PLI RPLI Incentive Clarification 2022 | Clarification on PLI RPLI Incentive Structure 2022 | Sales force must procure minimum 4 new policies
Government of India
Ministry of Communications,
Department of Posts
DIRECTORATE OF POSTAL LIFE INSURANCE
Chanakyapuri Post Office Complex, Chanakyapuri, New Delhi-110021
No. 28-03/2019-LI Dated: 07.06.2022
Subject: Incentive Structure of PLI/RPLI - reg.
This is regarding procurement of PLI/RPLI policies in a financial year and has a reference to PLI Directorate’s letter no. 28-03/2019-LI(4) dated 25.06.2021.
De As per para 7.3 of PLI Directorate’s letter no. 28-03/2019-LI(4) dated 25.06.2021 following is stipulated:
“If a sales force does not procure a minimum of four (4) new policies in a financial year, the license (provisional/permanent) of the sales force may deemed to be terminated. In case, if the said sales force, whose license has been terminated on account of non-procurement of four (4) policies in a financial year, wants to procure PLI/RPLI business, then she/he may apply afresh for license and a new agency code will be allocated to her/him. Under no circumstances, the terminated license of the sales force shall be reactivated.”
3. In this connection, references have been received regarding grant of exemption of procuring 4 new policies in the financial year 2021-22. The matter has been examined in PLI Directorate and it has been decided that a one-time exemption to the sales force from the condition of procuring a minimum of four (4) new policies in FY 2021-22 is granted in view of the COVID-19 pandemic during that period.
4, The above exemption is only for FY 2021-22. The sales force must procure a minimum of 4 new policies from FY 2022-23 onwards, otherwise the license (provisional/permanent) of the said sales force will be deemed terminated w.e.f. 01.04.2023, in pursuance to the conditions laid down in para 7.3 of PLI Directorate’s letter no. 28-03/2019-LI (4) dated 25.06.2021.
5. This issues with approval of the competent authority.
