Postal Life Insurance Policy: Center has announced bonus rates for Postal Life Insurance Policy for FY24. The declared bonus will be applicable from April 1, 2023 i.e. the first date of FY 24.
Postal Life Insurance Policy: The Central Government has declared bonus for Postal Life Insurance (PLI) policies for the financial year 2023-24. The declared bonus for PLI policies will be applicable from 1 April 2023 i.e. the first date of FY 24. Directorate of Postal Life Insurance, Department of Posts, Ministry of Communications made an announcement in this regard and the order has been published in the Gazette of India.
Directorate of Postal Life Insurance announces Bonus for Postal Life Insurance for FY24, “In exercise of the powers conferred by Rule 3 of the Post Office Life Insurance Rules (2011) and on the basis of actuarial valuation of assets and liabilities of the Post Office Fund (POLIF) up to 31.03.2022, the Director General of Postal Services is pleased to announce a simple reversionary bonus on account of death or maturity of Postal Life Insurance policies at the following rates:
Whole Life Assurance (WLA) – Rs. 76/- per thousand Sum Assured; Endowment Assurance (EA) (including joint life and children’s policies) – Rs.52 per thousand of Sum Assured; Anticipated Endowment Assurance (AEA) – Rs 48 per thousand sum assured; Convertible Whole Life Assurance (CWLA) – Whole life bonus rate will be applicable, but on conversion, endowment assurance bonus rate will be applicable; and Terminal Bonus – Rs. 20/- per Sum Assured 10,
See Postal Life Insurance Bonus chart below:
Directorate of Postal Life Insurance further stated that the rates of bonus for the financial year 2023-24 would be applicable from 01.04.2023 and interim bonus at the above rates would also be payable for all claims arising due to maturity or death. until the future assessment is complete.
Established in February 1884 as a welfare policy for the employees of the Department of Posts, Postal Life Insurance was extended to a larger section of the society in 2017, making it available to professionals like doctors, engineers, CAs, bankers, lawyers etc. became accessible. Postal Life Insurance offer six types of plans which are as follows:
Whole Life Assurance;
- variable whole life assurance;
- endowment assurance;
- Joint Life Assurance;
- Anticipated Endowment Assurance; And
- Child Policy.
