PLI / RPLI Premium Table with Maturity

Postal /Rural Postal Life Insurance - Premium table with maturity value

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Limits for PLI - Proposal, Maturity, Survival benefit and Death Claim

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Conversion of PLI Policy

If you have a Postal Life Insurance policy with maturity date at the age of 60 yrs or less , you can change policy terms depending upon your current age and health factor after converting the policy i.e 60 yrs to 50 yrs or vise versa etc..

What is conversion

• Conversion” means any alteration affecting the date of maturity of a contract of insurance and includes not only alteration from Whole Life Insurance class to the Endowment class but also the antedating or post dating of the maturity of an Endowment policy and consequent increase/decrease of premium.
• In the case of policies other than Joint Life Assurance, Children Policy Anticipated Endowment Assurance policies and 10 Year Rural PLI, conversions involving alteration of policy terms other than reduction, discontinuance or commutation of premia referred to above will be allowed only after payment of premia for an integral number of years ( on after completion of one year and month of policy acceptance only i.e if policy date of acceptance is 10.03.2015 than conversion will be allowed in the next march-16,Marhc-17,March-18 so on but before 1yr of maturity) and in any case where it is intended to extend the premium term or to defer the maturity date, on the production of a medical certificate of good health at the expense of the assured

Conditions for Conversion :-

• Conversion of a policy other than CWL class to an EA class payable at the ages of 35, 40, 45, 50, 55, 58 and 60 only will be admissible.
• Conversion of policy as would put the date of maturity or the date of cessation of premium to a date preceding or within one year from the date of conversion is not admissible.
• Such conversions will be permitted only once on the duration of each policy without a fee. Second and subsequent conversions shall be subject to a small fee not exceeding Rs. 20/- or as may be fixed by the Department, in each case.
• No alteration from Anticipated Endowment Assurance and 10 Year Rural PLI policies to other classes of policies or vice-versa, or alterations in the selected term or in the sum assured of the Anticipated Endowment Assurance policy and 10 Year Rural PLI policy will be allowed.

The other formalities to be observed in this connection are detailed below:-

a) In the case of an unassigned policy, consent of the insured to the terms of conversion in the existing form would be sufficient.

b) If the policy is conditionally assigned, consent of both the assignee and the insured would be necessary. If the assignment is absolute consent of the absolute assignee will be sufficient. The consent of the assignee is to be obtained in the form indicated below :

I----------------------------------- assignee of policy No---------------------------- standing in the name of insurant Shri------------------------------- hereby consent unconditionally to the conversion of Policy as described by insurant

Attested. Signature of the assignee,

Date:-

Place :- 

Documents required for Conversion

1. Application Form:- Download
2. Policy document
3. Premium Receipt Book/Loan receipt book if loan taken.
4. Certificate of Pay Disbursing Officer regarding recovery of premia from pay for the last six months
5. Fee receipt of Rs.20/ if second or subsequent conversion.
6. Medical Certificate if required. ( In case Term extended)

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REVISED PLI / RPLI SERVICE TAX CALCULATOR

Exclusive Service Tax Calculator and Mc-Camish RPLI /PLI tally sheet and schedules.

Download Revised PLI / RPLI Service Tax

Download

Developer : S. THIYAGARAJAN, SPM

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Finacle / Mccamish receipt Printing in Dot matrix Printers - Suggestion reg.

Finacle  and Mccamish receipts printing can be done in Dot matrix Printer itself in legible, readable way by changing the settings as below:

Open the PDF document to Print 

--Go to File

--Print

--Properties

-- Advanced

-- Below Paper Quality, Graphic appears and 120x72 dots per inch stands selected defaultedly. If you click on 120X72, a combo box will appear. From the drop-down, select 240X216 dots per inch.

--Give Ok.

--Ok.

--Print.

         I am doing in the above manner and printing reports in Finacle and Mccamish. Its a humble suggestion for our colleagues suffering without Laser printers. I faced hardship without laser printer and then tried and found it by trial and error method. I would like to inform you so that you will let our colleagues know. 

Thanks to 

K. Radha, SPM,
Srirangam West S.O.
Trichy-620006.
ph: 9486311338.

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PLI RPLI SERVICE TAX CALCULATOR XLSX

Revised Service Tax Calculator Tool

Revised Service Tax Calculator in xlsx format

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Revision of Service Tax on PLI w.e.f 01.06.2015 - PLI Directorate order

PLI Directorate decided to increase the service tax on PLI with effect from 01.06.2015. The rates of Service Tax got upward revision as under vide Government of India, Ministry of Finance, Department of Revenue Notification No 5/2015-Service tax dt. 01-03-2015.

•     Revised ST For First year Premium is 3.50% (revised from 3.09%)
•     Revised ST for Renewal Premium is 1.75% (revised from 1.545%)

There will be no Cess on Service Tax

The revised rates of ST shall be applicable w.e.f 01.06.2015 as per Government of India, Ministry of Finance , Department of Revenue Notification No 15/2015- Service tax dt. 19.05.2015

The order issued by PLI Directorate regarding this subject is given below for reference.

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RPLI COMMISSION PREPARATION TOOL FOR SUBOFFICE

Download RPLI Commission Preparation Tool For SO

RPLI Commission Preparation Tool for Sub Office has been developed by KarunaGaran SA Tiruppatur.

RPLI Commission Preparation Tool

Instruction 

• Enter SQL Information of MM Server in This Tool.
• Click on RPLI commn Preparation option to Prepare Commission list.
• Take Report using Reports Option.

Download

Download

Developed by : R.KarunaGaran System Manager
Tirupattur HPO – 635601.
+919894213404 Karunagaran78@Gmail.com

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NEW PLI BROCHURE

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Role of of officials at CPC ( PLI )

Role of of officials at Central Processing Centre ( PLI ) : View / Download

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e-PLI through McCamish; Advantages in various levels

As a continuation of IT Modernisation Project, India Post has introduced e-Postal Life Insurance through Infosys McCamish platform.  This project is the part of Financial Services System Integration (FSI) solution. Following are the main benefits of this new implementation in various levels.

Benefits of Field Officer / Direct Agent

1.    Increased Sales opportunities due to faster policy issuances and claims settlement.

2.    Single view of Customer details with the help of Unique Cus-tomer Identification ID.

3.    Introduction of Agent Portal leading of online availability of:-

a.    Brochures, Sales material, Proposal forms, claim forms, policy servicing forms.

b.    Customer’s Policy/ledger statement.

c.    New Policy Features & Benefit.

4.    Automatic calculation of commissions leading to accurate and faster payments.

5.    Availability of information on Potential customers for more business.

Benefits of Supervisor at CO/DO

1.    Improved Customer satisfaction due to faster policy issuance and service.

2.    Single view of Customer details with the help of Unique Customer Identification ID.

3.    Availability of Reports to improve premium collection.

4.    Increased sales opportunities due to identification and tracking of potential customers.

Benefits of Division Head

1      Easier launch of new products, across all post of-fices at the same time.

2      Faster processing due to reduced physical file handling.

3      Improved Customer satisfaction due to faster policy issuance and service.

4      Increased sales opportunities due to identification and tracking of potential customers.

5      Easy to monitor sales across Post offices using Reports and Dashboards.

6      Reduced dependency on HOs for collecting information.

Counter Assistant / Supervisor

1.    Shorter queues at counters due to introduction of multiple interaction channels like Internet Portal and Call Centres for submitting policy related requests.

2.    Faster and easier way to work due to online access of policy features and details.

3.    Faster Access to Customer details with the help of Unique Customer Identification ID.

Office Assistant

1.    Online availability of customer related infor-mation and documents.

2.    Reduced workload due to data entry being done at HO/SO/BO.

3.    Faster and Easier way to work due to online approvals of policy related requests.

4.    Easy to view and updated details of multiple agents at one time.

Development Officer

1.    Improved Customer satisfaction due to faster policy issuance and service.

2.    Single view of Customer details with the help of Unique Customer Identification ID.

3.    Availability of Reports to improve premium collection.

4.    Increased sales opportunities due to identification and tracking of potential customers.

System Administrator

1.    Easier launch of new products due to centralized installations.

2.    Centralised update of software patches.

3.    Dedicated technical Helpdesk for support leading to lesser queries from employees.

4.    Secured data through encryption, firewalls, re-stricted access.

Source : http://postbankofindia.blogspot.in/2014/07/e-pli-through-mccamish-advantages-in.html

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PLI - Central Processing Centre

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Postal Life Insurance to Sell Policies Online

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.

Source : http://www.newindianexpress.com/

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PLI Premium Calculator Updated

PLI Premium Calculator with revised bonus rates is attached h/w

Download from Google Drive or Boxnet

Developed by

Shri. Vishnu Borade, PA

Chalisgaon HPO

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REVISED UA CLEARANCE APPLICATION FOR PLI - ALL CIRCLES 10/02/2014

Revised UA Clearance Application For PLI UAs For The All Circles

Revised dated : 10.02.2014

Download

UA Clearance Revised Setup 10.02.2014  : 

Download

 

Manual for UA clearance   : 

Download

 

FAQ On UA Clearance       : 

Download

 

Installation & Pre Requisites: 

1. . NET Frame work (can be downloaded from website http://appost.in/pliportal 

2. MS Office 2007 should be installed in the System. 

3. PDF Adobe Reader 

4. The System date Format should be ‘dd/mmm/yyyy’ ( Can be set up in Regional Settings in Control Panel) 

5. PAO CODES of your Circle can be downloaded from NIC Software and pasted in an excel file and save it in csv format. 

Note : for Operating Procedure refer the Manual of UA Clearance.

Disclaimer:

The Matches shown are on electronic based logic. Manual verification of data is essential before committing the mapping.

Source : http://potools.blogspot.in

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PRIEST - NEW APPLICATION FOR GENERATING PLI / RPLI BARCODE

Download
Software
Manual
Pre-requisite

Operating Instructions for PRIEST Software

Installation Procedure

1.  The Prerequisite for this software to install is ‘.Net Frame Work 3.5’

2.  In case, this is not available in the system, in which ‘PRIEST’ software is being installed, Please down load it from using above link

3.  Download the installation zip file from the above link.

4.  Install the software by double clicking the set up file.

Circle Configuration

1.  Select Your Circle Name from the List.

2.  Type the Prefix of your Circle Policy Number. i.e., first two Characters of policies of your Circle. [Ex: for Delhi Circle the Policy No is : DL-123457-CS’ , the Please type DL in the box for Policy Prefix. 

3.  Select the status of the Office. Either Divisional or Regional [if the Status is ‘HO’ then select as Divisional Office only ]

4.  Press Save Button for saving the configuration.

5.  Restart the Application once again to get PLI / RPLI Barcodes.

Operating Instructions For PRIEST Software

6.  Generate the PLI / RPLI PR Labels using PLI/ RPLI Web Application under PR label generation 

Report. (As being done regularly. Proposal Men >PR Label Printing->Enter Start Date and End Date 

7.  A PDF file will be generated. Please save this file with some name at a suitable location. 

8.  Now Open PRIEST Application to generate PR Labels with barcodes.

9.  Select the Pr Label File that is generated and saved at Step 2, by clicking on the Browse Option.

10.  After Selecting the File (PR Label file in PDF Format) click on Bar code PR Label Button and wait till the new file with barcodes is generated. The file will automatically open on the screen. Please print the same. 

Source : http://potools.blogspot.in

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FREQUENTLY ASKED QUESTIONS ON PLI

Q. What is PLI?
A. A contract entered into by the Government to pay a given sum of money on the death of an individual to his nominee or himself, if he survives that period.

Q. When did PLI start?
A. PLI as a scheme is available since 01.02.1884.

Q. What is the difference between PLI and other Insurance?
A. PLI is only for Government and Semi-Government employees. Moreover PLI is the only Insurer that offers
low premium and high bonus.

Q. Is PLI guaranteed? If so, by whom?
A. PLI is guaranteed by Government of India.

Q. Is there any limit to the number of policies one can take for children?
A. One can take policies for two children.

Q. What is the necessity of sending the PLI Policy Bond to office address of the Insurant? Why can this not be sent to the residence of Policy holder?
A. PLI policy is issued to people who are employed under Government/Semi-Government sector etc. That
is why the policy bond is sent to the Office address of the Insurant.

Q. How can a policy be transferred from one PO to other?
A. The system of transfer of PLI policy is very simple. The policy holder can apply to the Chief Post Master General through the Post Office where the policy stands or the PO in which he desires to pay the premium. The PO will accept the application and send to the CPMG (PLI).

Q. Which type of PLI policy among your scheme is more beneficial to opt for without hesitation?
A. All policies in PLI are beneficial. Every scheme has some unique features. In EA policy, you will get your savings along with bonus after the prescribed number of years.

Q. Whether salaried professionals in Private Sector can join PLI?
A. Such categories are not eligible but they can have RPLI policies subject to fulfilling other conditions.

Q. If one spouse is working in a Government Organization but the other is not, is there any scheme in PLI for both?
A. We have 'Yugal Suraksha' scheme under which both can jointly get a policy. After paying a little more premium, both can be covered under this assurance scheme.

Q. Can one continue the policy if one quits the Government service?
A. One can continue by making payment at any one of the 1, 55,000 post offices throughout the country, even after quitting service..

PREMIA PAYMENT
Q. What is the mode of premium deposit?
A.  The Premium Receipt Book is issued to the Insurants for the deposit of Premium in any departmental PO, and there is a facility of recovery from pay for all employees belonging to the Central Government.

Q. Is there any other mode of payment?
A. The premium can be paid through Cheque.

Q. Is premium recovered through salary?
A. Yes, recovery of the premia through salary is possible, in offices where it is remitted directly to PLI. In case where it is not, it is possible by appointing a Group Leader, who collects the premia from the insurants and deposits in a post office along with PR book. However, premia are to be deposited in any post office as per convenience i.e. monthly/half yearly/ yearly where there is no recovery through salary.

Q. Why is the premia for children’s policy higher?
A. As both children’s and parent’s risk is covered.

Q. Can one revive a lapsed policy?
A. If the premia are not paid for 6 months in case policy is in currency for 3 years (or) 12 months in case policy is more than 3 years old, then the policy becomes void. This needs revival to make it active. Revival shall not be allowed on more than two occasions during the entire term of the policy. Policy can be revived any time one year before maturity.

Q. What happens if one forgets to pay one’s premium in a month?
A. One can pay the premium in the subsequent month, by paying a minimum fine of Re. 1/- per hundred of sum assured.
LOAN

Q. Is loan facility available in PLI?
A. Loan can be taken from EA policy after completion of 3 years and in respect of Whole Life after completion of 4 years. Loan facility is available in AEA policies.

Q. Is Home loan available?
A. No

Q. What are the terms on which loan can be availed?

EA policies after 3 years from date of issue of policy.

WLA policies after 4 years.

Interest 10% p.a. Calculated on six monthly basis

Loan entitlement is calculated on a prefixed proportion of these surrender value

Interest should be paid on(or) before 21st of due month (i.e. 6 monthly once)

SURRENDER

Q. What is surrender value of a policy?
A.” Surrender value” of a policy, means the amount that is payable to an assured, when he foregoes the contingent benefit of his policy and surrenders it for an immediate cash payment.

Q. What will be the surrender value of the policy?
A. Surrender value depends on the surrender factor and type and term of policy.

Q. Can one get the full amount paid with accrued bonus, if policy is surrendered prematurely?

Endowment Assurance policy can be surrendered after 36 months.

WLA policy can be surrendered after 48 months.

Children policy can be surrendered after 60 months.

No surrender for AEA policy.

Bonus will be taken into account after 5 years for surrender value calculation on the paid up value. But surrendering any policy prematurely is always a loss to the insurant. Hence, it is suggested not to go for surrender.
It is not a simple saving scheme but it aims to give risk coverage also.
It provides immediate Insurance coverage from the date of acceptance. Full policy amount with accrued bonus will be given even if death occurs on the very next day of acceptance of the proposals for all bonafide cases.

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