Implementation of auto-deduction of PLI/RPLI Premium directly from bank account

 Implementation of NACH for auto deduction of PLI/RPLI Premium directly from Bank account

  

 

F.NO PLI-56/11/2023-PLI-DOP

Government of India

Ministry of Communications Department of Posts

Directorate of Postal Life Insurance New Delhi-110021

*****

Dated: 28.06.2024

Sub: Implementation of National Automated Clearing House (NACH) for auto- deduction of PLI/RPLI premium directly from the bank account-reg

 

1. PLI SBI NACH integration was rolled out PAN India in Jan 2024.
2. This facility aims at providing ease to PLI/RPLI customers by auto- deducting premium directly from the policyholders' bank account linked to the NACH platform.
3. It also benefits the Department as it reduces lapsation rate of PLI/RPLI policies.
4. It is pertinent to highlight that, so far, only 1,068 PLI/RPLI customers have been registered for this facility, as detailed in the report enclosed 'Annexure-l'.
5. Notably, some Circles have not yet registered a single mandate in the system, whereas the Northeast, Maharashtra, and Chhattisgarh Circles have registered over 200 mandates on the system till date.
6. Number of users created for using the SBI portal for mandate processing across Circles has been obtained and is provided in 'Annexure-II' for kind reference. Dedicated SBI mandate team is available to support the Circles/CPCs & also to facilitate the creation of new User IDs. Further, separate group, including at PLI Dte, IPPB, SBI, and the Nodal Office i.e. Bengaluru GPO, has also been put in place to address issues/queries, any, and disseminate information among Circle SPOCS.
7. Detailed Standard Operating Procedures (SOP) and guidelines on this matter has already been circulated to the Circles via PLI Dte letter no. 29- 02/2023-LI dated 22-01-2024 and letter no. PLI-56/11/2023-PLI-DOP dated 08-04-2024.
8. Creative has also been designed by PLI Dte. highlighting the benefits & procedure for customers opting for NACH which is enclosed at 'Annexure- III'. Wide publicity amongst PLI/RPLI customers may be undertaken by the Circles and, if required, may get the above creative translated in the regional language.
9. This issues with the approval of competent authority.

 

Encl: As above

 

(Pranav Kumar)

General Manager (PLI)

To

All HOCs