Soon, these post office employees can sell insurance policies
New Delhi: Soon, postmen and Grameen Dak Sevaks appointed by the Department of Post will be able to sell insurance policies. The Insurance Regulatory and Development Authority of India (IRDAI) recently issued guidelines for the India Post Payment Bank (IPPB) to appoint the postmen and Grameen Dak Sevaks as Point of Sales (PoS) person (insurance seller).
It may be noted that IPPB has been set up under the Department of Post for the reach and visibility of Post Office across the country through a network of 1,55,000 post offices to offer doorstep banking services enabled through its workforce of over 3 lakhs Grameen Dak Sevaks and postmen. IPPB intends to distribute third party products including insurance policies.
IRDAI said: “These postmen and Grameen Dak Sevaks will be operating largely in un-banked and under-banked geographical areas and can provide the last mile reach to sell insurance products in remote and rural areas. This would provide financial inclusion and increase insurance density and penetration in the country which is in line with the objective of the Authority.”
The regulator further said that IPPB may apply to the Authority to seek permission to sponsor postmen and Grameen Dak Sevaks to act as insurance distributors. If IRDAI grants permission, “IPPB shall be responsible for all acts of omission and commission of the postmen and Grameen Dak Sevaks appointed as Point of Salesperson.”
The postmen and Grameen Dak Sevaks will be identified by the Department of Posts and the list will have to be provided to IRDAI from time to time. IPPB may also have tie-ups with several insurers as allowed under the IRDAI (Registration of Corporate Agents) Regulations, 2015 for distributing insurance products through the postmen and Grameen Dak Sevaks of Department of Posts….Read more>>