Letter no: - F.No. 25-04/sop/2020-li Dated 19/24-03-2021
Sub: Clarification for settlement of PLI\RPLI Maturity Cases.
Please refer to the Standard Operation Procedure for
settlement of Survival Benefit/Maturity Case issued vide this office letter of
even number dated 21.09.2020.
2. It has come to the notice the CPCs are in sting for
original policy bond for settling maturity cases. In this regard, it is
clarified that during settlement of PLI/RPLI maturity cases, where original
bond is not presented by the insurant, the approving authority may consider
settlement of such cases without original policy bond by taking letter of
indemnity as prescribed in the para 3.3 SOP referred above.
3. Likewise, in loan cases, where original policy bond is
kept in the custody of our department and is not readily traceable if there is
delay of more than 7 days in getting Original Policy Bond from the office of
Custody, Such maturity cases may also be delt in similar manner, with copy to
the concerned PLI CPC (Where policy bond is Lying).
This issues with the approval of CGM (PLI)
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