India Post has expanded the eligibility criteria for Rural Postal Life Insurance, allowing a much wider pool of citizens to access the government-backed life insurance scheme.
The move was announced by Chandra Sekhar Pemmasani, minister of state for rural development, on the eve of India’s Independence Day, noted to be aimed at advancing Prime Minister Narendra Modi’s vision of universal insurance coverage under the government’s #InsuranceForAll initiative, according to an official release.
ALSO READ: Govt Extends Subsidy Benefits For Electric Two-Wheelers Under PM E-Drive Scheme
Under the revised criteria, an operative Savings Bank Account with the Post Office Savings Bank (POSB) or any scheduled bank will now serve as an additional eligibility criterion for RPLI.
The change removes the traditional rural-residence barrier associated with RPLI and is expected to bring affordable life insurance closer to more families across the country.
RPLI was introduced in 1995 with the main objective of extending life insurance coverage to people living in rural areas, particularly weaker sections and women workers.
Simpler Eligibility Verification
The revised process also seeks to make it easier for applicants to establish their eligibility; according to the announcement, customers can use several forms of proof, including their Core Banking Solution (CBS) status, email statements, mobile banking screenshots, ATM statements or updated passbooks.
Where acceptable digital proof of an active bank account is available, applicants will not be required to submit a physical bank certificate.
The expansion comes as India Post continues to upgrade its technology and modernise its processes. Systems such as the DREAM PLI App, McCamish and CEPT are being used to support proposal processing, verification and monitoring.
The Department of Posts has been expanding its digital banking infrastructure, with CBS and services such as internet and mobile banking already being used across Post Office Savings Bank operations.
The latest change is expected to make the RPLI process more accessible and citizen-friendly by reducing documentation hurdles and broadening the pool of people who can qualify.
With the government pushing for wider insurance coverage, India Post’s move represents another step towards taking affordable life insurance beyond traditional geographical boundaries and closer to more households across the country.
Essential Business Intelligence,
Sharp Market Insights,
Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
Source link
[ad_3]