Declaration of Rate of Bonus for Postal Life Insurance Scheme

THE GAZETTE OF INDIA: EXTRAORDINARY [PART I—Sec. 1]

————————————————————————–

MINISTRY OF COMMUNICATIONS AND INFORMATION TECHNOLOGY

(Department of Posts)

(DIRECTORATE OF POSTAL LIFE INSURANCE)

NOTIFICATION

New Delhi, the 29th October, 2012

No. 5-1/2007-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 Insurance Fund as on 31-3-2009, the Director General (Posts) is pleased to declare a simple reversionary Bonus for the year ending 31-3-2009 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. 65 per thousand sum assured
(II) Endowment Assurance (EA)                   Rs. 50 per thousand sum assured
(III) Anticipated Endowment Assurance     Rs. 47 per thousand sum assured
(IV) Convertible Whole Life Policies Whole life bonus rate would be applicable but on conversion, endowment bonus rate will be applicable.

2. The rate of Bonus for the year 2008-09 will be applicable from the date of receipt of thisNotification 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 paise or more shall be rounded off to the next higher Rupee and fraction below 50 paise shall be ignored.

5. This issues with the concurrence of Finance Advice (Postal) vide their Dy. No. 1356 dated 25-10-2012.

A.K. PODDAR,  General Manager (PLI)

Equivalent to the Rank of Jt. Secy. , Government of India

Source: www.indiapost.gov.in