Policyholders of Postal Life Insurance no longer need to visit post offices or stand in long queues to pay their premiums, as the payments can now be made through mobile financial service provider Nagad.
Nagad signed an agreement with the Bangladesh Post Office at Dak Bhaban today (6 May) to facilitate the digital payment service.
Under the agreement, premiums for all types of Postal Life Insurance policies, including Whole Life Insurance, Endowment Insurance, Fixed Term Insurance, and Education and Marriage Endowment Insurance, can be paid through Nagad.
Postal Life Insurance (PLI), launched in 1884, is the oldest life insurance service in the country and currently serves around two lakh policyholders.
Until now, policyholders had to visit post offices during specific hours to pay their premiums. With the new service, they can now make payments securely from their Nagad accounts at any time.
To pay premiums, customers have to go to the “Bill Pay” section of the Nagad app, select Postal Life Insurance, and enter their policy details.
After a successful payment, customers will receive a digital receipt and confirmation message, which will serve as proof of payment.
The agreement was signed by Mohammad Abdul Hannan, additional general manager of Bangladesh Post Office’s East Zone, Dhaka, and Pradip Kumar, additional general manager of West Zone, Rangpur, on behalf of the Bangladesh Post Office. Md Samsul Islam, chief corporate affairs officer of Nagad, signed the agreement on behalf of Nagad.
Director General of the Directorate of Posts Kazi Asadul Islam and Nagad Administrator Md Motasem Billah were present at the signing ceremony.
“Postal Life Insurance is a trusted name for the financial security of the masses in this country. We are continuously working to make this service more modern and people-friendly. The opportunity to pay premiums via Nagad will not only ensure faster service for customers but also accelerate the digital transformation of the Post Office,” said Kazi Asadul.
Nagad Administrator Md Motasem Billah said, “Our primary goal is to simplify people’s lives. Postal Life Insurance is an old and popular service in this country, and by creating this opportunity to pay via Nagad, we are not only reducing customer hassle but also saving their valuable time. We are delighted to bring government services directly to people’s fingertips.”
Officials said the initiative is expected to bring greater transparency and efficiency to insurance services. They also said the addition of Postal Life Insurance premium payments to Nagad’s service portfolio would benefit existing customers and encourage new users to join the Nagad network.
Senior officials from the Directorate of Posts, including SM Harunur Rashid, additional director general for accounts and establishment; Parvin Banu, additional director general for supply and inspection; Md Zakir Hossain Noor, additional director general for postal service and planning; and Khan Hasan Mohammad Iqbal Masud, director for investigation and inspection, were also present at the event.
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