Postal Dept. earns record revenue in insurance sector

Allahabad Postal Region has made a new record by achieving maximum business in respect of Rural Postal Life Insurance in Uttar Pradesh Circle. Postal Department is offering insurance coverage for rural populace since 1995 under Rural Postal Life Insurance. Mr. Krishna Kumar Yadav, Director Postal Services, Allahabad Region told that in last financial year Postal Department issued RPLI worth Rs. 122 crore 8 lakh. Mr. Yadav informed that currently 1,45,596 people  living in rural areas are covered under this insurance scheme. Sum assured for which stands at 773 crore. Focus of RPLI is on people living in rural areas, which includes ‘Shiksha Mitra’, Aanganbadi workers, farmers, laborers, private employees etc.

Director Postal Services, Mr. Krishna Kumar Yadav also added that during the financial year 2013-14, business of 141 crore 86 lakh has been achieved under Postal Life Insurance (PLI). Under this employees of Government/ Semi- government/ and Government controlled institutions are eligible for insurance.

Mr. Krishna Kumar Yadav, said that 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.

Director Postal Services, Mr. Krishna Kumar Yadav further added that to achieve this target Postal Department undertook awareness campaign by organizing ‘Melas’ in villages and Government offices. In the last financial year 105 villages were completely adopted under ‘Sampoorna Jeevan Bima Gram’ scheme. He also emphasized that for new financial year, there’s need to bring maximum number of people under insurance cover.