Implementation of NACH for auto-deduction of PLI/RPLI
The Department of Posts and Directorate of Postal Life Insurance (PLI/RPLI) has launched a new initiative to simplify premium payments for policyholders. This program allows for automatic deduction of PLI/RPLI premiums directly from your bank account linked to the NACH platform.
Order No: PLI/56/11/2023 Date 28/06/2024
Benefits of Auto-Deduction
- Convenience: This program eliminates the hassle of manually remembering and making premium payments.
- Reduced Lapsed Policies: By ensuring timely payments, auto-deduction can significantly reduce policy lapses.
How it Works
The PLI SBI NACH integration was rolled out across India in January 2024. To register for auto-deduction, you’ll need to link your PLI/RPLI policy with your bank account through the NACH platform.
Current Status
While the initiative has been available since January, the adoption rate has been slow. As of June 28, 2024, only 1,068 PLI/RPLI policyholders have registered for auto-deduction. Some Circles (jurisdictions) haven’t registered a single mandate yet, whereas others like Northeast, Maharashtra, and Chhattisgarh have over 200 registrations.
How to Register
For more information on how to register for NACH auto-deduction, contact your local PLI/RPLI office or Circle SPOC (Single Point of Contact).
Additional Information
The document also mentions the creation of user IDs for using the SBI portal for mandate processing. SBI has a dedicated team to support Circles and CPCs (Customer Service Points) with creating new User IDs. There’s also a separate group, including representatives from PLI Dte, IPPB, SBI, and the Nodal Office (Bengaluru GPO), to address any issues or queries, and disseminate information among Circle SPOCs.
Benefits of NACH for PLI/RPLI Customers
- Automated Payments: Say goodbye to the hassle of remembering due dates. With NACH, your premiums are deducted automatically on your chosen date (7th, 12th, or 17th of the month).
- Avoid Late Fees: Reduce the risk of incurring late or default fees with timely, automated payments.
- Convenience: No more repetitive manual payments or physical visits to the Post Office after mandate acceptance.
- Enhanced Security: Minimize cash handling and ensure a secure payment environment with direct bank deductions.
- SMS Alerts: Stay informed with SMS notifications regarding your premium deductions.
How to Register for NACH
- Visit Your Nearest Post Office: Submit the NACH mandate form along with supporting documents like a canceled cheque or the first page of your bank passbook.
- Choose Your Debit Date: Select your preferred premium deduction date (7th, 12th, or 17th of the month).
- Verification and Registration: Upon verification, your NACH mandate will be registered, and your premiums will be deducted as per your selected date.
- Individual Policies: Submit separate mandate forms for each of your PLI/RPLI policies.
For more details, visit your nearest Post Office or contact Customer Care Toll-Free Number at 1800 266 6868.
