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Abstract: Department of Posts (DoPs), with its vast network of post offices, continuously strives to be a customer service-centric organization. The post office as a one stop shop provides a range of utility services including life insurance service and offers convenience and affordability at the door steps of the common man. Over the years, financial inclusion has emerged as the main focus of the activities of the DoPs. Insurance service is one of such programme and it is widely accepted in the society. Currently, the DoPs has provide two different life insurance schemes to the people. Postal Life Insurance (PLI), introduced in 1884, is one of the oldest life insurance schemes for benefit of Government and semi-Government employees. Over, 110 years of its existence, India post extended its insurance service to the Rural areas in the name of Rural Postal Life Insurance (RPLI). This paper attempts to estimate trend in PLI) and RPLI in India in terms of number of policies issued, its premium income and value of sum assured for the period of 2001-02 to 2015-16. In addition, comparative analysis has been done on the said parameters between PLI and RPLI. The results of the study revealed that the estimated Compound Growth Rate (CGR) over the years were positive among selected parameters in PLI but in RPLI, the premium income and sum assured value has positive growth over the study period.
Keywords: Department of Posts, Postal Life Insurance, Rural Postal Life Insurance
1 Introduction and execution of the study
Since 1854, the Department of Posts (DoPs) has proved to be one of the greatest institutions of the country which plays an important role in the socio-economic activity of the nation. The postal network of India touches the remotest corners of the country. India has the largest Postal Network in the world with 1,54,910 Post Offices of which 1,38,955 (89.70%) are in the rural areas. On an average, a Post Office serves an area of 21.22 Sq. Km. and a population of 8,364 people. In urban areas, a post office serves 26553 people and in rural areas, 6275 people. Now, India post provides variety of services across four major categories which are communication, post office saving schemes, banking and remmitance, insurance. Among them, Insurance...