Rate of interest in respect of refund of premium of lapsed PLI policies
DIRECTORATE OF POSTAL LIFE INSURANCE
Department of Posts, Ministry of Communications &
Information Technology, Government of India
Chanakyapuri Post Office Complex, New Delhi-110021
Dated : 11-08-2014
All the Chief Postmaster General,
All the Postmaster General,
Subject: Clarification of rate of interest in respect of PLI/RPLI policies fall under Rule 56(3)(i) and Rule 57(4) of POLI Rule 2011.
Recently references have been received from Circles regarding clarification about rate of interest to be paid in respect of refund of premium of lapsed PLI/RPLI policies (in respect of death claim) falling under Rule 56(3)(i) and Rule 54(4) & 58(3) of POLI Rules 2011.
The matter has been examined in this directorate. It is decided that in such cases premia as are held in suspense shall be refunded to the policy holder, his/her nominee or his/her legal heir as the case may be as and when applied for with the Saving Bank rate of interest prevailing in post offices. Further post offices should be issued with detailed instructions not to accept premium in respect of policies which are void.
This may kindly be circulated to all concerned.
This issues with the approval of CGM(PLI).
Source : NFPE