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Showing posts with label PLI. Show all posts
Showing posts with label PLI. Show all posts

Wednesday, February 4, 2015

Thursday, January 29, 2015

Postal Department to Come Up With Insurance Policies for Girl Child, Women

CHENNAI: The postal department is planning to come up with insurance policies pertaining to girl child and women, according to Ms Anjali Devasher, Member Postal Services Board (Postal Life Insurance) and Chairperson of Investment Board. 
Ms Devasher told reporters after giving away National awards for outstanding performance in postal life insurance and rural postal life insurance that the new policies are at the conceptual stage and refused to give any time-frame on when it will be introduced.
Talking about the IT project of India Post, Ms Devasher said that it will be rolled out once it is implemented in all the seven pilot circles.
She said that postal life insurance was started as an in-house life insurance scheme for the postal employees in 1884 and is now available to all employees of the Central and state governments including the defence and paramilitary forces, employees of PSUs, public sector commercial banks, autonomous bodies and universities and government aided educational institutions.

She said the scheme was extended to all persons residing in rural India in 1995 and is called Rural Postal Life Insurance Scheme.
She also said that the opening of foreign direct investment in the insurance sector will not affect the postal department. “We have a fixed clientele,” she said.
Shri V Pati, Chief General Manager of Postal Life Insurance said that the number of policies in postal life insurance and rural postal life insurance is almost Rs 2.86 crore. The corpus size is Rs 55,000 crore and the total sum assured for all policies is Rs 2,01,373 crore.

Friday, January 23, 2015

Friday, January 16, 2015

PLI Premium Calculator updated wef 01.01.2015

PLI Premium Calculator updated wef 01.01.2015
Revised PLI Calculator with Service Tax for First Year Premium and also Renewal Premium.
  • Enable Macro in your Excel then use the Calculator.
PLI Premium calculator  : Download

Developed by :
Shri. Vishnu Borade
Aurangabad HO
Pin - 431001.

Thursday, January 1, 2015

Service Tax on Postal Life Insurance premium from 01.01.2015

The PLI Directorate of India Post has decided to collect the Service Tax on insurance premium from all PLI and RPLI policy holders w.e.f. 01/01/2015.  The circular in which recovery of service tax from individual policy holders was stopped from 1/11/2007 and was decided to meet the liability on Service Tax from the PLI/RPLI fund. 
Later the case was re-examined  in the light of ever increasing out-go  from the PLI Fund I RPLI Fund,  IRDA guidelines issued to indicate separately the amount of premium and service tax collected from individual policy holder and also collection of service tax  by LIC and other insurance companies from their policy holders. 
The Service Tax @ 3.09% (Including education and higher education cess) of the gross premium during the first year and @ 1.545%  (Including education and higher  education cess) on subsequent years i.e., second year onwards (rounded off to nearest rupee) is to be collected from the Policy Holders separately and a consolidated receipt issued for the total amount i.e. premium+ service tax.
The service tax is to be collected every time the premium is collected, be it monthly, quarterly, half yearly or annually at the rates cited above.   Insurant who pay the premium in the form of cheque (s) should be advised to include the service tax component also at the above prescribed rate in the value of the cheque.
It should collect the above mentioned service tax and show the same separately in the receipts issued to the PLI/RPLI policy holders.   At the end of the day, the PO records should indicate, the premium collected and service tax collected separately in all their   accounts and consolidated accordingly.  In all the returns to Postal Accounts Offices and DPLI Kolkata pertaining to PLI and RPLI these two components should be correctly reflected to facilitate amount collected and amount depicted in departmental accounts and further book adjustment with the Service Tax Department.                                                      
CEPT Mysore is also being advised to make necessary changes in the Meghdoot software and NIC Delhi in the respective module of its software.

All Drawing and Disbursing Offices who deduct the premium from the salary of their employees should also add the Sales Tax component and recover the same every month and indicate in all their records.  DAP Offices and DPLI Kolkata will reflect the collections under respective heads.

Friday, December 26, 2014

Maximum sum assured in PLI increased from 20 lakh to 50 lakh

On the occasion of Good Governance day today, the Department of Posts- “India Post” showcased some of the web based services which would be beneficial to the citizens of India. 
It participated in the exhibition organized by the Ministry of Communications & Information technology. The “India Post” pavilion showcased following initiatives:

(i) The usage of hand held device which would be used by village Postmaster. All types of transactions related to the services of Post will be offered through the wireless hand held device in rural post offices under the ongoing IT project. 
(ii) My Stamp counter was set up where any individual who desires, can get customized stamp made which could also be used as postage. 
(iii) The monitoring of mail transmission under MNOP (Mail Network Optimisation Project) and of Project Arrow Offices through web based tools was displayed. 
(iv) The functioning of e-Post Office- a virtual Post Office where an individual can do postal transaction was also on display.
(v) A pilot connecting weavers of Varanasi with e-commerce was started today at Varanasi and its portal was displayed in the exhibition in Delhi. Under the Pilot, Department of Posts and M/s Snapdeal, under the existing agreement of cooperation, will do hand holding of domestic manufacturers by helping them through post office in putting their products on the e-commerce platform. An ecommerce desk is set up in Varanasi Head Post Office where registration of weavers etc and uploading of their products would be facilitated. Management of orders received, payment processing, returns management would be done by Snapdeal. Packaging, if required, booking of articles and final delivery to online buyer would be undertaken by Department of Posts.

To mark the occasion the Minster of Communications &Information Technology Shri Ravi Shanker Prasad launched an e-Book and a pocket book on products and services of Department of Posts. He also announced the enhancement of maximum sum assured limit in Postal Life Insurance from 20 to 50 lakh rupees. Details are: 
e-Book 

As part of the agenda to promote good governance through e-initiatives in the Department of Posts, an e-Book is being launched. This e-Book can be accessed directly on the India Post official website or by scanning a Quick Response (QR) Code Printed on a card. Details of the new initiatives of the Department of Posts, along with existing services are available on the e-Book. 
e-Pocket Book 
In order to provide an easy to carry reference book containing the details of all products and services of the Department of Posts in hard form, a Pocket Book is also being launched. This would be available in all post offices and shall promote Good Governance by making details of services and their rates available to the common man, in a simple, reader friendly and pocket sized format. 
Postal Life Insurance:
The present maximum sum assured limit in Postal Life Insurance is Rs. 20 lakh per individual. In order to give benefit of greater insurance to the customers, upper insurance limit has been enhanced from Rs. 20 lakh to Rs. 50 lakh.

Friday, November 28, 2014



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