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Business News/ Money / Personal Finance/  Central government declares postal life insurance bonus rates for FY24. Details here
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Central government declares postal life insurance bonus rates for FY24. Details here

The bonus announced for the PLI policies will become applicable from 1st April 2023

Interim bonus at the rates announced will also be payable for all claims arising due to maturity or death until future valuation is completed.Premium
Interim bonus at the rates announced will also be payable for all claims arising due to maturity or death until future valuation is completed.

The central government has declared bonus for postal life insurance (PLI) policies for the financial year 2023-24. The bonus announced for the PLI policies will become applicable from 1st April 2023 i.e. from first date of FY24. The Directorate of Postal Life Insurance, Department of Post, Ministry of Communications made an announcement in this regard and the order has been published in the Gazette of India.

The Directorate of Postal Life Insurance announced bonus for Postal Life Insurance for the FY24 citing, "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: Whole Life Assurance (WLA) — Rs. 76/- per thousand of sum assured; Endowment Assurance (EA) (including Joint life & Children Policies) — 52/- per thousand of sum assured; Anticipated Endowment Assurance (AEA) — Rs. 48/- per thousand of sum assured; Convertible Whole Life Assurance (CWLA) — Whole Life bonus rate would be applicable, but on conversion, Endowment Assurance bonus rate will be applicable; and 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."

See Postal Life Insurance bonus chart below:

Photo: Courtesy Gazette of India
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Photo: Courtesy Gazette of India

The Directorate of Postal Life Insurance went on to add that the rates of Bonus for the Financial Year 2023-24 will be applicable from 01.04.2023 and 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.

Established in February 1884 as a welfare policy for postal department employees, Postal Life Insurance was extended to a large segment of the society in 2017, making it accessible to professionals like doctors, engineers, CAs, bankers, lawyers, etc. Postal Life Insurance offers six types of schemes which are as follows:

1] Whole Life Assurance;

2] Convertible Whole Life Assurance;

3] Endowment Assurance;

4] Joint Life Assurance;

5] Anticipated Endowment Assurance; and

6] Children Policy.

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ABOUT THE AUTHOR
Asit Manohar
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Updated: 19 Jan 2023, 08:08 AM IST
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