Waiver on Default Fee for Revival of Lapsed PLI/RPLI Policies until 31st August 2023

By -

 

The recent announcement by the authorities regarding a waiver on default fees for the revival of lapsed Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) policies. This initiative aims to provide policyholders with an opportunity to reinstate their lapsed policies without incurring any additional late fees. The waiver period will be in effect from 1st June 2023 to 31st August 2023.

Exemptions and Waiver Amounts: 

During the waiver period, the following exemptions will be applicable on the revival of lapsed PLI/RPLI policies:

Waiver on Default/Late Fee: 

The waiver will apply only to the default or late fee associated with the revival premium payment for lapsed PLI/RPLI policies. It's important to note that this waiver applies to policy revival, not reinstatement.

The maximum waiver limits for different premium ranges in a table format

Total Premium Receivable for all types of PLI/RPLI Policies on account of revivalConcession/Waiver in Late/Default FeeMaximum Limit of Concession/Waiver in Late Fee
Up to ₹1,00,00025%₹2,300 (excluding GST)
₹1,00,001 to ₹3,00,00025%₹3,000 (excluding GST)
₹3,00,001 and above30%₹3,500 (excluding GST)
  • Please note that the above figures represent the maximum waiver limits for each premium range and exclude GST.
  • This table provides a clear overview of the concession/waiver percentages and the corresponding maximum limits applicable to different premium ranges for revived PLI/RPLI policies.
  • Policyholders can refer to this table to determine the specific waiver amount they may be eligible for based on their premium range.
  • Remember to take advantage of this limited-time offer and revive your lapsed PLI/RPLI policy without incurring additional late fees before the waiver period ends on 31st August 2023.

Procedure for Availing the Waiver: 

To take advantage of this limited-time offer and revive your lapsed PLI/RPLI policy without incurring any additional late fees, follow these steps:

  1. Contact Your Local Postal Office: Reach out to your nearest Postal Office or designated PLI/RPLI center to initiate the revival process. They will provide you with the necessary guidance and support.
  2. Submit Revival Premium: Pay the revival premium for your lapsed policy within the waiver period of 1st June 2023 to 31st August 2023. Ensure that the premium payment is made before the deadline to avail the waiver on default fees.
  3. Obtain Relevant Documentation: Once the revival premium is paid, obtain the necessary documents and receipts related to the revival process. These documents will serve as proof of the waiver on default fees and ensure your policy is reinstated without any additional charges.

    Publicity and Education :

    All concerned circles, including Circle/Regional/Divisional/CPC levels, are requested to extensively publicize this waiver on default fees for the revival of lapsed policies. Use various channels such as melas, printed media, social media, pamphlets, notice boards, and printed messages on counter receipts to inform policyholders about this opportunity. The objective is to educate and sensitize policyholders about the benefits of reviving

    Stay Connected With Us For All New Latest Updates 

    Through Our Telegram Channel 

    👇



Comments

Post a Comment

Thanks For Putting Interest

Popular posts from this blog

SOP for ₹2000 Banknote Booking at Post Offices Counters: What You Need to Know

By -
Image
Standard Operating Procedure (SOP) has been introduced that outlines the process for ₹2000 denomination banknotes being booked at post office counters. This move, aligned with the Reserve Bank of India's (RBI) regulations, seeks to streamline the handling of high-value currency transactions. Here's what you need to understand about the withdrawal of ₹2000 banknotes from circulation and the steps you need to follow under the new system. Overview of the SOP : The SOP comes at a time when the circulation of ₹2000 banknotes is being meticulously regulated. The RBI, aiming to prevent misuse and keep the flow of these banknotes transparent, has collaborated with the postal department to set up a clear procedure. The SOP details include the permissible amounts for transaction, the booking process, the role of post office personnel, and the mandatory inclusion of the sender’s details and declaration. Step-by-Step Guide for Customers : For customers looking to send ₹2000 denomination no
Read more

DOP Employee Portal : Useful Links

By -
Image
1.  Salary Statement (Salary Slip Download) 2.  Leave Apply 3.  Leave Account Balance 4.  Income Tax Declaration 5.  View Service Book 6.  Permission to Avail LTC 7.  GPF Withdrawal 8.  GPF Statement 9.  NPS Statement 10.  Travelling Allowance Bill for Tour 11.  Raise New Claim Request (LTC/MEDICAL/CHA/CEA) DOP EMPLOYEE PORTAL Link may take time to load  Comment us for more links... 
Read more