Growth in RPLI premium income

Staff Reporter

The income has gone up to Rs. 33.45 crore in 2006-2007

COIMBATORE: The Department of Posts witnessed a 41 per cent growth in premium income for Rural Postal Life Insurance (RPLI) during 2006-2007 as against the previous year in the Western Region in the State.

Speaking at a function organised by the Department of Posts here on Saturday to give away business development, financial services and life insurance awards, the Postmaster General for Western Region, K.V. Sundar Rajan, said the region had achieved remarkable growth in Rural Postal Life Insurance sector. The premium income in 2005-2006 was Rs. 23.37 crore and it went up to Rs. 33.45 crore in 2006-2007. The sum assured saw a 4.42 per cent growth in 2006-2007 compared to the previous year. The region witnessed 23 per cent growth in business development products revenue, which included Speed Post, Business Post, Express Parcel Post, Media Post, Retail Post, Direct Post, Logistics Post and e-payment.

The region had 3,067 post offices and in the recent years the range of services and products offered had expanded by leaps and bounds. The post offices marketed mutual fund products and offered total mailing solutions to corporate and bulk customers. With more industries coming up, commercial mails would increase. The post offices now collected telephone and mobile bills and it was proposed to cover electricity bills too.

On the technology front, all the 21 Head Post Offices in the region were computerised, apart from 189 sub-post offices. Instant Money Order service was available at all the Head Post Offices in the region and had booked 277 transactions so far this year. International Money Transfer service was offered in 175 locations and 30,966 transactions were carried out so far this financial year. The post offices also offered e-payment and e-post services. Wide Area Network was being implemented in the Head Post Offices. In a year or two, all the remaining sub-post offices in the region would also be computerised.

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