Payment of incentive on PLI and RPLI business procured for the month of January 2023

PLI and RPLI Incentives Jan 2023

DIRECTORATE OF POSTAL LIFE INSURANCE
Chanakyapuri Post Office Complex, Chanakyapuri, New Delhi -110021

No. 18-03/2022-LI

Dated: 03.03.2023

To
All Heads of Circles

Subject: Payment of incentive on PLI and RPLI business procured for the month of January 2023 – regarding.

This is regarding payment of incentive on PLI and RPLI business procured by sales force of PLI and RPLI for the month of January 2023.

2 In this connection, the undersigned is directed to convey approval of the competent authority for payment of the incentive due as mentioned in the Annexure to all categories of sales force for PLI and RPLI business procured in the month of January 2023. It is intimated that the incentive amount mentioned in the said Annexure is excluding GST. Further, payment of due GST on the incentive payable to the sales force of PLI and RPLI for January 2023 may be made as per SAP issued vide PLI Directorate letter no 29-09/2021-LI dated 16.09.2022. Booking of incentive payment and GST may be made in the correct head of account/GL code.

3. Circles are requested to make incentive payment for the month of January 2023 at the earliest and send a compliance report to PLI Directorate. The incentive payment by Circles must not exceed the incentive liability as intimated by Circles for the month of January 2023 as indicated in the Annexure.

4. Due to technical issues in the system, Circles are requested to keep the instructions issued for generation and disbursement of incentive from the system as per the SOP issued vide PLI Directorate letter of even number dated 06.10.2022 in- abeyance till further orders.

3. It is once again reiterated that as per para 7.3 of PLI Directorate letter no 28- 03/2019-LI (4) dated 25.06.2021, “If a sales force does not procure a minimum of four (4) new policies in a financial year (FY 2022-23), the license (provisional/permanent) of the sales force may deemed to be terminated w.e.f. 01.04.2023. In case, if the said sales force, whose license has been terminated on account of non-procurement of four (4) policies in a financial year, wants to procure PLI/RPLI business, then she/he may apply afresh for license and a new agency code will be allocated to her/him. Under no circumstances, the terminated license of the sales force shall be reactivated”.

6. This issues with approval of competent authority.

(Gurvinder Singh)
Deputy Divisional Manager-I