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

Declaring a simple Reversionary Bonus on the Rural Postal Life Insurance Policies

Issued by Ministry of Communications · Department of Posts

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Executive Summary & Key Takeaways

What it means

  • The notification announces the rates of simple reversionary bonus for Rural Postal Life Insurance (RPLI) policies. These rates are applicable to claims arising from death or maturity.
  • The bonus rates are declared based on the actuarial valuation of the assets and liabilities of the Rural Post Office Life Insurance Fund (RPOLIF) as of March 31, 2022.

Key Changes

  • The following bonus rates per thousand rupees of sum assured are declared:
  • Whole Life Assurance (WLA): Rs. 60
  • Endowment Assurance (EA) (including Children policy): Rs. 48
  • Anticipated Endowment Assurance (AEA) (including Gram Priya policies): Rs. 45
  • 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 a term of 20 years or more.
  • The bonus rates are applicable from April 1, 2023, for the financial year 2023-24.
  • Interim bonus at the stated rates will be paid on claims due to maturity or death until the next valuation is completed.
  • Bonus amounts with a fraction of 50 paisa or more will be rounded up to the next higher rupee, and fractions below 50 paisa will be ignored.

Impact Analysis

Policyholders

  • Action Item: Policyholders should review their policy documents and understand the applicable bonus rates to calculate their potential benefits.

Department of Posts

  • Action Item: Update systems and train staff to implement the new bonus rates effectively.

Government

  • Action Item: Review the financial performance of RPLI and make necessary budgetary provisions.

Key Entities Referenced

Director General Postal Services: The authority responsible for declaring the simple reversionary bonus on Rural Postal Life Insurance Policies. Rural Post Office Life Insurance Fund (RPOLIF): The fund whose assets and liabilities are actuarially valued to determine the bonus rates. Post Office Life Insurance Rules (2011): The rules under which the powers are conferred to declare the bonus rates. Whole Life Assurance (WLA): A type of Rural Postal Life Insurance Policy. Endowment Assurance (EA): A type of Rural Postal Life Insurance Policy, including Children policy. Anticipated Endowment Assurance (AEA): A type of Rural Postal Life Insurance Policy, including Gram Priya policies. Convertible Whole Life Assurance (CWLA): A type of Rural Postal Life Insurance Policy.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-डी.एल.-अ.-11012023-241902 xxxGIDExxx CG-DL-E-11012023-241902 असाधारण EXTRAORDINARY भाग I—खण्ड 1 PART I—Section 1 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 12] नई ददल्ली, बुधिार, िनिरी 11, 2023/पौि 21, 1944 No. 12] 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.ं 04-02/2019-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, ग्रामीण डाकघर िीिन बीमा जनजध (आरपीओएलआईएफ) की पररसंपजियों एि ं दने दाररयों के बीमांदकक मूल्यांकन के आधार पर, मृत्य ु अथिा पररपक्वता के कारण उत्पन्न हुए ग्रामीण डाक िीिन बीमा के दािों के मामले म ें महाजनदेिक डाक सिे ाएं, 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 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) iv. पररितनत ीय आिीिन बीमा (सीडब्लल्यूएलए) 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 273 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] 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 िित 2023-24 के जलए बोनस की उपरोि दरें, 01.04.2023 स ेलागू होंगी। 3. भािी मल्ू यांकन 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 पसै े अथिा उससे अजधक के भाग को अगले उच् चतर रुपए म ें पणू ाांदकत 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. 04-02/2019-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 31.03.2022, 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 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.

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