Mumbai: In a move that will enable policyholders to receive documents much faster, Life Insurance Corporation (LIC) has partnered India Post for its ‘print-to-post’ service.
The postal department’s facility executes all pre-mailing activities including printing for the customer and dispatch of the policy booklet issued under a life insurance policy. Telangana circle will be the first to deploy this service. LIC chairman M R Kumar said that print-to-post was the missing piece in the complete digitalisation of services for the corporation. According to Ajay Kumar Roy, deputy director general of the Postal Directorate at New Delhi, India Post will work to ensure delivery on the day of receipt.LIC has a market share of nearly 75% in terms of the number of policies. The corporation had issued 2.1 crore policies in FY21, of which nearly 47 lakh were issued in March 2021. The partnership with India Post is expected to help in reducing the documentation burden.
India Posts will undertake centralised printing of policy bonds and dispatch them by speed post. An additional benefit to the customer will be that they can track the whole process.
