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

F.No.26-02/2022-LI 

Ministry of Communications 

Department of Posts

(Directorate of Postal Life Insurance). 

Chanakyapuri P.O. Complex

New Delhi-110021

Dated:08 June, 2023

OFFICE MEMORANDUM

To,

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 revival	Concession/Waiver in Late/Default Fee	Maximum 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 above	30%	₹ 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)