Financial Daily from THE HINDU group of publications
Monday, Jan 23, 2006
Financial Daily from THE HINDU group of publications Monday, Jan 23, 2006 |
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Supply Chain Management Marketing - New Products & Services New products launched by AP Postal Circle Our Bureau
Hyderabad , Jan. 22 THE Andhra Pradesh Circle of India Post has unveiled three new products - Instant Money Order (IMO) scheme, Rural Postal Life Insurance Children Policy and a group personal accidental death insurance cover for post office savings bank account holders in alliance with the Oriental Insurance Company Ltd - here on Friday. Addressing newspersons, the Postmaster General, Hyderabad Region, Ms Yesodhara Menon, said the IMO service was aimed at enabling money transfer between two resident individuals of Indian Territory through the post offices operated by the Department of Posts. The service was intended as an online transmission system. According to her, the delivery of IMO can be either taken at the post office counter or deposited in a post office savings bank through electronic clearance service or paid by cheque at home at extra delivery cost. The children policy is applicable for both Postal Life Insurance and Rural Postal Life Insurance. It is aimed at providing insurance cover to two children of each policyholder provided that only one such policy would be allowed for an insured. While the parent should not be more than 45 years at the time of taking Children Policy, the age of children should not be less than five years and not be more than 20 years. In alliance with Oriental Insurance Company Ltd, the India Post is also offering personal accidental death insurance cover to the post office savings bank account holders up to Rs 1 lakh. The AP Circle of India Post has set a target of sum assured of Rs 300 crore for postal life insurance and around Rs 2,000 crore under rural postal life insurance, she added.
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