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Date: 2016-01-25 Category: Extra Ordinary State: Union Government Country: India

The President is pleased to make the following amendments to Post Office Life Insurance Rules 2011 published on 28th April, 2011 in Gazette of India No. 85 Part-I Section-I Extraordinary

Issued by Ministry of Communications · Department of Posts

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Ministry of Communications and Information Technology, Department of Posts, announces amendments to the Post Office Life Insurance Rules 2011. The amendments, effective from the date of issue (January 21, 2016), modify the rules regarding Whole Life Assurance and Convertible Whole Life Assurance policies. These changes involve the inclusion of accrued bonus and the age of 80 years as a condition for payment. Key Points / Main Content: Amendments to Postal Life Insurance Rules 2011: The President has approved the following changes to the Post Office Life Insurance Rules 2011. Whole Life Assurance: * The existing rule 538 is amended. * The policy will now pay the sum assured with accrued bonus to the insured on attaining the age of 80 years. * Payment is also made to legal representatives or assignees on the death of the insured, whichever occurs earlier. * The policy must be in force on the date of the claim. Convertible Whole Life Assurance: * The existing rule 59 is amended. * The policy will now pay the sum assured with accrued bonus to the insured either on attaining the age of 80 years. * Payment is also made to legal representatives or assignees on the death of the insured, whichever occurs earlier. * Policyholders retain the option to convert the policy into an Endowment Assurance. * Conversion can occur at the end of 5 years with a grace period up to the end of 6 years from the risk commencement date. Impact Analysis: Policyholders: * Impact: Benefits from the inclusion of accrued bonus in Whole Life Assurance and Convertible Whole Life Assurance policies, with payouts available at age 80 or earlier upon death. * Action Required: Understand the revised terms of their policies and consider the implications for their financial planning. Legal Representatives/Assignees: * Impact: Affected by the revised payout conditions for Whole Life Assurance and Convertible Whole Life Assurance policies, particularly the inclusion of accrued bonus. * Action Required: Be aware of the revised terms for claim eligibility and the inclusion of accrued bonus. Department of Posts/PLI Directorate: * Impact: Requires updating policy documentation and communicating changes to policyholders. * Action Required: Implement the amendments to the policy rules, update relevant systems, and inform policyholders about the changes.

Key Entities Referenced

Ministry of Communications and Information Technology: The ministry under which the Department of Posts and Directorate of PLI operate. Department of Posts: The department responsible for postal services and postal life insurance in India. Directorate of PLI: The directorate responsible for Postal Life Insurance. Post Office Life Insurance Rules 2011: The set of rules governing Post Office Life Insurance, which are being amended by this notification. Postal Life Insurance Rule 2011: Another mention of the rules being amended. Whole Life Assurance: A type of life insurance contract offered by the Post Office, the definition of which is being amended. Convertible Whole Life Assurance: Another type of life insurance contract offered by the Post Office, the definition of which is also being amended. VISHVAPAVAN PATI: Chief General Manager PLI, signatory of the notification.
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L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx I—[k.M 1 PART I—Section 1 izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 31] ubZ fnYyh] lkseokj] tuojh 25] 2016@ek?k 5] 1937 No. 31] NEW DELHI, MONDAY, JANUARY 25, 2016/ MAGHA 5 , 1937 सचं ार एव ं सचू ना (cid:7079)ौ(cid:7378)ोिगक(cid:7409) मं(cid:7074)ालय (डाक िवभाग) (डाक जीवन बीमा िनदेशालय) अिधसचू ना नई (cid:7408)द(cid:7016)ली, 21 जनवरी, 2016 la- 5-1/2015-एल आई.—रा(cid:7398)पित सहष(cid:6981) भारत के राजप(cid:7074) सं. 85 (भाग-1— ख(cid:7003)ड-1 असाधारण) म(cid:7286) (cid:7408)दनांक 28 अ(cid:7079)ैल 2011 को (cid:7079)कािशत डाकघर जीवन बीमा िनयमावली-2011 म(cid:7286) िन(cid:7388) संशोधन करते ह(cid:7289)- 1.(cid:32) िनयम 5(38) के तहत वत(cid:6981)मान उपबंध- “आजीवन बीमा” से आशय (cid:7390)ि(cid:7334) क(cid:7409) मृ(cid:7004)यु पर उसके िविधक (cid:7079)ितिनिध अथवा समनुदिे शती को रािश का भुगतान करने के िलए सरकार (cid:7367)ारा क(cid:7409) गई जीवन बीमा संिवदा से है, बशत(cid:7287) (cid:7408)क पािलसी मृ(cid:7004)यु क(cid:7409) तारीख को (cid:7079)व(cid:7414)तत हो। इसे इस (cid:7079)कार पढ़ा जाए :- -“आजीवन बीमा” से आशय 80 वष(cid:6981) क(cid:7409) आयु हो जाने पर बीिमत को ए(cid:7059)ूड बोनस के साथ बीमा रािश, या बीिमत (cid:7390)ि(cid:7334) क(cid:7409) मृ(cid:7004)यु पर उसके िविधक (cid:7079)ितिनिध/समनुदिे शती को, जो भी पहले हो, भुगतान करने के िलए सरकार (cid:7367)ारा क(cid:7409) गई जीवन बीमा संिवदा से ह,ै बशत(cid:7287) (cid:7408)क पािलसी मृ(cid:7004)यु क(cid:7409) तारीख को (cid:7079)व(cid:7414)तत हो। 2.(cid:32) िनयम 5(9) के तहत वत(cid:6981)मान उपबंध-“प(cid:7407)रवत(cid:6981)नीय आजीवन बीमा” से आशय (cid:7408)कसी (cid:7390)ि(cid:7334) क(cid:7409) मृ(cid:7004)यु पर उसके िविधक (cid:7079)ितिनिध या समनुदिे शती को एक िनि(cid:7391)त धन रािश अदा करने के िलए सरकार (cid:7367)ारा क(cid:7409) गई जीवन बीमा संिवदा ह ैिजसम(cid:7286) पािलसी धारक के पास जोिखम आर(cid:7013)भ होने क(cid:7409) तारीख से पांच वष(cid:6981) (6 वष(cid:6981) क(cid:7409) समाि(cid:7385) पर अनु(cid:7061)ह अविध के साथ) समा(cid:7385) होने पर पािलसी को ब(cid:7008)दोब(cid:7021)ती बीमा करने का िवक(cid:7016)प होगा जो (cid:7408)क एक िविन(cid:7416)द(cid:7397) आयु म(cid:7286) प(cid:7407)रप(cid:7332) होगा। इसे इस (cid:7079)कार पढ़ा जाए:- “प(cid:7407)रवत(cid:6981)नीय आजीवन बीमा” से आशय 80 वष(cid:6981) क(cid:7409) आयु हो जाने पर बीिमत को ए(cid:7059)ूड बोनस के साथ बीमा रािश या बीिमत (cid:7390)ि(cid:7334) क(cid:7409) मृ(cid:7004)यु पर उसके िविधक (cid:7079)ितिनिध/समनुदिे शती को, जो भी पहले हो, एक िनि(cid:7391)त धन रािश अदा करने के िलए सरकार (cid:7367)ारा क(cid:7409) गई जीवन बीमा संिवदा ह ै िजसम(cid:7286) पािलसी धारक के पास जोिखम आर(cid:7013)भ होने क(cid:7409) तारीख से पांच वष(cid:6981) (6 वष(cid:6981) क(cid:7409) समाि(cid:7385) पर अनु(cid:7061)ह अविध के साथ) समा(cid:7385) होने पर पािलसी को ब(cid:7008)दोब(cid:7021)ती बीमा करने का िवक(cid:7016)प होगा जो (cid:7408)क एक िविन(cid:7416)द(cid:7397) आयु म(cid:7286) प(cid:7407)रप(cid:7332) होगा। यह संशोधन इस राजप(cid:7074) के जारी होने क(cid:7409) ितिथ से लागू होगा। िव(cid:7393)पवन पित, मु(cid:6990)य महा(cid:7079)ब(cid:7008)धक(डाजीबी) 399 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] MINISTRY OF COMMUNICATIONS AND INFORMATION TECHNOLGY (Department of Posts) (DIRECTORATE OF PLI) NOTIFICATION New Delhi, the 21st January, 2016 No. 5-1/2015-LI.—The President is pleased to make the following amendments to “Post Office Life Insurance Rules -2011” published on 28th April, 2011 in Gazette of India No. 85(Part-I—Section-I Extraordinary). 1.(cid:32) The existing provision of Rule 5(38) of Postal Life insurance Rule-2011 is as follows:- “Whole Life Assurance” means a life insurance contract entered into by Government to pay a given sum of money, on the death of an individual, to his legal representatives or assigns provided the policy is in force on the date of death”. This may be read as :- “Whole Life Assurance” means a life insurance contract entered into by Government to pay a given sum of money with accrued bonus to the insured on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim. 2.(cid:32) The existing provision of Rule 5(9) of Postal Life insurance Rule-2011 is as follows:- “Convertible Whole Life Assurance” means a life insurance contract entered into by Government to pay a given sum of money, on the death of an individual to his legal representatives or assigns with option to the policy holder to convert the policy, at the end of 5 years (with grace period at end of 6 years) from the date of commencement of risk into an Endowment Assurance maturing at the specified age. This may be read as :- “Convertible Whole Life Assurance” means a life insurance contract entered into by Government to pay a given sum of money with accrued bonus to the insured either on attaining the age of 80 years, or on death of the insured to his/her legal representatives or assignees whichever occurs earlier, with option to the policy holder to convert the policy, at the end of 5 years (with a grace period at end of 6 years) from the date of commencement of risk into an Endowment Assurance maturing at a specified age. These amendments shall be effective from the date of issue. Hindi version will follow. VISHVAPAVAN PATI, Chief General Manager (PLI) Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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