Postal Life Insurance Gazette Notification: Rates of Bonus for the Financial Year 2020-21 will be applicable from 01.04.2020

Postal Life Insurance Gazette Notification: Rates of Bonus for the Financial Year 2020-21 will be applicable from 01.04.2020

MINISTRY OF COMMUNICATIONS
(Department of Posts)(DIRECTORATE OF POSTAL LIFE INSURANCE)

NOTIFICATION

New Delhi, the 31st March, 2020

F.No. 04-01/2019-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 Post Office Life Insurance Fund (POLIF) as on 31.03.2019, 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. 76/- per thousand of sum assured
ii.  Endowment Assurance (EA) (including Joint life & children policies)	Rs. 52/- per thousand of sum assured
iii.  Anticipated Endowment Assurance (AEA)	Rs. 48/- 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 Rs. 1000 for Whole life assurance and Endowment assurance policies with term of 20 years or more.

2. The rates of Bonus for the Financial Year 2020-21 will be applicable from 01.04.2020.

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

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

LAXMI NARAYAN SHARMA, Chief General Manager (PLI)
(Equivalent to the Rank of Addl. Secy.)