15 Oct :Lt Gen ML Naidu, Vice Chief of Army Staff gave away the Army post Awards to the officers and organizations for their contribution to the growth of Postal Life Insurance in Army. The function was be organized at 1 CBPO Complex, Rao Tula Ram Marg, New Delhi today.
The Postal Life Insurance Scheme was introduced in 1884 as a welfare institution for Postal employees which was subsequently extended to all Government employees and large group of salaried employees. The scheme was introduced in Army Postal Service (Base Circle) on 01 Jun 1975 for processing and maintenance of PLI in Defence Sector.. Risk Cover is full. War, sea and air risk covered with no extra premium. PLI offers six types of policies with the minimum sum of twenty thousands and maximum 10 lacs to meet the individual needs of the insurants.
Initially, Defence personnel of three services and Border Road organization were eligible for Postal Life Insurance. Subsequently PLI coverage was extended to the personnel of Para Military forces under operational control of Army. Since last year the Defence civilians have also been brought under PLI coverage from APS.
PLI started in APS with a humble beginning of just 16,745 policies amounting Rs. 3.5 Crores during 1975 and today it has become the highest insurance procurer among all Postal Circles of Dept of Post. During the financial 2007 – 2008 APS ensured nearly 1 Lakh lives for a sum of Rs 1344.6915 Crores. Defence Personnel are opting for PLI polices though they are well protected under compulsory Army Group Insurance Scheme. This reflects high about the faith, the man in uniform are having on PLI and APS. As on date, more than 7 Lakh active policies for an assured value of Rs 7297.41 Crores are serviced by APS.
All operations of PLI were computerized in 1990 which helped in better customer satisfaction. APS issues timely advance notices for stopping recovery of premia, ensures payment of maturity amount on due date. The loan facility is also available in PLI with a nominal interest. For the welfare of the troops and to interact with PLI Cell a toll free telephone has been installed since Dec 2005. The facility is being utilized by more than 300 personnel from all over India each week.