DoP – Clarification on date of commencement of risk for PLI / RPLI proposals

DoP – Clarification on date of commencement of risk for PLI / RPLI proposals

DIRECTORATE OF POSTAL LIFE INSURANCE
Department of Posts,
Ministry of Communications,
Government of India

Chanakyapuri Post Office Complex,
New Delhi-1 10021
Dated: 05.10.2020

25-02/ 2020-LI (2)

To,
All HOCs

Sub: Clarification on “date of commencement of risk” for PLI / RPLI proposals.

It has come to the notice of PLI Directorate that in many of the PLI/ RPLI policies being issued, “Date of proposal” is taken as “Date of acceptance” and “Date of Commencement of risk”, which is not in line with the provisions of POLI Rules, 2011.

2. “Date of acceptance” of a PLI/ RPLI policy and “Date of commencement of risk” must not be before the date on which the approving authority actually accepts/ approves the proposal.

Also check: Revision of acceptance limits for PLI RPLI plans & claims resolution – DoP

3. These instructions may be disseminated among all approving authorities for strict compliance.

This issues with the approval of CGM (PLI).

Also check: Promotional and Incentive Structure of PLI / RPLI – Clarification in respect of sales force

(Hariom Sharma)
Deputy Divisional Manager-II

Source: DoP