Postal dept launches new scheme | india | Hindustan Times
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Postal dept launches new scheme

THE POSTAL department has taken yet another innovative step to augment its revenue. The department of post had agreement with Oriental Insurance Company (OIC) Limited to provide a ?personal accident death insurance? cover to saving bank and senior citizen scheme account holders of the post office.

india Updated: Feb 25, 2006 00:33 IST

THE POSTAL department has taken yet another innovative step to augment its revenue.

The department of post had agreement with Oriental Insurance Company (OIC) Limited to provide a ‘personal accident death insurance’ cover to saving bank and senior citizen scheme account holders of the post office.

The scheme was initially launched for Orissa, Rajasthan, Maharashtra and Tamil Nadu circles. But it is now being extended to all post offices in all circles of the country.

Under this new scheme, an accidental death insurance cover of Rs 1 lakh for one year will be provided to saving bank and senior citizen savings scheme account holders at nominal premium of Rs 15 per annum. This nominal amount will be automatically deducted from the saving bank and senior citizen savings scheme accounts by the post office on filling up of the acceptance form.

Senior superintendent of post offices of the Kanpur city KK Yadav said, “This scheme will enhance the number of saving bank accounts thereby also increase the revenue for post offices.” Brochures provided by OIC informing about the salient features of the scheme are also available at all the saving bank counters in post offices, Yadav added.