Processing and Collections of New Proposals of PLI & RPLI due to issues in ‘Core Insurance Solution’ – reg.

Respected Madams and Sirs,         

              A number of issues particularly related to New Business of PLI and RPLI are being faced in ‘Core Insurance Solution’ since long. While Infosys has been endeavouring to fix the problem, a solution has yet to be found. Resultantly, a large number of new proposals are pending even for indexing and the collection of initial premium. 

2.         Insurance policies have a number of ramifications like rate of premium, term of policy and tax benefits which get affected by change of month/year. While Department is trying to find a solution, the immediate problem needs to be addressed. In view of the aforesaid issues it has been decided that:

i. All proposals of PLI and RPLI which are received by tomorrow (31.03.2016) should be indexed and collections done in ‘CIS’ to the extent possible.

ii. If ‘CIS’ system does not allow indexing of new proposals, initial premium received against those proposals should be accepted in Meghdoot software on 31.03.2016 and receipt thereof should be pasted on the proposal form.

iii. Further instructions on bringing these policies into the CIS will follow.

4. Instructions for collection of renewal premium on existing policies in ‘CIS’ / Point of Sale of Meghdoot as feasible have already been given and reiterated during last two VCs.

5. This issues with approval of competent authority.