Settlement of surrender claim in respect of lapsed policies of PLI/RPLI: Clarification by Department of Posts

Settlement of surrender claim in respect of lapsed policies of PLI/RPLI: Clarification by Department of Posts Order dated 24.11.2023

F.No.25-02/2023-LI
Government of India
Ministry of Communications
Department of Posts
(Directorate of Postal Life Insurance).
New Delhi-110021

Dated 24.11.2023.

To,
CPMG
Karnataka Circle
Bengaluru-560001

Sub: Clarification for settlement of surrender claim in respect of lapsed policies-reg.

Ref: AD (PLI) letter no. PLI/5-10/RIgs/XVII/CCI dated 16.11.2023.

Please refer to the office letter no. cited above on the subject matter.

2. In this regard, it is clarified that a PLI/RPLI policy in lapsed status cannot be directly surrendered as mentioned in Point no. 1.5 of “SOP for handling of Surrender Claim Cases in PLI/RPLI” issued vide this office letter no. 25-02/2023-LI dated 05.09.2023.

3. However, a policy lying in lapsed status may be processed for surrender after revival or by getting the same as “Reduced Paid-up” as instructed vide this office letter no. 20-13/2013-LI (Pt-I) dated 29.11.2017.

This issues with the approval of competent authority.

(Mrinalimi Srivastava)
Additional General Manager (PLI)

Copy for information and necessary action to: –
All CPMGs