New Delhi, Feb 5 (UNI) With Postal Life Insurance (PLI) fund growing at a record pace, the government has decided to set up an investment board along with fund managers to make it a business-driven organisation.
Secretary (Post) I M G Khan said with a growing PLI fund, Rural Postal Life Insurance (RPLI) has come to the fore as a very exciting new destination.
Its high growth rate has led the decision to invest RPLI funds in the business. Therefore 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, Mr Khan said.
Management of Corpus will be within the framework of Insurance Regulatory and Development Authority (IRDA) investment regulations.
Professional training will be given to the sales force and granting of license to the sales force will be in the pattern of IRDA regulations.
Next step is to bring technology to make RPLI more accessible to the urban people as PLI is in urban circles, he said.
Mr Khan said, ''technology is going to see a revolutionary change in the Postal Insurance System.'' There will be upgradation of computer system and management of database centrally in the National Data Centre. All the data will be stored at the Centre to help the customers to be in touch with their day-to-day status.
He also announced new Direct Agency Scheme.
With a massive network of more than 1, 55,000 post offices and high rates of bonus, PLI has succeeded in retaining its place in the market despite fierce competition from private companies.
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.
PLI concentrates on traditional life insurance products and primary focus is 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.
Starting from acceptance of proposals to settlement of claims, the operations are computerised and strict norms are followed for every aspect of customer service.
Mr Khan was speaking at a function while releasing the special cover on the launch of Quasquicentennial celebrations.
He said Postal Life Insurance (PLI) is going to introduce Girl Child Insurance very soon.
UNI RT SR HT1952