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Date: 21-Mar-2024 Category: Extra Ordinary State: Union Government Country: India

Declaration of Bonus on PLI Policies for the Financial Year 2024 25

Issued by Ministry of Communications · Department of Posts

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the Ministry of Communications (Department of Posts) declares the reversionary bonus rates for Postal Life Insurance (PLI) policies based on the actuarial valuation of the Post Office Life Insurance Fund (POLIF) as of March 31, 2023.
  • These bonus rates will be applicable to claims arising from death or maturity of PLI policies.

Key Changes

  • The bonus rate for Whole Life Assurance (WLA) is declared as Rs. 76 per thousand of sum assured.
  • The bonus rate for Endowment Assurance (EA), including Joint Life & Children Policies, is declared as Rs. 52 per thousand of sum assured.
  • The bonus rate for Anticipated Endowment Assurance (AEA) is declared as Rs. 48 per thousand of sum assured.
  • For Convertible Whole Life Assurance (CWLA), the Whole Life bonus rate applies, but upon conversion, the Endowment Assurance bonus rate becomes applicable.
  • A terminal bonus of Rs. 20 per Rs. 10,000 sum assured, with a maximum of Rs. 1000, is applicable for Whole Life Assurance and Endowment Assurance policies with a term of 20 years or more.
  • The new bonus rates are effective from April 1, 2024, for the financial year 2024-25.
  • Interim bonus at the declared rates will be paid on claims due to maturity or death until the next valuation is completed.
  • Bonus amounts involving a fraction of 50 paisa or more will be rounded up to the next higher rupee, while fractions below 50 paisa will be ignored.

Impact Analysis

Policyholders

  • The rounding rule ensures that policyholders receive a slightly higher bonus amount in cases where the calculated bonus includes a fraction of 50 paisa or more.

Department of Posts

  • The department should ensure that staff are trained on the new bonus rates and rounding rules to avoid errors in claim calculations.

General Public

  • The bonus rates provide a benchmark for comparing returns on other similar insurance products in the market.

Key Entities Referenced

Ministry of Communications (Department of Posts): The government ministry responsible for postal services and Postal Life Insurance in India. Director General Postal Services: The authority responsible for declaring the reversionary bonus rates for Postal Life Insurance policies. Post Office Life Insurance Fund (POLIF): The fund that holds the assets and liabilities of Postal Life Insurance policies. The actuarial valuation of this fund is used to determine the bonus rates. Post Office Life Insurance Rules (2011): The rules that govern the operation of Postal Life Insurance, including the power to declare bonus rates. Whole Life Assurance (WLA): A type of Postal Life Insurance policy that provides coverage for the entire life of the insured. Endowment Assurance (EA): A type of Postal Life Insurance policy that provides coverage for a specified period, with a lump sum payment at the end of the term or upon death. Anticipated Endowment Assurance (AEA): A type of Postal Life Insurance policy that provides periodic payments during the term of the policy, with a final payment at the end of the term or upon death. Convertible Whole Life Assurance (CWLA): A type of Postal Life Insurance policy that can be converted from a Whole Life Assurance policy to an Endowment Assurance policy.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-डी.एल.-अ.-22032024-253294 xxxGIDExxx CG-DL-E-22032024-253294 असाधारण EXTRAORDINARY भाग I—खण्ड 1 PART I—Section 1 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 67] नई ददल्ली, बृहस्ट्प जतिार, माचच 21, 2024/चत्रै 1, 1946 No. 67] NEW DELHI, THURSDAY, MARCH 21, 2024/CHAITRA 1, 1946 सचं ार मत्रं ालय (डाक जिभाग) (डाक िीिन बीमा जनदिे ालय) अजधसचू ना नई ददल् ली, 13 माच,च 2024 फा. स.ं 04-01/2019-एलआई.—डाकघर िीिन बीमा जनयमािली, (2011) के जनयम 3 के तहत प्रदत् त िजतियय का प्रयोग करते हुए तथा 31.03.2023 की जस्ट्थजत के अनुसार, डाकघर िीिन बीमा जनजध (पीओएलआईएफ) की पररसंपजिय एिं दने दाररय के बीमांदकक मूल्यांकन के आधार पर, मृत्य ु अथिा पररपक्वता के कारण उत्पन्न हुए डाक िीिन बीमा के दाि के मामले म ेंमहाजनदेिक डाक सेिाएं, जनम्नजलजखत दर पर साधारण प्रत्यािर्तचत बोनस घोजित करते ह ैं:- िीिन बीमा का प्रकार बोनस की दर i. आिीिन बीमा (डब्लल्यएू लए) प्रजत हिार रुपए की बीजमत राजि पर 76/- रु. ii. बंदोबस्ट्ती बीमा (ईए) प्रजत हिार रुपए की बीजमत राजि पर 52/- रु. (संयुतिय िीिन एिं बाल पॉजलजसय सजहत) iii. प्रत्याजित बंदोबस्ट्ती बीमा (एईए) प्रजत हिार रुपए की बीजमत राजि पर 48/- रु. iv. पररितचनीय आिीिन बीमा आिीिन बीमा की बोनस दर लागू होगी, परंतु पररिर्तचत करने की जस्ट्थजत म ेंबंदोबस्ट्ती बीमा की बोनस दर लागू होगी। (सीडब्लल्यएू लए) v. टर्मचनल बोनस 20 ििच या उससे अजधक की अिजध िाली आिीिन बीमा तथा 2175 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] बंदोबस्ट्ती बीमा पॉजलजसय पर प्रजत 10,000 रु. की बीजमत राजि पर 20 रु. की दर स,े 1000 रु. की अजधकतम सीमा के अधीन 2. जिि ििच 2024-25 के जलए बोनस की दरें, 01.04.2024 से लाग ूह गी। 3. भािी मूल्यांकन पूरा होन े तक, पररपक्वता अथिा मृत्य ु के कारण उत्पन्न हुए सभी दाि के मामल म ें अनंजतम बोनस उपरोतिय दर पर ही देय होगा। 4. बोनस राजि में िाजमल 50 पैसे अथिा उससे अजधक के भाग को अगले उच् चतर रूपए में पणू ाचदकत दकया िाएगा और 50 पैस ेसे कम के भाग को निर अंदाि कर ददया िाएगा। जितेन्‍द र गुत ता, मुख्य महाप्रबंधक (पीएलआई) MINISTRY OF COMMUNICATIONS (Department of Posts) (DIRECTORATE OF POSTAL LIFE INSURANCE) NOTIFICATION New Delhi, the 13th March, 2024 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 31.03.2023, the Director General Postal Services 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. 76/- per thousand of sum assured ii. Endowment Assurance (EA) Rs. 52/- per thousand of sum assured (including Joint Life & Children Policies) iii. Anticipated Endowment Assurance (AEA) Rs. 48/- per thousand of sum assured iv. Convertible Whole Life Assurance (CWLA) 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 the Financial Year 2024-25 will be applicable from 01.04.2024. 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. JITENDRA GUPTA, Chief General Manager (PLI) Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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