Context:
Recognising the pivotal role of its sales force, the Postal Life Insurance (PLI) introduced the pilot program for “Direct Incentive Disbursement” in the Delhi and Uttarakhand Circles.
Relevance:
Facts for Prelims
Dimensions of the Article:
- Direct Incentive Disbursement Program
- Key Facts about Postal Life Insurance (PLI)
Direct Incentive Disbursement Program:
- The Direct Incentive Disbursement Program is a new initiative aimed at recognizing and rewarding the sales force of the Postal Life Insurance (PLI) department for their contributions and achievements.
- The program aims to streamline the process of incentive disbursement and provide various benefits to the sales force members across the nation.
Key Features and Benefits:
Recognition of Sales Force Role: The program acknowledges the crucial role played by PLI’s sales force in driving the department’s success.
- Coverage: The program will impact approximately two lakh sales force members nationwide, including Gramin Dak Sevaks, Direct Agents, Field Officers, and Departmental Employees.
- Swift and Secure Transactions: Sales force members will receive their incentives directly in their Post Office Savings Bank accounts, ensuring quick and secure transactions.
- Convenience and Motivation: The direct disbursement of incentives allows the sales force to conveniently manage their funds. Immediate rewards are expected to enhance motivation and drive optimal performance.
- Simplified Administration: Automated payout processes will reduce administrative costs, enabling the department to focus more on delivering excellent client service.
Key Facts about Postal Life Insurance (PLI):
- Establishment: PLI is the oldest life insurer in India, introduced on February 1, 1884.
- Origin and Extension: It initially started as a welfare scheme for the benefit of postal employees and later extended its coverage to employees of the Telegraph Department in 1888.
- Coverage for Women: In a progressive move, PLI extended insurance cover to female employees of the former P & T Department in 1894, at a time when most other insurance companies did not provide coverage for female lives.
