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

Declaration of Bonus on RPLI Policies for 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 announces the revised rates of simple reversionary bonus for Rural Postal Life Insurance (RPLI) policies, effective from April 1, 2024.
  • These bonus rates are applicable to claims arising from death or maturity of policies.

Key Changes

  • Revised bonus rates for various types of RPLI policies are declared based on the actuarial valuation of the Rural Post Office Life Insurance Fund (RPOLIF) as of March 31, 2023.
  • The new bonus rates are:
  • - Whole Life Assurance (WLA): Rs. 60 per thousand of sum assured.
  • - Endowment Assurance (EA) (including Children policy): Rs. 48 per thousand of sum assured.
  • - Anticipated Endowment Assurance (AEA) (including Gram Priya policies): Rs. 45 per thousand of sum assured.
  • - Convertible Whole Life Assurance (CWLA): Same as WLA until conversion, then same as EA.
  • - Terminal Bonus: Rs. 20 per Rs. 10,000 sum assured, up to a maximum of Rs. 1000, for WLA and EA policies with terms of 20 years or more.
  • The revised rates are effective from April 1, 2024, for the financial year 2024-25.
  • Interim bonus at the stated rates will be paid on claims due to maturity or death until the next valuation.
  • Bonus amounts with 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

  • Policyholders with long-term (20 years or more) Whole Life Assurance and Endowment Assurance policies will receive a terminal bonus.

Department of Posts

  • The department should prepare for potentially increased payouts due to the higher bonus rates.

Rural Postal Life Insurance Fund (RPOLIF)

  • The actuarial valuation as of March 31, 2023, forms the basis for these bonus rates, indicating the fund's ability to support these payouts.

Key Entities Referenced

Ministry of Communications (Department of Posts): The ministry responsible for issuing the notification and overseeing the Postal Life Insurance scheme. Director General Postal Services: The authority that approved the declaration of the bonus rates. Post Office Life Insurance Rules (2011): The regulatory framework under which the powers are conferred to declare the bonus rates (Rule 3). Rural Post Office Life Insurance Fund (RPOLIF): The fund whose assets and liabilities were actuarially valued to determine the bonus rates.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 ससीी..जजीी..--डडीी..एएलल..--अअ..--2211003322002244--225533228844 xxxGIDHxxx CCGG--DDLL--EE--2211003322002244--225533228844 xxxGIDExxx असाधारण EXTRAORDINARY भाग I—खण्ड 1 PART I—Section 1 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 66] नई ददल्ली, बृहस्ट्प जतिार, माचच 21, 2024/चत्रै 1, 1946 No. 66] NEW DELHI, THURSDAY, MARCH 21, 2024/CHAITRA 1, 1946 सचं ार मत्रं ालय (डाक जिभाग) (डाक िीिन बीमा जनदेिालय) असाधारण अजधसचू ना नई ददल्ली, 13 माच,च 2024 फा. स.ं 04-02/2019-एलआई.—डाकघर िीिन बीमा जनयमािली (2011) के जनयम 3 के तहत प्रदत् त िजियों का प्रयोग करते हुए तथा 31.03.2023 की जस्ट्थजत के अनुसार, ग्रामीण डाकघर िीिन बीमा जनजध (आरपीओएलआईएफ) की पररसंपजियों एिं दने दाररयों के बीमांदकक मूल्यांकन के आधार पर, मृत्य ु अथिा पररपक्वता के कारण उत्पन्न हुए ग्रामीण डाक िीिन बीमा के दािों के मामले में महाजनदेिक डाक सिे ाएं, 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 60/- रु. ii. बंदोबस्ट्ती बीमा (ईए) प्रजत हिार रुपए की बीजमत राजि पर 48/- रु. (बाल पॉजलसी सजहत) iii. प्रत्याजित बंदोबस्ट्ती बीमा (एईए) प्रजत हिार रुपए की बीजमत राजि पर 45/- रु. (ग्राम जप्रय पॉजलसी सजहत) 2173 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] iv. पररितनच ीय आिीिन बीमा (सीडब्लल्यूएलए) आिीिन बीमा की बोनस दर लागू होगी, परंतु पररिर्ततच करने की जस्ट्थजत म ेंबंदोबस्ट्ती बीमा की बोनस दर लागू होगी। v. टर्मचनल बोनस 20 ििच या उससे अजधक की अिजध िाली आिीिन बीमा तथा बंदोबस्ट्ती बीमा पॉजलजसयों 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 उपरोि दरें, 01.04.2024 से लागू होंगी। 3. भािी मूल्यांकन पूरा होन े तक, पररपक्वता अथिा मृत्य ु के कारण उत्पन्न हुए सभी दािों के मामलों म ें अनंजतम बोनस उपरोि दरों पर ही देय होगा। 4. बोनस राजि में िाजमल 50 पसै े अथिा उससे अजधक के भाग को अगले उच्चतर रुपए में पूणाांदकत दकया िाएगा और 50 पैस ेसे कम के भाग को निरअंदाि कर ददया िाएगा। जितेन्‍द र गुप् ता, मुख्य महाप्रबंधक (पीएलआई) MINISTRY OF COMMUNICATIONS (Department of Posts) (DIRECTORATE OF POSTAL LIFE INSURANCE) EXTRAORDINARY NOTIFICATION New Delhi, the 13 March, 2024 F. No. 04-02/2019-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 Rural Post Office Life Insurance Fund (RPOLIF) as on 31.03.2023, the Director General Postal Services is pleased to declare a simple Reversionary Bonus on the Rural 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. 60/- per thousand of sum assured ii. Endowment Assurance (EA) Rs. 48/- per thousand of sum assured (including Children policy) iii. Anticipated Endowment Assurance (AEA) Rs. 45/- per thousand of sum assured (including Gram Priya policies) 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 mentioned above 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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