India Post has launched the digital version of Postal Life Insurance Scheme Bond, also known as EPLI Bond, on the occasion of Amrit Mahotsav of Azadi. October 12 is celebrated as Postal Life Insurance Day as part of the week-long Postal Week celebration. Inaugurating the EPLI Bond, Secretary, Department of Posts, Vineet Pandey said that EPLI Bond is the first digital integration of the Department of Posts with DigiLocker which will provide easy access and quick claim settlement facility to the citizens in a meaningful manner.
The e-PLI bond is made available in association with DigiLocker, National e-Governance Division (NeGD), Ministry of Electronics and IT (MeitY), Government of India. DigiLocker has been providing a secure cloud-based platform for the storage, sharing and verification of documents and certificates for various organizations. By logging into DigiLocker securely, the user can download a digital copy of the policy bond on his mobile phone. Both Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) policy bonds are available in electronic form. EPLI Policy Bonds with Digital Signature, GSR on 8th February, 2017. This will be treated at par with the original policy bond issued by the Department of Posts for processing all financial and non-financial requests relating to PLIs/RPLIs under 711(e).
If the user has multiple postal and rural postal life insurance plans like Endowment Assurance, Anticipatory Endowment Insurance, Whole Life Insurance, Convertible Whole Life Insurance, Shishu Policy, Couple Suraksha (in PLI) and Gram Priya (in RPLI), which are provided by the Department of Posts Policy Bonds can be downloaded immediately after issuance of all Policy Bonds. The policyholder of the PLI need not wait for the delivery of the physical copy of the PLI policy bond. This facility is available to all new and old policyholders.
The policyholder will get the benefit of presenting the digital copy at the time of settlement of the policy at the post office from the Issued section of the DigiLocker mobile app. The digital copy will be treated as a valid policy document by the Department of Posts. Similarly, the policyholder can use the EPLI bond as a proof, so that any changes required in the policy document like change of address, nomination etc. can be done without the hassle of carrying a physical copy.
Secure Server Authentication, Embedded Digital Signature and Encrypted QR Code are some of the unique mechanisms developed by Department of Posts to bring much needed digital transformation in the insurance sector of India Post. This will not only reduce the administrative load, but will also provide secure real-time verification of documents.
The Department of Posts aims to reduce the waiting time for citizens for claim and settlement matters. As an addition to the above citizen-friendly feature, various administrative mechanisms are also being put in place by Postal Life Insurance for hassle free and time bound settlement of claims.