Reversionary Bonus on the Postal Life Insurance Policies for year 2016 to 2020
MINISTRY OF COMMUNICATIONS
(Department of Posts)
(DIRECTORATE OF POSTAL LIFE INSURANCE)
New Delhi, the 31st March, 2020
F. No. 04-01/2019-LI.-In exercise of powers conferred vide Rule 3 of Post Office Life Insurance Rules (2011) and on the basis of Actuarial Valuation of the assets and liabilities of Post Office Life Insurance Fund (POLIF) as on 31.03.2017, 31.03.2018 and 31.03.2019, the Director General (Posts) is pleased to declare a simple Reversionary Bonus on the Postal Life Insurance Policies on their becoming claims, due to death or maturity at the following rates:-
|Type of Insurance Policy||Rate of Bonus|
|i. Whole Life Assurance (WLA)||Rs. 85/- per thousand of sum assured|
|ii. Endowment Assurance (EA)
(including Joint life & children policies)
|Rs. 58/- per thousand of sum assured|
|iii. Anticipated Endowment Assurance (AEA)||Rs. 53/- per thousand of sum assured|
|IV. Convertible Whole Life Policies (CWA)||Whole Life bonus rate would be applicable, but on conversion, Endowment Assurance bonus rate will be applicable|
|v. Terminal Bonus||Rs. 20/- per sum assured of Rs. 10,000/- subject to maximum of Rs. 1000 for Whole life assurance and Endowment assurance policies with term of 20 years or more.|
2. The rates of Bonus for Financial Years 2016-17, 2017-18, 2018-19 and 2019-20 will be applicable from the date of Notification by the Circles and this will also be applicable to claim cases received but not settled till the date of receipt of this Notification.
3. Interim Bonus at the rates mentioned above will also be payable for all claims arising due to maturity or death until future valuation is completed.
4. The amount of Bonus involving a fraction of 50 paisa or more shall be rounded off to the next higher Rupee and fraction below 50 paisa shall be ignored.
LAXMI NARAYAN SHARMA,
Chief General Manager (PLI)
(Equivalent to the Rank of Addl. Secy.)