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The Department of Post in India has announced that Postal Life Insurance (PLI) is going to introduce Girl Child Insurance very soon.
While announcing this, the Department of Posts Secretary IMG Khan said that with a huge PLI fund, Rural Postal Life Insurance (RPLI) has come to the fore as a very exciting new interest, which was started on March 24, 1995 to extends the benefits of PLI to rural populace.
The department further said that an Investment Board will be set up and fund managers will be appointed by the government to make it a real business organisation than a bureaucratic one.
PLI comes on its own as a business organisation. It was started in 1884 as a welfare measure for the employees of Posts and Telegraphs Department under the Government of India.
Due to popularity of its schemes, various departments of central and state governments were extended its benefits, besides benefiting employees of nationalised banks, public sector undertakings, financial institutions, local bodies like municipalities and zila parisads, and educational institutions aided by the government.
Management of corpus will be within the framework of Insurance Regulatory and Development Authority (IRDA) investment regulations, the Department informed.
It further stated that professional training will be given to the sales force and license will be granted to them in the pattern of IRDA regulations.
The next step would be to bring technology to make RPLI more accessible to urban people as PLI is in urban circles.
Khan said, "Technology is going to see a revolutionary change in the Postal Insurance System."
To modernise the whole process, there will be upgradation of computer system and management of data base centrally in the National Data Centre.
The Secretary said that all the data will be stored at the centre to help the customers to be in touch with their day-to-day status, and also announced a new Direct Agency Scheme.
"Having the massive network of more than 155,000 Post Offices and high rate of bonus, PLI has succeeded in retaining its place in the market despite fierce competition from private companies," the department claimed.
According to Khan, PLI fund is growing at an average annual rate of 20 per cent and Rural PLI fund at an average rate of more than 40 per cent in recent years.
He added that PLI concentrates on traditional life insurance products and primary focus is on coverage of risk and ensuring a decent return to its customers.
Besides Whole Life, Endowment and Anticipated Policies, PLI offers Yugal Suraksha policies for working couples and offers add on policies for children, the Department of Post informed.
Starting from acceptance of proposals to settlement of claims, the operations are computerised and strict norms are followed for every aspect of customer service.