Oriental in pact with postal dept to vend non-life products

Oriental Insurance Company Limited (OICL) has tied up with the Department of Posts for the distribution of its non-life products across the country.

The Department of Posts will function as a corporate insurance agent of OICL as per the provisions of the Insurance Regulatory and Development Authority's Corporate Agent Regulations 2002.

As per the memorandum of understanding, the Departmental of Posts, its 1,55,000 post offices across the country, will sell select insurance policies of OICL.

These include Personal Accident Policy, Janta Personal Accident Policy, Shopkeepers' Insurance Policy, Universal Health Insurance scheme Policy, Kishan Package Policy, Householders' Insurance Policy, Standard Fire and Allied Perils Policy for residence and Motor Private Car and Two-wheeler Insurance Policy.

"This step will go a long way to ensure easy availability of our insurance products to the general public, particularly in the rural areas," said B S basin, regional manager, OICL.

"The Department of Posts will get commission of 15 per cent of the premium amount from OICL, which will be an extra income for the postal department. The postmen will sell these policies directly to rural people and earn incentives over and above their salaries," said Radhika Doraiswamy, chief post master general, Gujarat Circle.

However, the sale of insurance products by the Department of Posts is without any risk participation.

"The postman in the rural India is considered most respectful and knowledgeable by illiterate people. His guidance would be accepted by the people. Therefore this arrangement will definitely help OICL to take full protection of their property and life against any accident and natural calamity," said Anurag Priyadarshee, director, postal services, Gujarat circle.

The project will be initially undertaken in select post offices in three districts of the Gujarat circle. It will be extended to other district circles in a phased manner.

Initially the project will be implemented in three post offices of Ahmedabad city, 10 post offices of Ahmedabad district and over 12 post offices of Gandhinagar district.

The postmen of the concerned post offices will be responsible to actively market these products to the customers. Even the executives of the designated post offices will market these products to the customers attending post offices.

Till now 615 postal officials have been imparted training by OICL. The company will be responsible for all after sales service, including issuance of policy, settlement of claim, handling of grievances and others.