“Date of commencement of risk” for PLI/RPLI proposals: DoP Clarification Dt. 05 Oct 2020
DIRECTORATE OF POSTAL LIFE INSURANCE
Department of Posts,
Ministry of Communications,
Government of India
Chanakyapuri Post Office Complex,
New Delhi-1 10021
25-02/ 2020-LI (2)
Dated: 05.10.2020
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.
3. These instructions may be disseminated among all approving authorities for strict compliance.
This issues with the approval of CGM (PLI).
(Hariom Sharma)
Deputy Divisional Manager-II
Source: DoP
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