Friday, 9 June 2023

Waiver on default fee on revival of lapsed PLI RPLI policy upto 31.08.2023

 Waiver on default fee on revival of lapsed PLI RPLI policy upto 31.08.2023

Ministry of Communications 
Department of Posts
(Directorate of Postal Life Insurance). 
Chanakyapuri P.O. Complex
New Delhi-110021
Dated:08 June, 2023
All Chief Postmasters General

Sub: Waiver on default fee on revival of a lapsed PLI/RPLI policy upto 31.08.2023.

I am directed to convey that waiver will be given on default/late fee during the period 01.06.2023 to 31.08.2023 on collection of premium towards revival of lapsed PLI/RPLI policies. Necessary changes in the McCamish System shall be affected w.e.f 08.06.2023.

2. The following exemptions will be applicable on the revival of lapsed PLI/RPLI Policies:-
a. The waiver shall apply on the default/late fee only, on payment of revival premium in a lapsed PLI/RPLI policy (only on revival of a policy not on reinstatement). However, the maximum waiver amount that can be given various in table:
Total Premium Receivable for all type of PLI/RPLI Policies on account of revivalConcession/Waiver in Late/Default FeeMaximum limit of Concession/Waiver in late fee restricted to
Up to ₹ 1,00,000/-25%₹ 2500/-
From ₹ 1,00,001/- to ₹ Up to 2 3,00,000/-25%₹ 3000/-
From ₹ 3,00,001/- and above30%₹ 3500/-
3.All the Circles are requested to kindly arrange to give wide publicity at Circle /Regional /Divisional /CPC level through melas, printed media, social media, pamphlets, notice boards, messages printed on counter receipts etc. to boost the revival of lapsed policies during the drive and educate & sensitize the policyholders about the benefits of revival of lapsed policies.

This issues with the approval of competent authority

Copy to:-
(Mrinalini Srivastava) Additional General Manager (PLI)


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