New Delhi, March 21 The Comptroller and Auditor General of India has said that the Department of Post failed to achieve the yearly target set for procurement of business both in Postal Life Insurance (PLI) and Rural Life Insurance during 2002-03 and 2006-07.
The latest CAG report states that in case of PLI, the shortfall in target went up from 17 per cent in 2002-03 to 41 per cent in 2006-07. Similarly, in RPLI, the shortfall has reached 27 per cent from 16 per cent during the corresponding period.
The Government audit report points out that the annual growth in the number of Postal Life Insurance polices ranged between four per cent and eight per cent during 2002-07. “Except for Santosh, other schemes have not been very popular and the number of new policies procured under Suraksha, Suvidha, Sumangal and Children Policy has declined consistently during the last five years,” the report adds.
In comparison, there has been a significant growth in the business of RPLI during the last five years although the percentage growth in the number of policies has come down from 58.43 per cent in 2002-03 to 11.56 per cent in 2006-07.
“Sectoral analysis of PLI indicate that the scheme was largely concentrated in civil departments, defence, post and telecommunications and PSUs, and has not gained enough popularity among the Railways and PSU bank employees,” the report states.
The report adds that Rs 148.24 crore remained unadjusted in the books of accounts of eight circles due to non-posting of schedules in the premium ledger accounts/non-receipt of schedules of receipt from the field offices till March 2007.
CAG has pointed out that a sum of Rs 3.41 crore was paid in excess of the actual bonus admissible during April 2002 and April 2006 in 10 select circles due to non-regulation of interim bonus paid at higher rate.
In addition, in seven circles, service tax of Rs 6.23 crore was short/non-recovered from insurants during a 29-month period ending March 2007.
Source:BusinessLine
Posts
No comments:
Post a Comment