Post Office NACH Mandate

Post Office NACH Mandate Form Download

Here are the key points for the Postal Life Insurance (PLI) NACH Mandate Form:

Applicability: Available for both new and existing policies across all payment frequencies (yearly, half-yearly, quarterly, and monthly) (10368050pr… p. 1).
Submission: Mandate forms can be submitted at any post office counter (10368050pr… p. 1).
Policy Condition: Existing policies must be active and completely updated up to the current month before registering (10368050pr… p. 1).
Bank Requirements: The bank must be on the NACH platform, use Core Banking Solutions (CBS), and the policy must reside in the Core Insurance Solution (CIS) (10368050pr… p. 1).

Debit Dates: Premium auto-deductions are carried out on the 7th, 12th, or 17th of the due month (10368050pr… p. 1).
No Arrears: Overdue or back-dated premium arrears cannot be collected via NACH auto-debits (10368050pr… p. 1).
Interim Payments: Customers must manually pay premiums via cash at a post office counter or through the PLI portal while waiting for bank approval (10368050pr… p. 1).
Form Changes: A fresh mandate is required if you change your bank account or if policy changes increase your premium (10368050pr… p. 1).

Rejected Mandates: If a bank rejects the mandate setup, you must submit a fresh form to PLI (10368050pr… p. 1).
Failed Debits: If an auto-debit bounces, the customer must pay online or via cash, including any default/late fees (10368050pr… p. 1).
Bank Penalties: Banks may charge independent penalty fees for dishonoured auto-debits (10368050pr… p. 1).
Dispute Handling: PLI assumes no liability for bank dishonours; disputes must be resolved directly with your bank (10368050pr… p. 1).

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