Home India Ministry of Communications Declaring a simple Reversionary Bonus on the Postal Life Ins...
Date: 11-Jan-2023 Category: Extra Ordinary State: Union Government Country: India

Declaring a simple Reversionary Bonus on the Postal Life Insurance Policies

Issued by Ministry of Communications · Department of Posts

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The gazette notification issued by the Ministry of Communications (Department of Posts) announces the revised rates of simple reversionary bonus on Postal Life Insurance (PLI) policies. These rates are applicable to claims arising from death or maturity.

Key Changes

  • Revised bonus rates for various types of Postal Life Insurance policies are declared based on the actuarial valuation of the Post Office Life Insurance Fund (POLIF) as of 31.03.2022.
  • The bonus rates are as follows:
  • Whole Life Assurance (WLA): Rs. 76 per thousand of sum assured.
  • Endowment Assurance (EA) (including Joint life & Children Policies): Rs. 52 per thousand of sum assured.
  • Anticipated Endowment Assurance (AEA): Rs. 48 per thousand of sum assured.
  • Convertible Whole Life Assurance (CWLA): Same as Whole Life bonus rate; upon conversion, Endowment Assurance bonus rate applies.
  • Terminal Bonus: Rs. 20 per Rs. 10,000 sum assured, up to a maximum of Rs. 1000, for Whole Life Assurance and Endowment Assurance policies with a term of 20 years or more.
  • The new bonus rates are applicable from 01.04.2023, for the financial year 2023-24.
  • Interim bonus at the stated rates will be paid on claims arising from maturity or death until the next valuation is completed.
  • Bonus amounts involving fractions 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

  • Action Item: Policyholders should review their policy documents and understand the applicable bonus rates for their specific policy type.

Department of Posts

  • Action Item: Update the systems and train staff to ensure accurate calculation and disbursement of bonus amounts.

General Public

  • Action Item: The Department of Posts should publicize the revised bonus rates to inform potential and existing policyholders.

Key Entities Referenced

Ministry of Communications (Department of Posts): The issuing authority for the gazette notification, responsible for Postal Life Insurance. Director General Postal Services: The authority who approved the declaration of the bonus rates. Post Office Life Insurance Fund (POLIF): The fund from which the bonus amounts are paid. The actuarial valuation of this fund is the basis for the bonus rates. Post Office Life Insurance Rules (2011): The rules under which the powers are conferred to declare the bonus rates. Chief General Manager (PLI): Jitendra Gupta, the signatory of the notification.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-डी.एल.-अ.-11012023-241903 xxxGIDExxx CG-DL-E-11012023-241903 असाधारण EXTRAORDINARY भाग I—खण्ड 1 PART I—Section 1 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 11] नई ददल्ली, बुधिार, िनिरी 11, 2023/पौि 21, 1944 No. 11] NEW DELHI, WEDNESDAY, JANUARY 11, 2023/PAUSHA 21, 1944 सचं ार मत्रं ालय (डाक जिभाग) (डाक िीिन बीमा जनदिे ालय) अजधसचू ना नई ददल् ली, 4 िनिरी, 2023 फा. स.ं 04-01/2019-एलआई.—डाकघर िीिन बीमा जनयमािली (2011) के जनयम 3 के तहत प्रदत् त िजियों का प्रयोग करते हुए तथा 31.03.2022 की जस्ट्थजत के अनुसार, डाकघर िीिन बीमा जनजध (पीओएलआईएफ) की पररसंपजियों एि ं दने दाररयों के बीमांदकक मूल्यांकन के आधार पर, मृत्य ु अथिा पररपक्वता के कारण उत्पन्न हुए डाक िीिन बीमा के दािों के मामले म ेंमहाजनदेिक डाक सेिाए,ं जनम्नजलजखत दर पर साधारण प्रत्यािर्ततत 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. (संयुि िीिन एिं बाल पॉजलजसयों सजहत) iii. प्रत्याजित बंदोबस्ट्ती बीमा (एईए) प्रजत हिार रुपए की बीजमत राजि पर 48/- रु. iv. पररिततनीय आिीिन बीमा (सीडब्लल्यएू लए) आिीिन बीमा की बोनस दर लागू होगी, परंतु पररिर्ततत करने की जस्ट्थजत म ें बंदोबस्ट्ती बीमा की बोनस दर लागू होगी। v. टर्तमनल बोनस 20 िित 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 से, 1000 रु. की अजधकतम सीमा के अधीन 2. जिि िित 2023-24 के जलए बोनस की दरें, 01.04.2023 स े लाग ू होंगी। 272 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] 3. भािी मूल्यांकन पूरा होन े तक, पररपक्वता अथिा मृत्य ु के कारण उत्पन्न हुए सभी दािों के मामलों म ें अनंजतम बोनस उपरोि दरों पर ही दये होगा। 4. बोनस राजि म ें िाजमल 50 पैस े अथिा उससे अजधक के भाग को अगले उच्चतर रुपए म ें पूणाांदकत दकया िाएगा और 50 पैस े स े 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) NOTIFICATION New Delhi, the 4th January, 2023 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 31.03.2022, 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 2023-24 will be applicable from 01.04.2023. 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.

Continue your research