Tuesday, 19 October 2010

Post Offices to Sell Insurance Products

There is a wide range of activities in Post Offices. Earlier Post office was to perform mail and mail related activities. But now just collecting and delivering mail is nothing. Nobody is writing letters now days. Just make a phone call or send an email is enough to communicate. So Post offices turned their activities to other services such as investment related activities and selling gold coins etc. Now post offices are allowed to distribute insurance products also. IRDA (Insurance Regulatory and Development Authority) allowed them to act as corporate agent of Insurance Companies.

Indian postal service has 22 circles and 155,333 post offices all over India. Each circle can act as Separate Units and can work as independent Corporate Agent and will get independent Corporate Agent License with various insurance Companies.

IRDA permitted each circle to tie up with two non life insurance companies, two life insurance companies, one agricultural insurance company and one stand alone Health insurance company for this purpose. So each circle can act as an agent of 5 various insurance companies for various insurance activities.

However the Head office of India Post will not engage in the distribution of insurance products of any insurance company registered with IRDA in any other capacity.

This is a good movement and our Post offices will help to spread the insurance products and the service of insurance companies to villages as well as urban areas. With this movement poor people also can achieve the benefit insurance products. We can expect the notifications of post offices that your life and your belongings are secure in our hands.

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