Industry News

In a first, the Department of Posts has launched the digital version of the Postal Life Insurance policy bonds, also termed as “ePLI bond”. Launched in collaboration with Digilocker, ePLI bond is expected to facilitate citizens in a meaningful way by providing ease of access and quick claim settlements. Now, all old and new Postal Life Insurance subscribers would be able to download the digital copy of their policy bond from digilocker.

“By securely logging in to the Digilocker, the user can download the digital copy of the Policy bond on their mobile phone. Both the Postal Life Insurance (PLI) as well as the Rural Postal Life Insurance (RPLI) policy bonds are available in the ‘electronic form’,” Department of Posts said in a statement.

“ePLI policy bonds having a digital signature is valid proof as per the Rule 9A of the Information Technology (Preservation and Retention of Information by Intermediaries Providing Digital Locker Facilities) Rules, 2016 notified on February 8, 2017, vide G.S.R. 711(E). It shall be treated at par with the original policy bond issued by the Department of Posts for processing all types of Financial & Non-financial requests related to PLI/RPLI,” the statement added.

Have multiple policies?

The Department of Posts said that if the user is holding multiple Postal and Rural Postal Life Insurance Policies like Endowment Assurance, Anticipated Endowment Assurance, Whole Life Assurance, Convertible Whole Life Assurance, Child Policy, Yugal Suraksha (in PLI) & Gram Priya (in RPLI), all of the policies can be downloaded immediately after the issue of the policy bond by the Department of Posts.

The policyholder of PLI need not wait for the delivery of the physical copy of the PLI policy bond. This facility is available for all new and old policyholders.

Maturity settlement

The Department of Posts said that the policyholder will get the benefit of presenting the digital copy during the maturity settlement at the Post office from the digilocker mobile app’s issued section. The digital copy will be treated as a valid policy document by the Postal Department.

Similarly, the policyholder can use the ePLI Bond as proof, for effecting any changes that are required in the policy document like address change, nomination e.t.c without the hassle of carrying the physical copy.

“The secured server authentication, embedded digital signature and encrypted QR code are some of the unique mechanisms developed by the Department of Posts to bring much needed digital transformation in the Insurance Sector of India Post. It will not only reduce the administrative overhead but also provide secure real-time verification of documents,” the statement said.