The Department of Posts on Tuesday released the digital version of the Postal Life Insurance Policy – EPLI Bond. Now the subscribers will have access to this policy through DigiLocker.
New Delhi . The Department of Posts on Tuesday released the digital version of the Postal Life Insurance Policy – EPLI Bond. Now the subscribers will have access to this policy through DigiLocker. The Department of Dock said that the Postal Life Insurance and Rural Postal Life Insurance (RPLI) policy bonds will now be available in ‘electronic form’. Its digital copy will be treated as a valid document for all transactions.
Vineet Pandey, Secretary, Department of Dock, while launching the EPLI bond said that this is the first integration of the department with Digilocker. The EPLI bond will be available in association with DigiLocker. It has been developed by the National e-Operations Division under the Ministry of Electronics and IT (MeitY).
What is a postal life insurance policy
This is a life insurance scheme of the Government of India. Actually, the post office along with its basic work also sells life insurance policies. It is included in the oldest insurance scheme of the country. Postal Life Insurance (PLI) was started on 1 February 1884 during the British rule in India.
If you talk about the period of launch, then you can consider PLIC as the oldest life insurance plan in India. You can now take life insurance up to Rs 10 lakh under the Postal Life Insurance (PLI) scheme.
Suvidha Plan of Postal Life Insurance
This plan of Postal Life Insurance (PLI) has many specialties. This scheme is similar to endowment insurance. This policy can be converted into Endowment Assurance after the completion of 5 years of Postal Life Insurance.
It also has some conditions:
- The age of the customer buying PLI should not be more than 55 years.
- If the customer who buys insurance for six years does not choose to change the policy, then the policy itself will be treated as whole life insurance.
- Loan facility is also available on Postal Life Insurance (PLI). Postal Life Insurance (PLI) policy can also be surrendered after three years.
- If a customer buying insurance (PLI) takes a loan on the policy or surrenders the policy before five years, then he will not get the bonus on Postal Life Insurance (PLI).