This update would have been more exciting if it had brought Android Nougat 7.0, which is already available for most of the Moto devices. However, Motorola has already started working on Android 7.1.1 Nougat update for the Moto G4 Play, and few Soak test users from Brazil are already testing the latest build.
If you haven't got the notification of this new software update yet, Just go to Software updates menu in Settings, and It will automatically start downloading the latest update. The update will take around 10-15 minutes to get Installed on your device.
Verizon instructions explain that for a successful installation, the battery in your phone should be sufficiently charged and your device should be connected to a Wi-Fi network or LTE.