Indiapost Insurance scheme PLI RPLI a detailed presentation.pptx

PLI

1. Postal Life Insurance Postal Training Center Mysuru - 570010

2. Protection for Self and Family. Reduce Stress. Financial Security. A legacy to leave behind. Insurance facilitates spreading of risk from the I nsured to the Insurer. It is a Tool in the management of risks. Insurance, an intangible, provides another intangible: Peace of mind . Postal Life Insurance Postal Training Center Mysuru - 570010

3. Introduced as a Welfare Scheme for Postal Employees on 01.02.1884. In 1888 extended to Telegraph Department. Later on it was extended to State and Central Government Employees . First Insurer to extend coverage to women in 1894. In 1995, insurance cover extended to rural areas (RPLI). Postal Life Insurance Postal Training Center Mysuru - 570010

4. The Directorate PLI is the Apex Body for formulation of Policy, Products and Administration of PLI/RPLI Fund. Procurement of the Business, after sale services & all types of Claims will be managed by the CPC. The Office of Director, PLI, Kolkata functions as Accounting Office in the Country. Postal Life Insurance Postal Training Center Mysuru - 570010

5. GMs (PLI) Director PLI Kolkata Actuary Postal Life Insurance PLI Directorate Organisational Chart Investment Division CGM (PLI) CPMGs Member (PLI) - Chairman UTI Asset Mgt Co Ltd SBI Funds Mgt Pvt Ltd PMGs Director HQ/Region Divisional Heads ) DO/Dept Employees/Field Officer/Direct Agent/GDS CPCs Postal Training Center Mysuru - 570010

6. Benefits 1. Low Premium and High Bonus. Income tax concession under Section 80CC of IT Act-1961. Easy transfer to any place of India free of Cost. Payment of Premium through multiple channels, any where in India. Providing online services like Premia Payments, New Proposal Indexing etc.. Rebate for advance Premium Payments. PLI Minimum SA – Rs.20000/- in multiples of Rs.10000/- Maximum SA – 50 Lakhs in one Class/All Classes of Insurance Policy(s) Postal Life Insurance Postal Training Center Mysuru - 570010

7. Eligibility for Postal Life Insurance Permanent Residents in India who are Employees of State or Central Government. Defense Services. Local Bodies like Municipality, Zilla Parishad etc … Para Military Force. GDS. Government Aided Educational Institutions. Universities established by Govt. Reserve Bank India Ports, Public Sector Undertakings. Postal Life Insurance Postal Training Center Mysuru - 570010

8. Eligibility for Postal Life Insurance Permanent Residents in India who are Employees of Joint Ventures where Government is having minimum 10% of Holding. Employees of Credit Co-Op Societies partly or fully funded by the government. Employees of education institutions affiliated to recognized boards.(CBSE, ICSE, State Boards, Open Schools etc..) Professionals (Doctors, Engineers, Management Consultants, Chartered Accountants, Architects, Lawyers etc..) Bankers (Nationalized, Foreign, Scheduled Commercial, Private ) Employees of Listed companies of NSE & BSE. Postal Life Insurance Postal Training Center Mysuru - 570010

9. Postal Life Insurance Types of Postal Life Insurance Policies Postal Training Center Mysuru - 570010

10. Whole Life Assurance : SURAKSHA Age limit 19 to 55 Years. Premium payable up to 55/58/60 Years. Policy will be in force till the insurant attains the age of 80 Years. Payable on attaining the age of 80 Years or after the death of the policy holder which ever occurs earlier. Postal Life Insurance Postal Training Center Mysuru - 570010

11. Whole Life Assurance : SURAKSHA Bonus Bonus applicable from 01-04-2020 is Rs.76 per Rs.1000/- N ot eligible for bonus if surrendered before completion of 5 years. Conversion Benefit Can be converted into an Endowment Assurance Policy after completion of one year and before 59 Years of age of the insurant. The date of conversion should not fall within One Year of the date of cessation of premium Payment or Date of Maturity. Postal Life Insurance Postal Training Center Mysuru - 570010

12. Convertible Whole Life Assurance : SUVIDHA Age limit 19 to 50 Years. Whole Life Assurance Policy with an option to convert into EA at the end of 5 Years. On conversion Bonus of EA will be payable. Can be converted to EA after 5 years and not later than 6 years. Policy will be treated as Whole Life Assurance if not converted. Age on the date of conversion should not exceed 55 Years. Premia Ceasing Age:  As Applicable to Whole Life Assurance Plan. Postal Life Insurance Postal Training Center Mysuru - 570010

13. Convertible Whole Life Assurance : SUVIDHA Bonus Bonus applicable from 01-04-2020 is Rs.76 per Rs.1000/- if remains in WLA. Rs.52/-per Rs.1000/- if it is converted in to EA. N ot eligible for bonus if surrendered before completion of 5 years. Postal Life Insurance Postal Training Center Mysuru - 570010

14. Endowment Assurance : SANTOSH Age at Entry : 19 to 55 Years. Payable to the Insurant on attaining the Pre-Determined age of Maturity. In case of death, nominee will be paid full amount of the Sum A ssured with Accrued B onus. Available Policy Term (Premium Ceasing Age) : EA35, EA 40, EA 45, EA50, EA55, EA58 and EA60. Postal Life Insurance Bonus Bonus applicable from 01-04-2020 is Rs.52 per Rs.1000/- N ot eligible for bonus if surrendered before completion of 5 years. Postal Training Center Mysuru - 570010

15. Anticipated Endowment Assurance : SUMANGAL (W.E.F : 24.03.1984) It is a Money Back Policy. Survival benefit is paid to Insurant periodically. Best Suited Policy for Periodical Returns. Two Types : 15 Years and 20 Years Term. Age : Minimum : 19 Years. Maximum : 45 & 40 Respectively for 15 & 20 Years Term. Postal Life Insurance Postal Training Center Mysuru - 570010

16. Anticipated Endowment Assurance Instalment Payable 15 Years Term 20 Years Term 20 % of Sum Assured Amount 6 8 20 % of Sum Assured Amount 9 12 20 % of Sum Assured Amount 12 16 40 % of Sum Assured Amount with Bonus 15 20 Postal Life Insurance Postal Training Center Mysuru - 570010

17. Anticipated Endowment Assurance : SUMANGAL Bonus : Rs.48/- per Rs.1000/- Additional Benefit : Survival Benefit already paid will not be taken into consideration in the event of unexpected death. Full Sum Assured Amount with accrued bonus is payable to the Assignee or Legal Heir. Postal Life Insurance Postal Training Center Mysuru - 570010

18. Joint Life Assurance : YUGAL SURAKSHA (W.E.F : 01.08.1997) Life insurance coverage is provided to both spouses with only one premium. O ne of the spouses should be eligible for PLI policies. Features are same as EA. Spouse should be liter ate. Age at Entry should not be less than 21 Years and more than 45 Years. Person having more than one spouse living, cover will be available in respect of eldest spouse . Postal Life Insurance Postal Training Center Mysuru - 570010

19. Joint Life Assurance : YUGAL SURAKSHA At Maturity, the older spouse should not be more than 60 Years on his/her next birth day. Both spouses shall have to undergo Medical Examination irrespective of the Sum Assured. The Sum Assured with accrued Bonus will be payable on the death of one spouse before Maturity to the Survivor. Policy Term : Minimum 5 Years and Maximum 20 Years. Postal Life Insurance Postal Training Center Mysuru - 570010

20. Joint Life Assurance : YUGAL SURAKSHA Bonus Rs.52/-per Rs.1000/- N ot eligible for bonus if surrendered before completion of 5 years. Postal Life Insurance Postal Training Center Mysuru - 570010

21. Children Policy : BAL JEEVAN BIMA (W.E.F : 20.01.2006 ) Non-Medical P olicy. Minimum limit : Rs.20,000/- and Maximum : Rs.3,00,000/- Parent should also have a policy equivalent to amount of Sum A ssured of the child. Maximum 2 children are eligible. Only one Policy for each child. Age : Main Policy Holder (Father/Mother) : Maximum 45 Years. Children : Minimum 5 and maximum 20 Years. Claim : No premium is payable, in case of death of Main Policy Holder. Full Sum Assured + Accrued bonus will be paid after the completion of Policy Term . Postal Life Insurance Postal Training Center Mysuru - 570010

22. Children Policy : BAL JEEVAN BIMA Bonus Rs.52/-per Rs.1000/- N ot eligible for bonus if surrendered before completion of 5 years. Postal Life Insurance Postal Training Center Mysuru - 570010

23. Age Limit Scheme Minimum Maximum WLA/EA 19 55 Joint Life Assurance 21 45 AEA 19 40/45 CWLA 19 50 Children Policy 5 Child : 20 Parent : 45 Non-Medical 19 35/40 RPLI/PLI Postal Life Insurance Postal Training Center Mysuru - 570010

24. Medical Report Medical Report is mandatory in the following cases: When Age at Entry exceeds 40 Years. When Sum Assured exceeds Rs.5,00,000/-. When Maturity is sought at 35 years of age. AEA/ Yugal Suraksha Policies. For Non-Medical : Maximum Sum assured is Rs.5,00,000/-. A PLI Policy up to Rs.2 Lakh Sum Assured will be Non-Medical Policy irrespective of Age Limit. RPLI : Up to 35 Years with Standard Age Proof SA Rs. One Lakh. Without Standard Age Proof SA Rs.25000/- Postal Life Insurance Postal Training Center Mysuru - 570010

25. Up to Rs.5 Lakhs i . Assistant Civil Surgeon or above/Medical Officer in PHC, RMPs subject to certain conditions ii. Medical Officer equivalent to Assistant Civil Surgeon or above employed in Central/State/Municipal District Board/Local Board/Cantonment Board/Union Board Hospital and Medical Officers of Public Sector Undertakings iii. Medical Officers (Gr-II) Status of Medical Officer Postal Life Insurance Postal Training Center Mysuru - 570010

26. Above Rs.5 Lakhs and up to Rs.10 Lakhs i . Dy Civil surgeon or above ii. Medical Officer equivalent to Deputy Civil Surgeon or above employed in Central/State/Municipal District Board/Local Board/Cantonment Board/Union Board Hospital and Medical Officers of Public Sector Undertakings with at least 10 Years of experience iii. Retired Medical Officers (Gr-I) Status of Medical Officer Postal Life Insurance Postal Training Center Mysuru - 570010

27. Above Rs.10 Lakhs i . Civil surgeon, Medical Officer not lower than that of Civil Surgeon or Chief Medical Officer, CMO Grade-I, Specialist Grade-II ii. Medical Officer (Allopathic)equivalent to Civil Surgeon employed in Central/State/Municipal District Board/Local Board/Cantonment Board/Union Board Hospital and Medical Officers of Public Sector Undertakings with at least 15 Years of experience iii. Retired Civil Surgeon, CMO Gr-I and Specialist Grade-II Status of Medical Officer Postal Life Insurance Postal Training Center Mysuru - 570010

28. Medical Fee Payable Sum Assured Medical Fee Up to Rs.10 Lakhs Rs.50/- Per Examination Above Rs.10 lakhs up to Rs.20 Lakhs Rs.70/- Per Examination Above Rs.20 lakhs Rs.120/- Per Examination Revival Cases Rs.150/- Per Examination The validity of the Medical certificate is 60 days. If it is not accepted within that period, Second M edical E xamination is to be done. Postal Life Insurance Postal Training Center Mysuru - 570010

29. Miscellaneous Maximum Sum Assured Rs.50,00,000/- .if the age is below 40. Maximum Sum Assured amount to be offered to Employees till the Age of 40 Years will be 10 Times of Gross Annual Income. If the age is more than 40, it is 7 times of Annual Income or 50 Lakhs whichever is less. WLA/EA Plans under PLI, the minimum Term above 50 Years and SA above 5 Lakh will be 7 Years. Person aged 54 Years : Minimum Term is 6 Years. For Physically handicapped Maximum Rs.50,00,000/-. Nomination : Maximum three persons can be Nominated. Postal Life Insurance Postal Training Center Mysuru - 570010

30. Rural Postal Life Insurance Postal Training Center Mysuru - 570010

31. Rural Posta Life Insurance Types of RPLI Policies Postal Training Center Mysuru - 570010

32. Features of RPLI Policies Whole Life Assurance (GRAM SURAKSHA) Convertible Whole Life Assurance (GRAM SUVIDHA) 3. Endowment Assurance (GRAM SANTOSH) 4. Anticipated Endowment Assurance (GRAM SUMANGAL) 5. Children Policy (BAL JEEVAN BIMA) Features of the above RPLI policies are same as PLI except Bonus and Age Criteria. Age in case of CWLA (RPLI) is 19 to 45 Years. Maximum Sum Assured in Children Policy is Rs.1 Lakh. Rural Postal Life Insurance Postal Training Center Mysuru - 570010

33. 10 Year Rural Postal Life Insurance : GRAM PRIYA An AEA Scheme for 10 Years. No interest charged up to one year arrears of premia up to a maximum period of 12 Months in case of Natural calamities. Arrear Premia can also be paid subsequently in maximum 6 installments. Policy shall be entertained in case of death. Not applicable in case of arrears of premia before occurrence of natural calamity . Rural Postal Life Insurance Postal Training Center Mysuru - 570010

34. 10 Year Rural Postal Life Insurance : GRAM PRIYA Age at Entry: Minimum Age 19 and Maximum Age 45 Years . Survival Benefit Payable After Completion of 4 years : 20% of Sum Assured After completion of 7 Years : 20% of Sum Assured After Completion of 10 Years : 60% of Sum Assured Plus Bonus Rural Postal Life Insurance Postal Training Center Mysuru - 570010

35. Age Proof There are two types of Age Proofs Standard age proof Non Standard Age Proof Rural Postal Life Insurance Postal Training Center Mysuru - 570010

36. Standard Age Proof Birth Certificate School Certificate/Mark Sheet PAN Card/PRAN Card Passport Driving License Rural Postal Life Insurance Postal Training Center Mysuru - 570010

37. Non-Standard Age Proof Aadhar Card Voter-ID Elders Declaration Medical Examiner`s approximate age certificate Declaration by Insurant counter signed by Panchayath Member 5% Extra Premium for Non-Standard Age Proof. Rural Postal Life Insurance Postal Training Center Mysuru - 570010

38. Rebate Rebate is eligible for Monthly Premium Policies. 2% - for Twelve Months Advance Premia. 1% - for Six Months Advance Premia. 0.5% - for Three Months Advance Premia in case of RPLI Policies only. For Yugal Suraksha Rebate of 2%, 10%, 50% of Premium for One Month is allowed, if Premium is in Advance for 3,6 & 12 Months respectively. Postal Training Center Mysuru - 570010

39. Formula for calculation of DF 1. Formula: N X (N+1) X premium ---------------------------------------- 200 2. No. of defaults x premium ---------------------------------- 100 *N = No of Months Interest @ 12% for Defaulted Installments Postal Training Center Mysuru - 570010

40. Bonus Plans PLI Bonus Rate Per Rs.1000/- (Rs) RPLI Bonus Rate Per Rs.1000/- (Rs) Whole Life Assurance 76 60 Endowment Assurance 52 48 Anticipated Endowment Assurance 48 45 Children Policy 52 48 Joint Life Insurance 52 Not Applicable Gram Priya Not Applicable 45 Postal Training Center Mysuru - 570010

41. PLI-RPLI Approver Limits Limit of acceptance of New Proposals, Revival, Surrender, Forced Surrender, Maturity, Survival, Death Claims (Except Early Death Claim) Settlement of Maturity and Survival benefit claims of PLI and RPLI Criteria Approving Authority/Approver Up to and Equal to Rs.20 Lakhs Postmaster (HSG-I/HSG-II) Sr.Postmaster (Gr-B) Dy.Chief Postmaster (Gr-B) AD of HOs headed by Director (Gr-B) Greater than Rs.20 Lakhs and up to and equal to Rs.50 Lakhs Head of the Division (Gr-B/Gr-A) Chief Postmaster (Gr-A) Dy.Director of HO Headed by a Director (Gr-A) Postal Training Center Mysuru - 570010

42. PLI-RPLI Approver Limits Early Death Claim (death within 3 Years of acceptance of Policy) Criteria Approving Authority/Approver All cases irrespective of Sum Assured Director GPO (JAG) Director (HQ) Regional DPS (JAG) All Non Financial /Financial Service Requests will continue to be approved by Postmaster/Manager of CPC (GPO/HO) concerned Postal Training Center Mysuru - 570010

43. After Sale Services Assignment Commutation Conversion Reduced Paid Up Name Change Free Look/ Policy Cancellation Issue of Duplicate Bond Loan Surrender Maturity Death Claim Revival Postal Training Center Mysuru - 570010

44. Void & Lapse Void : A policy which is in existence for a period less than 3 Years shall be treated as Void, if the premium remain unpaid either on the due date or within the Grace Period admissible. Lapse : A policy which is in existence for a period less than 3 Years shall be treated as lapsed, if the premium remain unpaid for more than 6 Months. A policy which is in existence for a period of more than 3 Years shall be treated as Lapsed, if the premium remain unpaid for more than 12 Months. Postal Training Center Mysuru - 570010

45. Revival and Reinstatement For Policies Less than 3 Years For Policies more than 3 Years Up to 6 Months Void Lapse (Reinstate) After 6 Months Active Lapse (Revive) Up to 12 Months Inactive Lapse (Reinstate) After 12 Months Active Lapse (Revival) Postal Training Center Mysuru - 570010

46. Revival Conditions The revival of the policy is possible only if The Policy has not attained the date of maturity. The life assured is insurable at the time of revival. A period of consecutive 5 years has not passed from the date of first unpaid premium. Revival amount can be paid either as one lump sum or not more than 12 installments Medical Re-Examination required. Can be Revived any number of times subject to conditions. Postal Training Center Mysuru - 570010

47. Assignment Policies may be assigned by the policy holder 1. For valuable consideration; or 2. By way of gift. The assignment may be made either by an endorsement on the reverse of the policy itself or by a separate deed. The Assignment must be dated and signed by the Assignor in the presence of a Witness. After the Assignment of a Policy is effected, the policy cannot be dealt with any further by the Assignor. Assignment will be inoperative unless a notice in writing given to PM/Manager CPC Postal Training Center Mysuru - 570010

48. Commutation Any alteration in a contract of Insurance except the date of Maturity. Alteration includes : The Premium or Sum Assured. Conversion/Commutation of Policy will be complete only after deposit of revised premium. Surrender request of a converted Policy be indexed after receipt of revised premium. Postal Training Center Mysuru - 570010

49. Conversion Any alteration of affecting the date of Maturity of a contract of Insurance. Conversion includes Whole Life Assurance to Endowment Assurance. Alteration includes Antedating and Post Dating of the Maturity of an Endowment Policy. Allowed only after payment of Premia for an Integral Number of Years. Extension of Premium Term is permitted on production of a Medical Certificate of Good Health. Permitted once without fee. Second and subsequent conversion fee not exceeding Rs.20/- will be charged. Joint Life Assurance, AEA, Children Policy and 10 Year RPLI Policies cannot be converted. Postal Training Center Mysuru - 570010

50. Reduced Paid UP Allows the Policy Holder to stop further premium payment. Results in reduced Sum Assured without altering the Term. Allowed on completion of 3 Years. Sum Assured gets reduced proportionate to Premium Payment. Auto Paid Up Policy for which 36 or more premiums have been paid. Policy completed three years or more. Policy Holder without intimation discontinues payment of further Premium. OR Policy Holder pays the future premium by a single payment. Postal Training Center Mysuru - 570010

51. Name Change Any one of the following Documental Evidence will be considered. A Gazette Notification. A News Paper Advertisement. A Declaration / Affidavit made before the Magistrate. Adoption Deed. Marriage Certificate. Postal Training Center Mysuru - 570010

52. Free Look/Policy cancellation Insurant can apply for Free Look/Policy cancellation within 15 days from the date of acceptance. The entire premium will be paid back to the customer after deducting the medical examination fee. Postal Training Center Mysuru - 570010

53. Issue of Duplicate Bond Advertisement about the Loss of a PLI/RPLI Policy Bond is dispensed with irrespective of Sum Assured vide Order No.25-5/2007-LI(Part) dtd . 08-02-2019 , Fees for issue of Duplicate Policy is Rs.100/-. Issue of Duplicate Policy Document will be approved at CPC Level. Approving Authority may consider settlement of cases without original Policy Bond by taking letter of Indemnity for settlement of PLI/RPLI Maturity Cases. (Letter: F.No.25-04/SOP/2020-LI Dated 19.03.2021.) Fees for Duplicate Premium Receipt Book will be Rs.20/- (Order No. 29-13/2019-LI dtd . 08-07-2019) . Postal Training Center Mysuru - 570010

54. Loan Loan Facility Available Whole Life Assurance (SURAKSHA) Convertible Whole Life Assurance (SUVIDHA) Endowment Assurance (SANTOSH) Joint Life Assurance ( Yugal Suraksha) Loan Facility Not Available Anticipated Endowment Assurance (SUMANGAL) Children Policy (BAL JEEVAN BIMA) Grama Priya (10 Year RPLI AEA) Postal Training Center Mysuru - 570010

55. Loan 1. Whole Life Assurance (SURAKSHA) 2. Convertible Whole Life Assurance (SUVIDHA) Loan Facility Available after 4 Years Exceeding 4 Years but not less than 7 Years 60% of SV Exceeding 7 years but not less than 12 Years 80% of SV Exceeding 12 Years 90% of SV Interest @10% Per Annum Compounded Half Yearly. *SV : Surrender Value. Postal Training Center Mysuru - 570010

56. Loan 1. Endowment Assurance (SANTOSH) 2. Joint Life Assurance ( Yugal Suraksha) Loan Facility Available after 3 Years Exceeding 3 Years but not less than 5 Years 60% of SV Exceeding 5 years but not less than 10 Years 80% of SV Exceeding 10 Years 90% of SV Interest @10% Per Annum Compounded Half Yearly. *SV : Surrender Value. Postal Training Center Mysuru - 570010

57. Loan Status of the Policy should be active for availing loan facility. Maximum admissible amount of Loan will be 90% of Surrender Value. The amount of Loan should not become less than Rs.1000/-. Policy should not have been assigned. Amount of Loan will be in complete multiples of Rs.100/- In the event of loss of Loan Repayment Receipt Book, procedure of Issue of DPB will be applied. Postal Training Center Mysuru - 570010

58. Loan Loans can be availed from India Post or from any other Organisation by assigning the Policy. Insurant can authorise any person as a messenger (Adult Literate of sound mind) for submission of Loan Application in case of being medically unfit or out side India. Self attested copy of Pass Port showing the date of Departure is necessary in case the Insurant is outside India. Insurant, who wish to avail loan from other organisations have to submit Application for Issue of Assignment Letter at any PO or CPC. Postal Training Center Mysuru - 570010

59. Loan Original documents to be produced at the time of submission of application and the same will be returned after comparing it with the copies submitted. Official accepting the self attested copies to sign the document in token of verification. Concerned office will give an acknowledgement for receipt of Loan Application. Offices receiving the application will have to index the same before forwarding it to CPC. CPC to index the applications if received directly. Postal Training Center Mysuru - 570010

60. Loan In case any required document found not submitted, CPC to send a written communication through Register AD requesting to submit the document within 7 days. If the documents are not received within 7 days, a reminder to be sent to the Insurant intimating that the case could not be processed due to non receipt of required documents. If Loan application is rejected, CPC to intimate the same to the Insurant through Registered AD. Postal Training Center Mysuru - 570010

61. Loan Documents to be submitted along with Loan Application Sl No List of Documents Cash policy Pay Policies 1 Loan Application(format at Annex-II)/Assignment Application (format at Annex-III) Yes Yes 2 Self-Attested copy of Policy Bond Yes Yes 3 Self-Attested copy of ID and Address proof of the Insurant (list of Documents acceptable as ID and Address proof is given in Annex-VII) Yes Yes 4 Self-Attested copy of ID and Address proof of the Insurant (list of Documents acceptable as ID and Address proof is given in Annex-VII) Yes Yes 5 Self-Attested copy of ID and Address proof of the Messenger, if any (list of Documents acceptable as ID and Address proof is given in Annex-VII) Yes Yes Postal Training Center Mysuru - 570010

62. Loan Documents to be submitted along with Loan Application Sl No List of Documents Cash policy Pay Policies 6 Cancelled Cheque for Bank mandate or Self Attested copy of POSB passbook (for Loan Application only) Yes Yes 7 Self-Attested copy of Document of Credit, if any* No Yes No Yes 8 Self-Attested copy of Premium Receipt Book ** Yes No 9 Self-Attested copy of Loan Receipt Book# Yes Yes In case, premia payment is not updated in Pay Policies, a certificate from the Employer about deduction of premia and details/copy of pay recovery schedule sent to India Post. ** In case, premia payment is not updated in Cash Policies, Premium receipt Book is mandatory for updation of Premia paid by Insurant in McCamish Software. # In case, loan amount shown outstanding in the Loan Quote has been repaid partially or in full. Postal Training Center Mysuru - 570010

63. Loan All Post Offices shall maintain a Register in the following format for the Loan Application/Assignment Application received Sl No Date of Receipt Name of Insurant Policy Number   Type of Policy   Name of Organisation from which Loan is being availed   Loan Amount   Service Request No.   Date of dispatch to CPC   Sign of Official                       Name of the Office __________________________ Postal Training Center Mysuru - 570010

64. Loan CPC to maintain a Register in the following format for the Loan Application/Assignment Application received Sl No Service Request Number and Date Date of receipt in CPC Received from (Insurant/Office)   Name of Insurant   Policy Number   Type of Policy   Loan Amount   Name of the organisation from which Loan is being availed   Sanction amount and date/date of despatch of Assignment Letter   Mode and date of payment Remarks Sign of Official                         Name of the CPC ___________________________ Postal Training Center Mysuru - 570010

65. Surrender Policies are eligible for surrender on completion of 3 Years. The Policy should be “Active”. Lapsed Policies to be Revived and Made Active. If Insurant is not willing to Revive, the Policy to be processed for “Reduced Paid-up”. Policy should not have been Assigned. Bonus is admissible for policies continued for minimum 5 Years. The Surrender Value will be arrived at on the basis of Surrender Factor . Postal Training Center Mysuru - 570010

66. Surrender Whole Life Assurance (SURAKSHA) Convertible Whole Life Assurance (SUVIDHA) Endowment Assurance (SANTOSH) Joint Life Assurance (YUGAL SURAKSHA) Anticipated Endowment Assurance (SUMANGAL) Children Policy (BAL JEEVAN BIMA) 10 Year AEA Policy (GRAMA PRIYA) Policies that can be Surrendered Policies that cannot be Surrendered Postal Training Center Mysuru - 570010

67. Maturity Claim The Claim arising as result of Insurant Surviving the date of Maturity. Maturity Claim should be settled with in 30 Days as per Citizens Charter. Ex-Gratia Payment of Interest if claim is attributable to administrative delay : 8% For more than 30 Days from the actual date of receipt of complete claim papers or 30 days from the date of Maturity. Death Claim : More than 60 Days for Policies where no Investigation required. Not applicable if Insurant not preferred claim on due date. Postal Training Center Mysuru - 570010

68. Maturity Claim Maturity Claim in case of Premium paid on Lapsed Policy Cases where without Reviving the Policy Premium paid. Insurant continued paying Premium till Maturity. Payment of Maturity Proceeds/Claim amount in such cases cannot be denied. Postal Training Center Mysuru - 570010

69. Maturity Claim Procedure to be followed at CPC Postal Training Center Mysuru - 570010

70. Maturity Claim Manner of Submission of Claim by Insurant Postal Training Center Mysuru - 570010

71. Maturity Claim Action at Claim Receiving Office Postal Training Center Mysuru - 570010

72. Maturity Claim Action at Claim Receiving Office Postal Training Center Mysuru - 570010

73. Maturity Claim Procedure to be followed at CPC Postal Training Center Mysuru - 570010

74. Maturity Claim All Post Offices shall maintain a Register in the following format for the Claim Form received . Sl. No.   Date of Receipt   Name of Insurant   Policy Number   Sum Assured   Type of Policy   Service Request No.   Date of dispatch to CPC   Sign of Official                     Name of the Office ___________________________ Postal Training Center Mysuru - 570010

75. Maturity Claim All CPC`s to maintain a Register for reminders in the following format . Sl. No.   Name of Insurant   Policy Number   Type of Policy   Sum Assured   Date and Item number through which intimation letter was sent Date and Item number through which reminder was sent Remarks   Sign of Official                     Name of the CPC ___________________________ Postal Training Center Mysuru - 570010

76. Maturity Claim All the Claim Forms received at CPC shall be entered in a Register in the following format Sl No Service Request Number and Date Date of receipt in CPC Received from (Insurant/name of Office)   Name of Insurant   Policy Number   Sum Assured   Type of Policy   Cash/Pay Policy   Sanction amount and date  Mode and date of payment Remarks Sign of Official                         Name of the CPC ___________________________ Postal Training Center Mysuru - 570010

77. In case any required document found not submitted, CPC to send a written communication through Register AD requesting to submit the document within 15 days. If the documents are not received within 15 days, a reminder to be sent to the Insurant intimating that the case could not be processed due to non receipt of required documents. If Maturity/Survival Benefit Claim is rejected, CPC to intimate the same to the Insurant through Registered AD by next working day giving the reason. Maturity Claim Postal Training Center Mysuru - 570010

78. Maturity Claim Documents to be submitted along with Maturity/Survival Benefit Claim Sl No List of Documents Cash policy Pay Policies 1 Maturity/Survival Benefit Claim Form (format at Annex-II) Yes Yes 2 Original Policy Bond or Letter of Indemnity* (Format at Annex- III) Yes Yes 3 Self-Attested copy of ID and Address proof of the Insurant (list of Documents acceptable as ID and Address proof is given in Annex-IV) Yes Yes 4 Cancelled Cheque for Bank mandate or Self Attested copy of POSB passbook Yes Yes Postal Training Center Mysuru - 570010

79. Maturity Claim Documents to be submitted along with Loan Application Sl No List of Documents Cash policy Pay Policies 5 Self-Attested Document of Credit, if any** No Yes 6 Premium Receipt Book *** Yes No 7 Loan Receipt Book# Yes Yes Letter of Indemnity, if any, must be Notarised from Public Notary on non-judicial stamp paper of value as prescribed in the State concerned. ** In case, premia payment is not updated in Pay Policies, a certificate from the Employer about deduction of premia and details/copy of pay recovery schedule sent to India Post. *** In case, premia payment is not updated in Cash Policies, Premium receipt Book is mandatory for updation of Premia paid by Insurant in McCamish Software. # In case, loan amount shown outstanding in the Intimation letter has been repaid partially or in full. Postal Training Center Mysuru - 570010

80. Death Claim Death Claim Categories Early Death Claim Death within three years Normal Death Claim Death after three years Death due to Accidents Notwithstanding the tenure of the Policy Death due to Suicide {A} Before expiry of one year from the date of acceptance/revival Death due to Suicide {B} After one years from the date of acceptance/revival Death after Maturity Before disbursement of the maturity value The period between date of acceptance of proposal and cause of death play a vital role in deciding the Procedure Postal Training Center Mysuru - 570010

81. Whether the premium/premia is/are paid up to date (or) within the period of grace allowed as per rule. Whether “Fact of Death” is confirmed. In case of Murder of the Insurant : Whether Nominee/Claimant is involved in murder of the Insurant. Death Claim Three Important things to be confirmed for settlement of the Claim Postal Training Center Mysuru - 570010

82. On receipt of the Documents and Claim Application, CPC to process and sen d the same to Approving Authority. Approving Authority shall send the case to Inquiry Officer concerned. Inquiry beyond the jurisdiction shall be sent to the Concerned Division through McCamish. Death Claim Death within 3 Years from the Date of Acceptance/Revival of Policy whichever is later Detailed enquiry is necessary to find out Any suppression of material information. Any disease pre-existed at the time of the inception of the Policy. Enquiry is necessary in case of Natural Death also. Postal Training Center Mysuru - 570010

83. Death Claim Genuineness of FIR and P ost Mortem Report should be thoroughly verified by Field E nquiry Officer. Claim can be settled. Enquiry has to be made to ascertain whether Nominee/Claimant is involved in the murder. The L egal R epresentative/Nominee is not eligible to receive the money if the murder is committed/abetted by them, if acquitted by the Competent C ourt of Law by giving the benefit of doubt. T he money will be payable to other eligible legal heir(s) of the policy holder. Accidental Death In Case of Murder Postal Training Center Mysuru - 570010

84. No need of Inquiry. Normal Death Claim is as good as Maturity. CPC to process and sen d the same to Approving Authority for Approval . Death Claim Death beyond 3 Years from the Date of Acceptance/Revival of Policy whichever is later Postal Training Center Mysuru - 570010

85. Nominee Legal Heirs in case of Counter Claim Death Claim Who can receive the proceeds? Natural Guardian Appointed Guardian OR Nominee on attaining Majority In case of Minor Nominee Amount payable to surviving Nominee or Nominees In case of more than one Nominees and one of the Nominee Dies Postal Training Center Mysuru - 570010

86. Death Claim Death Claim for Non-Medical Policies Period Amount of Claim Within One Year 35% + Accrued Bonus After One Year Before Two Years 60% + Accrued Bonus After Two Years Before Three Years 90% + Accrued Bonus Postal Training Center Mysuru - 570010

87. Death Claim Death Claim for Suicide Cases Period Amount of Claim Within One Year 80% of the premium paid till the date of death or Surrender value whichever is higher After One Year Sum Assured plus Bonus Postal Training Center Mysuru - 570010

88. Death Claim Remission Period in case of Death before 36 Months Period Days Allowed beyond the Period of Grace Within Six Months Nil Within Twelve Months but not before completion of Six Months 30 Days Within Twenty Four Months but not before completion of Twelve Months 60 Days Within Thirty Six Months but not before completion of Twenty Four Months 90 Days Postal Training Center Mysuru - 570010

89. Documents Required for Normal Death Claim Annexure-I (Claim Application for PLI/RPLI (death Cases). Original Policy Bond or Letter of Indemnity. Self-Attested copy of Death Certificate. Self-Attested copy of ID and Address Proof of the Claimant. Cancelled Cheque for Bank Mandate. Self -Attested copy of Legal Document if Nomination is not available. Document of credit (If pay Policy). Loan Receipt Book (If loan was availed and remain unpaid). Premium Receipt Book (If C ash Policy). Death Claim Postal Training Center Mysuru - 570010

90. Following Additional Documents are Required Medical summary from Hospital if treatment is taken in Hospital. Final report from Police if FIR is filed. Final report of chemical analysis if P ost-mortem is conducted. Indemnity Bond from Claimant. Death Claim Early and Unnatural Death Claim Investigated thoroughly to enquire if the Insurant while submitting the proposal has suppressed Material Information. Postal Training Center Mysuru - 570010

91. Documents required where Legal Evidence is not produced Proof of Death of the Insurant/Nominee. Affidavit on Rs.10/- Stamp Paper. Letter of Indemnity on Rs.100/- e-Stamp paper/Non-Judicial Paper Letter of Disclaimer on Affidavit/e-Stamp/Non-Judicial Paper worth Rs.10/- duly attested by a Notary Public/Oath Commissioner. Death Claim Can be settled without Legal Evidence Legal Evidence (No Nomination/Counter Claim Cases) Succession Certificate is Mandatory Up to Rs.300000/- (Sum Assured + Bonus) Above Rs.300000/- Postal Training Center Mysuru - 570010

92. Appeal Appeal can be made against rejection of Death Claims. Appeal shall be made to the next higher authority of the rejecting authority. Appeal to be preferred within 90 Days of rejection. Appellate Authority to dispose off the Appeal within 45 Days. Appeal can be sent directly or through CPC. The Appeal may be either in person or through post or email. Details of the Appellate Authority to be furnished in the Claim Rejection Order invariably. Delay in submission may be condoned by the Appellate Authority for good and sufficient reason. Postal Training Center Mysuru - 570010

93. Death Claim Register to be maintained at Post Offices Sl. No. Date of Receipt Name of Insurant Policy Number Sum Assured Type of Policy Service Request No. Date of dispatch to CPC Sign of Official                   All Post Offices shall maintain a Register in the following format for the Claim Form received- Name of the Office_________________ Postal Training Center Mysuru - 570010

94. Death Claim Register to be maintained at CPC All the claim forms received to be entered in the following Register Name of the CPC_________________ Sl No. Service Request No. and date Date of Receipt in CPC Received from (Insurant /name of office) Name of Insurant Policy Number Sum Assured Type of Policy Cash/Pay Policy Sanction Amount and Date Mode & Date of payment Remarks Sign of Official                           Postal Training Center Mysuru - 570010

95. Preservation of Records Sl No. Type of Policy Schedule 1 Policies where less than 3 years of premia paid and policy is lapsed 5 years after maturity date is over 2 Policies where at least 3 years of premia paid and policy is surrendered 5 years after payment of Surrender value 3 Policies where at least 3 years of premia paid and policy is Forced Surrendered 5 years after the date of ‘Forced Surrender’ 4 Policies where at least 3 years of premia paid and insurance contract is discharged due to Maturity or Death 5 years after payment of Maturity/ Death Claim amount 5 Policies cancelled at the option of Insurant during ‘Free Look’ period 5 years after cancellation of the policy 6 Policies which are subject matter of any case filed in any court of law 3 years after final clearance from arbitration, litigation, enquiry or audit as the case may be or till the prescribed retention period, whichever is later Postal Training Center Mysuru - 570010

96. Death Claim Areas of Concern Average time taken for PLI Death Claim 64 Days Average time taken for RPLI Death Claim More than 90 Days Average time taken for death claims involving inquiry 62 Days Postal Training Center Mysuru - 570010

97. Roles and Responsibilities Guiding the insurant/nominee/claimant in filling the necessary applications/forms relating to after sale services and claims. Guiding the insurant/nominee/claimant in procuring the relevant supporting documents for after sale services and claims. Verifying the documents submitted by the insurant/nominee/claimant. In case of death claims, segregating them into early and normal death claims. Ensuring the indexing of the service request in McCamish. Forwarding the application/forms to the respective CPC for further process without any delay. Role of Supervisor relating to After Sale Services and Claims Postal Training Center Mysuru - 570010

98. New Promotional Structure New Promotional (Sales) Structure of PLI/RPLI Head of Circle CPC Divisional Head DPS PMG FO DA GDS DE DO (PLI) Postal Training Center Mysuru - 570010

99. Feature of New Promotional Structure Group Leader will be known as Development Officer . Each Postal Division will have One Development Officer. Sales Force comprises Development Officer, Direct Agent, Departmental Employees, Field Officer & GDS. Departmental Employees will include Inspector of Posts & Assistant Superintendent of Post Offices. Policies procured by the Sales Force from the Neighboring Divisions with prior approval from the Competent Authority (ADM/DDM (PLI)(RO/CO) should be Indexed at the CPC where Insurant resides. New Promotional Structure Postal Training Center Mysuru - 570010

100. Incentive to Sales Force Other than AEA Premium Paying Term Incentive Structure on First Year Premium Up to and Equal to 15 Years 4% of First Year Premium More than 15-25 Years 10% of First Year Premium Above 25 years 20% of First Year Premium For AEA Less than or Equal to 15 Years 5% of First Year Premium Beyond 15 Years 7% of First Year Premium Postal Training Center Mysuru - 570010

101. Incentive to Sales Force Procurement Incentives for PLI Advisors Development Officer will be paid 1% of total PLI New Business Premium procured by the attached Direct Agents. Renewal Incentive for PLI: 1% of Renewal Premium in respect of PLI Cash Policies to all types of PLI Sales Force. Development Officer will not be paid Renewal incentives on PLI Policies. Postal Training Center Mysuru - 570010

102. Incentive to Sales Force Procurement Incentives for RPLI Advisors For RPLI Policies Sales Force will get Procurement incentives of 10% of Procurement Premium. DO will be paid 1% of total RPLI New Business Premium procured by the Direct Agents. Renewal Incentive for RPLI 2.5% of Renewal Premium in respect of RPLI Cash Policies to all Sales Force. Development Officer will not be paid Renewal incentives on RPLI Policies. Postal Training Center Mysuru - 570010

103. Incentive on Online/Cash/Pay Policies Incentive to Sales Force Procurement incentive prescribed will be payable on PLI/RPLI Policies in case of Online/Cash/Pay Policies. case of Pay Policies. Renewal incentive prescribed will be payable on PLI/RPLI Policies in case of Online/Cash Policies. No renewal incentive will be payable in case of Pay Policies. Postal Training Center Mysuru - 570010

104. Termination of Agency Code Incentive to Sales Force If Sales Force does not procure minimum of four(4) new policies in financial year, the license may deemed to be terminated. In such cases, the agent should apply for new agency code. The terminated license will not be reactivated. Postal Training Center Mysuru - 570010

105. Postal Training Center Mysuru - 570010