Date: 2016-06-15Category: Extra OrdinaryState: Union GovernmentCountry: India
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
Executive Summary:
This notification from the Department of Posts declares the simple Reversionary Bonus rates on Postal Life Insurance (PLI) policies. These rates are based on the actuarial valuation of the Post Office Life Insurance Fund as of March 31, 2015, and are applicable from the date of receipt of this notification by the Circles for both new and pending claims. Interim bonus payments will continue until the next valuation.
Key Points / Main Content:
Bonus Rates for Postal Life Insurance Policies:
* Whole Life Assurance (WLA): Rs. 85 per thousand of sum assured.
* Endowment Assurance (EA): Rs. 58 per thousand of sum assured (including Joint life children policies).
* Anticipated Endowment Assurance (AEA): Rs. 53 per thousand of sum assured.
* Convertible Whole Life Policies (CWA): Whole Life bonus rate is applicable; Endowment Assurance bonus rate applies upon conversion.
Terminal Bonus:
* Rs. 20 per sum assured of Rs. 10,000.
* Maximum bonus of Rs. 1000 for Whole Life Assurance and Endowment Assurance policies with a term of 20 years or more.
Applicability and Interim Bonus:
* The bonus rates are effective from the date of notification receipt by the Circles.
* Rates apply to both new and unsettled claim cases pending on the date of notification receipt.
* Interim bonus at the specified rates will be paid for claims arising from maturity or death until future valuation is completed.
Rounding of Bonus Amounts:
* Fractions of 50 paisa or more will be rounded up to the next higher Rupee.
* Fractions below 50 paisa will be ignored.
Impact Analysis:
Circles:
* Impact: Responsible for implementing the new bonus rates for PLI policies.
* Action Required: Apply the bonus rates from the date of receiving the notification and ensure they are applied to both new claims and eligible unsettled claims.
Policyholders:
* Impact: Entitled to receive reversionary and terminal bonuses at the declared rates on eligible policies.
* Action Required: No immediate action required; benefits will be applied during claim settlement or maturity.
Department of Posts/Directorate of Postal Life Insurance:
* Impact: Responsible for overseeing the implementation of the bonus rates and ensuring compliance.
* Action Required: Ensure that the bonus rates are correctly applied and communicated to all relevant stakeholders.
Claim Processing Staff:
* Impact: Responsible for calculating and disbursing bonus amounts according to the new rates.
* Action Required: Familiarize themselves with the new rates and rounding rules to ensure accurate claim processing.
Key Entities Referenced
Post Office Life Insurance Rules 2011: A set of rules governing Post Office Life Insurance, referenced as the basis for the powers exercised in the notification.
Post Office Life Insurance Fund POLIF: The fund containing the assets and liabilities of Post Office Life Insurance, which undergoes actuarial valuation.
Director General Posts: The authority who declares the simple Reversionary Bonus on Postal Life Insurance Policies.
Postal Life Insurance Policies: Life insurance policies offered through the postal system, which are the subject of the bonus declaration.
Whole Life Assurance WLA: A type of Postal Life Insurance policy.
Endowment Assurance EA: A type of Postal Life Insurance policy, including Joint life children policies.
Anticipated Endowment Assurance AEA: A type of Postal Life Insurance policy.
Convertible Whole Life Policies CWA: A type of Postal Life Insurance policy.
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EXTRAORDINARY
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PART I—Section 1
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PUBLISHED BY AUTHORITY
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No. 189] NEW DELHI, WEDNESDAY, JUNE 15, 2016/JYAISTHA 25, 1938
ससससचचंंचचंं ाााारररर एएएएवववव ंं ंंससससचचूूचचूू ननननाााा (cid:11)(cid:11)(cid:11)(cid:11)ौौौौ(cid:13)(cid:13)(cid:13)(cid:13)ोोोोििििगगगगकककक(cid:18)(cid:18)(cid:18)(cid:18) ममममं(cid:20)ं(cid:20)ं(cid:20)ं(cid:20)ााााललललयययय
((((डडडडााााकककक ििििववववभभभभाााागगगग))))
((((डडडडााााकककक जजजजीीीीववववनननन बबबबीीीीममममाााा ििििननननददददशशशशेेेे ााााललललयययय))))
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:4)द(cid:6)ली, 15 मई, 2015
फफफफाााा.... सससस..ंं..ंं 4444----5555////2222000011115555----एएएएललललआआआआईईईई....————डाकघर जीवन बीमा िनयमावली, (2011) के िनयम 3 म(cid:10) (cid:11)द(cid:12) शि(cid:15)य(cid:17)
का (cid:11)योग करत े (cid:25)ए तथा डाकघर जीवन बीमा िनिध क" प$रसंपि(cid:12)य(cid:17) व दये ता' के बीमांकक मू(cid:6)यन
(पीओएलआईएफ) के 31-03-2015 के आधार पर, महािनदशे क(डाक), डाक जीवन बीमा पॉिलिसय(cid:17) के मृ+यु
अथवा प$रप.ता के कारण उनके दावे बनन े पर िन1िलिखत दर(cid:17) पर साधारण (cid:11)+यावत3नीय बोनस क" घोषणा
करते ह 6 :-
बबबबीीीीममममाााा पपपपॉॉॉॉललललीीीीससससीीीी ककककाााा (cid:11)(cid:11)(cid:11)(cid:11)ककककाााारररर बबबबोोोोननननसससस कककक(cid:18)(cid:18)(cid:18)(cid:18) ददददरररर
i. आजीवन बीमा((((डडडड(cid:28)(cid:28)(cid:28)(cid:28)(cid:29)(cid:29)(cid:29)(cid:29)ययययूएूएूएूएललललएएएए)))) 7. 85/- (cid:11)ित एक हजार 7पए क" बीिमत रािश के िलए
ii. साविध बीमा((((ईईईईएएएए)))) 7. 58/- (cid:11)ित एक हजार 7पए क" बीिमत रािश के िलए
((((बबबबाााालललल पपपपााााििििललललससससीीीी एएएएवववव ंं ंं ययययगगुुगगुु लललल ससससररुुररुु (cid:31)(cid:31)(cid:31)(cid:31)ाााा
पपपपााााििििललललििििससससयययय ससससििििहहहहतततत))))
iii. (cid:11)+यािशत साविध बीमा((((एएएएईईईईएएएए)))) 7. 53/- (cid:11)ित एक हजार 7पए क" बीिमत रािश के िलए
iv. प$रवत3नीय आजीवन बीमा आजीवन बीमा बोनस क" दर(cid:10) लागू ह(cid:17)गी 9कतु प$रवत3न के प:ात
साविध बीमा क" बोनस क" दर(cid:10) लागू ह(cid:17)गी।
v. अंितम बोनस 20 वष 3 और उससे अिधक अविध क" आजीवन बीमा पािलिसय(cid:17)
तथा साविध बीमा पािलिसय(cid:17) पर 7. 20/- (cid:11)ित दस हजार 7.
बीिमत रािश क" दर स,े अिधकतम 7. 1000/-(cid:11)ित पािलसी।
3035 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
2. वष3 2014-2015 के िलए बोनस क" दर(cid:10) इस अिधसचू ना के सक3ल(cid:17) म(cid:10) (cid:11)ा? होने क" तारीख से लागू ह(cid:17)गी
तथा यह उन दावा मामल(cid:17) के िलए भी लागू ह(cid:17)गी जो इस अिधसूचना क" (cid:11)ाि? क" तारीख तक (cid:11)ा? हो चुके थ े पर
िनपटाए नहB गए थे।
3. उि(cid:6)लिखत अंत$रम बोनस क" दर(cid:10) भिवCय का मू(cid:6)यन पूरा होने तक प$रप.ता अथवा मृ+यु के कारण (cid:4)कए
जाने वाले सभी दाव(cid:17) के िलए भी दये ह(cid:17)गी।
4. बोनस म(cid:10) सDमिलत 50 पैसे या उससे अिधक के अंश को अगले 7पए म(cid:10) पूणाF(cid:4)कत (cid:4)कया जाए तथा 50 पैसे स े
कम के अंश क" गणना न क" जाए।
िवGपवन पती, मुHय महा(cid:11)बIधक(डाजीबी)
(भारत सरकार के सह सिचव के समतु(cid:6)य पदधारी)
MINISTRY OF COMMUNICATIONS AND INFORMATION TECHNOLOGY
(Department of Posts)
(Directorate of Postal Life Insurance)
NOTIFICATION
New Delhi, the 15 th May, 2015
F. No.4-05/2015-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
31.03.2015, 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) Rs. 58/- per thousand of sum assured
(including Joint life & children policies)
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 1000 for Whole life assurance and
Endowment assurance policies with term of 20
years or more.
2. The rates of Bonus for the year 2014-2015 will be applicable from the date of receipt of this 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 shal l be ignored.76
VISHVAPAVAN PATI, Chief General Manager (PLI)
(Equivalent to the Rank of Additional Secretary, Government of India)
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.