Default fee Waiver on revival of a lapsed PLI/RPLI policy is available upto 31.08.2023

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.

Download Waiver on default fee on revival of a lapsed PLI/RPLI policy upto 31.08.2023 in PDF

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: 08th June, 2023 OFFICE MEMORANDUM TO, All Chief Postmasters General

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 in various categories is shown in the following 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 in PLI Premium
Up to Rs. 1,00,000/-	25%	Rs.2500/-
From Rs.1,00,001/- to Rs Up to 3,00,000/-	25%	Rs.3000/-
From  3,00,001/- and above	30%	Rs.3500/-

 * The above figures are excluding GST.

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

(Mrinalini Srivastava) Additional General Manager (PLI)

Copy to: -

1-2 Sr. PPS to Secretary (Posts)/Sr. PPS to Director General Postal Services.

3-9 PPS/PS to Addl. DG (Co-ordination)/Member (Banking)/Member (Q)/ Member(P)/ Member (Planning & HRD)/ Member (PLI)/Member (Tech) 

10-11. Sr. Deputy Director General (Vigilance) & CVO/Sr. Deputy Director General (PAF)/Addl. DG APS

 12-13 CGM (BD)/CGM (Parcel)

14-25 All DDGs, Dak Bhawan 

26-27 Director, RAKNPA, Ghaziabad/ CGM (CEPT)

 28-34 All Director, PTCs/ Director, PLI, Kolkata 

35-50 All Officers/Officials of PLI Directorate