MCQs On POSB Deceased Claim Sanction Limits | Approver limits of proposals & settlement of claims in respect of PLI & RPLI | Line Limits for Conveyance of Cash | Brief Notes on Death Claim Sanction Limits where No Nomination Exists

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 Deceased Claim Sanction Limits in National Small Savings Schemes where No nomination Exists or No Legal Evidence is Available


Name of the Authority

Existing Limit in Rs

Revised Limit in Rs

Sub Postmaster of Time Scale Departmental SOs/Sub Postmasters of Lower Selection Grade Post Offices

10,000

50,000

Sub Postmasters/Deputy Chief Postmasters/Postmasters of Higher Selection Grade (all Non Gazetted) SOs and HPOs

25,000

1,00,000

Senior Postmasters/Deputy Chief Postmasters/Superintendent of Post Offices/Deputy Superintendent of Post Offices.(All Gazetted Group B HPOs and Divisions)

Chief Postmasters in GPO/Head Offices, Senior Superintendent of Post Offices (All Gazetted Group A HPOs and Divisions) & equivalent authorities in GPOs

2,50,000

5,00,000

Director HQ/Regional Directors/Director (GPO)

(In Mumbai,Kokata & New Delhi)

5,00,000

Not Required

To ascertain limit for sanction of claim the status of the Post Office/Office should be taken into Account

If the eligible amount in a deceased amount is above Rs 5 lakh where no nomination or legal evidence available the amount shall be paid to the claimant on submission of ‘Succession Certificate’ issued by the Court


Approver limits of proposals & settlement of claims in respect of PLI & RPLI

 

New proposals, revival, surrender, forced surrender, maturity, survival, deathclaims (except early death claims) - PLI & RPLI

Approving Authority/Approver

Revised approver limit (for single or

aggregate sum assured)

Postmaster (HSG I/HSG II),

Sr. Postmaster(Gr B),

Dy. Chief Postmaster (Gr B),

A.D. of HO (Gr B) headed by Director

Upto and equal to Rs. 20 lakhs

Head of Division (Gr B/ Gr A),

Chief Postmaster (Gr A),

Dy. Director of HO (Gr A) headed by a Director

Greater than Rs. 20 Lakhs and upto and

equal to Rs. 50 Lakhs

Early death claim (Death within 3 years of acceptance of policy) – PLI & RPLI

Director GPO (JAG),

Director(HQ)/Regional DPS(JAG)

All Cases

(irrespective of Sum Assured)

 

Second or subsequent loan not exceeding the amount as prescribed in POLI Rules will now be granted by Postmaster/Manager of CPC instead of Postmaster General subject to the condition of full repayment of the previous loan, if any.

In case of reopening of claim cases (for example, in case of court case etc), the authority competent to approve claims may re-open the claim but would submit it to the next higher authority for decision.

The following non-financial/financial service requests will continue to be approved by Postmaster/ Manager of Central Processing Centre (GPO/ Head Office) concerned:

(a) Address change

(b) Agent change

(c) Billing frequency change

(d) Billing Method change

(e) Commutation

(f) Conversion

(g) Duplicate Policy Bond

(h) Name change

(i) Refund of premium/loan interest or principal

(i) Reduced Paid-up

(k) Free Look / policy cancellation.

(1) Authorization of medical examiner for examine PLI and RPLI proponent

The revised approver limits will be effective from 25th of August, 2020

 

Line Limits for Conveyance of Cash

 

Carried By

Cash Limits

Account bag handed over to carrier in weighment system/road

transport

Rs. 40,000/-

Cash through Branch Postmaster /Assistant Branch Postmaster

or Dak Sewak

 

Rs. 1 lakh

Cash through BPM IABPM or Dak Sewak accompanied by

another BPM IABPM or Dak Sewak

 

Rs. 2 lakh

RMS section/Railways by TVP through cash bag enclosed in account bag

 

Rs. 2 lakh

Hired MMS with Multi-Tasking Staff ((MTS) in addition to driver for conveyance of cash in cash bags enclosed in account bag outside city limits

 

Rs. 2 lakh

Loose cash through departmental employee

Rs. 5 lakh.

Hired MMS with Multi-Tasking Staff ((MTS) in addition to driver for conveyance of cash in cash bags enclosed in account bag within city limits

 

Rs. 5 lakh

Cash through departmental employee accompanied by another departmental

employee

Rs. 10 lakh

Departmental MMS with Multi-Tasking Staff ((MTS) in addition to driver for conveyance of cash in cash bags enclosed in account bag

 

Rs. 20 lakh

Under armed escort

 

No limit

 

Aggregate Amount Given To Postman

 

Category of Staff

Aggregate amount to be entrusted for payment of money order, COD, V.P., Banking and other  transactions of IPPB and any other activity decided by the Heads of Circle which will be exercised in consultation with Circle IFA.

 

Normal (Rs)

Power of Divisional Heads

Powers of Heads of Circles

 

Rural

Urban

Rural

Urban

 

Postman and

Multi-Tasking

Staff (MTS)

official

doing

delivery work

30,000

40,000

40,000 (Power subject to prior consultation with police)

80,000 (Power subject to prior consultation with police)

Unlimited power

(subject to prior consultation with police)

Village Postman

15,000

15,000

25,000

25,000

As Above

BPM/ABPM/Dak Sewaks

15,000

15,000

25,000

25,000

As Above

 

PLI/POSB/Cash Conveyance Limits


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