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Wednesday, October 27, 2021

Digital version of postal life insurance policy launched, now physical copy will not be needed

The Department of Posts has launched the digital version of the Postal Life Insurance Policy.

Postal Life Insurance : The Department of Post has launched the digital version of Postal Life Insurance Policy (ePLI Bond) for the first time. It has been started in collaboration with Digilocker. It is expected that with this initiative of the Department of Posts, many processes including claim settlement of policyholders will become easier. Now all old and new postal life insurance customers will be able to download a digital copy of their policy bond from DigiLocker.

The Department of Posts said in a statement, “Now users can download the digital copy of the policy bond on their mobile phones. For this, users will have to log in to DigiLocker. Under this initiative, both Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) policy bonds are now available in ‘electronic form’.

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All policies can be downloaded

The Department of Posts said that if the user has multiple postal and rural postal life insurance policies like Endowment Assurance, Anticipated Endowment Assurance, Whole Life Assurance, Convertible Whole Life Assurance, Child Policy, Couple Suraksha (in PLI) and Gram Priya (in RPLI) all the policies can be downloaded immediately after the issuance of Policy Bond by the Department of Posts. Now the PLI policyholder need not wait for the physical copy of the PLI policy bond. This facility is available to all new and old policyholders.

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maturity settlement

The Department of Posts said that now policyholders can present a digital copy at the post office during maturity settlement. This can be done through DigiLocker mobile app. This digital copy will be accepted as a valid policy document by the Department of Posts.

No need for physical copy

Similarly, policyholders can use the EPLI bond as a proof for any changes required in the policy document. That is, now there will be no need to carry a physical copy for work like change in address and enrollment. Postal Life Insurance Policy is the oldest insurance scheme in the country. In India, it was started in the British Raj on 1 February 1884 as Postal Life Insurance (PLI).

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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