life Insurance' go online now

After having successfully implemented Core Banking Services in many Post Offices, Postal Department has now started roll out of Core Insurance Solution. Under which, Postal Life Insurance and Rural Postal Life Insurance will be made online. Briefing about this Mr. Krishna Kumar Yadav, Director Postal Services of Allahabad Region said that after implementation of Core Insurance Solution, Life Insurance schemes of the Postal Department will start functioning on McCamish software developed by Infosys. He further said that under Core Insurance Solution, Central Processing Centers are being established in all Head Post Offices of the country. To enable high tech and speedy processing of Postal Life Insurance related application and claims etc., these Central Processing Centers are equipped with high speed printers and scanners along with high speed internet connectivity. 

 Director Postal Mr. Krishna Kumar Yadav said that including Allahabad Head Post Office and Varanasi Cantt Head Post Office, total 15 Head Post Offices in Uttar Pradesh have been migrated online on 2nd February, Monday. In UP earlier 20 Head Post Offices have already migrated on. Postal Dept. is planning to migrate all Head Post Offices in UP within this financial year only. In Allahabad Head Post Office more than 28, 000 policy bond holders exists, whereas in Varanasi Cantt Head Post Office it’s more than 26,000, added Mr. Yadav.

Director Postal, Mr. Yadav told that currently insurance bonds are issued by Divisional Supdts. , but now it will be done by the Postmasters at Head Post Office level, which reduce the time taken in issuance of bonds. Apart from this, Postal Life Insurance policy holders will be now able to view their policy status, total deposited premium and other details online and also deposit their premium online. Mr. Yadav further said that not only new but all old policies will be also available online, which will ultimately ensure timely settlements of all claims related to Postal Life Insurance and Rural Postal Life Insurance.

It is worthwhile to mention here that Started on 1 February, 1884, Postal Life Insurance is India’s oldest insurance service and currently, employees of government, semi-government, and government controlled organizations are eligible for Postal Life Insurance. Postal Department has also introduced Rural Postal Life Insurance in 1995, for people in rural areas. Insurance schemes offered by Post Offices are secured under guaranteed return by Government, tax rebate under section 80 C, low premium, high bonus, loan against policies, facility to deposit premium at any Post Office in India, and 1 percent rebate on advance premium deposit of 6 months, 2 percent rebate on advance premium deposit of 12 months. Proponent is not burdened with any type of commission paid to agents, Yadav added.

Post a Comment