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PLI/RPLI Incentive Structure 2023 Clarification

Subject: Promotional, Incentive and Monitoring Structure of PLI/RPLI - clarification thereof-reg

Download PLI RPLI Incentive and Monitoring Structure Clarification 2023 in PDF

Government of India Ministry of Communications, Department of Posts DIRECTORATE OF POSTAL LIFE INSURANCE Chanakyapuri Post Office Complex, Chanakyapuri, New Delhi-110021 No: 28-06/2014-LI (Pt-I) Dated: 15.09.2023


To All Heads of Circles

This is regarding Promotional, Incentive and Monitoring Structure of PLI/RPLI and has a reference to PLI Directorate letter no. 28-03/2019-LI dated 11.07.2023.


2. In this connection, the following is clarified as requested by Circles in connection with the letter ibid:

PLI RPLI Incentive Clarification/Request

Postal PLI Directorate Response

Whether PS Group B officers who will be drawing pay in level 9 are eligible for payment of PLI/RPLI incentive on the policies procured by them earlier as ASP.

Vide PLI Directorate Letter No. 28-03/2019-LI (2) dated 06.07.2020, Departmental employees drawing salary upto the Level 8 are eligible to procure PLI/RPLI business. It is clarified that renewal incentive to all Officers in Level-9 will not be payable. However, in terms of order dated 11.07.2023, PS Group B Officers (only Divisional Head) are inter alia eligible for procurement incentive @ 0.3% of new business procured by all sales force of the Division (DE/FO/GDS/DA) for monitoring of sales force.

Whether one-time relaxation can be allowed to agents who have not procured minimum of 4 policies in the financial year 2022-23.

The procurement of minimum 4 newpolicies in a year by an agent is a policy decision. This is an industry practise which motivates the sales force to procure more and more new business in order to enjoy the benefits of incentive and thereby resulting in growth of PLI and RPLI business. These orders were issued in 2021. However, in 2022, a one-time relaxation was granted to the sales force keeping in view the hardship caused by COVID-19 pandemic for FY 2021-22.

Whether new business premium (NBP) may be considered as initial premium or first year premium.

New business premium is the procurement premium for the first 12 months of a policy and is already defined in Annexure V of PLI Directorate OM dated 19.06.2020.

Kindly intimate the sanctioning authority of incentive bills of Divisional Heads till finalization of incentive auto credit facility. Please provide SOP/Accounting procedure for this purpose.

The authority who is sanctioning the personal claims/TA bills of Divisional Heads is authorized to sanction the incentive bills of Divisional Heads.

 

Further, the accounting procedure followed for sanctioning personal claims/TA bills of Divisional Heads will be followed for this purpose.

3. This issues with approval of the competent authority.


Assistant Director (PLI)



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