Discontinuance of Direct Debit facility through POSB

Discontinuance of Direct Debit facility through POSB – Withdrawal Slip & POSB Cheque for payment of PLI/RPLI premia: Department of Posts

No. 29-26/2021-LI
Government of India
Department of Posts
Directorate of Postal Life Insurance
New Delhi – 110021

Dated: 04.08.2021

To
All the HoCs

Subject : Discontinuance of Direct Debit facility through POSB-Withdrawal Slip & POSB-Cheque for payment of PLI/RPLI premia-reg.

Respected Ma’am/Sir

As circles are aware, new functionality in CIS (Core Insurance Solution) has recently been introduced wherein PLI/RPLI policyholders were provided with following new options for payment of PLI/RPLI premia using their POSB Accounts.

Direct Debit by using SB-7 (withdrawal form)
Direct Debit using POSB Cheque.
By using standing instructions (SI) Mandate
By using Mobile Banking and e-Banking.

2. Various references were received on the new functionality deployed in CIS from circles, Nodal office and FS Division, Dak Bhawan. The matter was reviewed in consultation with all stakeholders. Accordingly, it is decided to withdraw the Direct Debit facility through POSB-Withdrawal Slip & POSB Cheque for payment of PLI/RPLI premia from POSB Accounts.

3. Therefore, henceforth, SB-7 (withdrawal form) and POSB cheque is not allowed for payment of PLI/RPLI premia using Direct Debit facility. Payment of PLI/RPLI premia by POSB cheque (without using Direct Debit Facility) will continue in normal course as usual.

4. As disabling this Direct Debit functionality in CIS may take some time, Circles are requested to immediately disseminate this information among all post offices to Stop allowing use of SB-7 (withdrawal form) and POSB cheque for payment of PLI/RPLI premia using Direct Debit facility.

This issue with the approval of competent authority.

(Hariom Sharma)
Dy. Divisional Manager-II

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Also check the following links related to this topic:

Incentive Structure of PLI / RPLI – Corrigendum

Standard Operating Procedure for Customer ID Merging for PLI/RPLI Policies

Settlement of PLI/RPLI Maturity Cases – DOP Clarification