Central authorities declares postal life insurance coverage bonus charges for FY24

The central authorities has declared bonus for postal life insurance coverage (PLI) insurance policies for the monetary yr 2023-24. The bonus introduced for the PLI insurance policies will grow to be relevant 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 on this regard and the order has been revealed within the Gazette of India.

The Directorate of Postal Life Insurance introduced 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 beneath:

View Full Image

Photo: Courtesy Gazette of India

The Directorate of Postal Life Insurance went on so as to add that the charges of Bonus for the Financial Year 2023-24 might be relevant from 01.04.2023 and interim bonus on the charges talked about above may even be payable for all claims arising attributable to maturity or dying till future valuation is accomplished.

Established in February 1884 as a welfare coverage for postal division workers, Postal Life Insurance was prolonged to a big section of the society in 2017, making it accessible to professionals like docs, engineers, CAs, bankers, legal professionals, and many others. Postal Life Insurance presents six kinds of schemes that 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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