According to the Ministry of Communications notification dated January 4, 2023, “—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:”
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.
Interim Bonus at the above rates will also be paid for all claims arising from maturity or death until the future valuation is completed. Any Bonus involving a fraction of 50 paisa or more should be rounded off to the next higher Rupee, and any fraction less than 50 paisa shall be ignored.
Post office Life Insurance offers six schemes namely:
- Whole Life Assurance (Suraksha)
- Convertible Whole Life Assurance (Suvidha)
- Endowment Assurance (Santosh)
- Joint Life Assurance (Yugal Suraksha)
- Anticipated Endowment Assurance (Sumangal)
- Children Policy (Bal Jeevan Bima)
About Post Life Insurance
Postal Life Insurance (PLI) was established on February 1, 1884, as a welfare system for postal employees, and was later extended. From 2017, it became accessible to a larger segment of the public. Professionals such as doctors, engineers, management consultants, chartered accountants, architects, lawyers, bankers, and others have access to life insurance plans under PLI, as well as staff members of listed businesses on the NSE and BSE (Bombay Stock Exchange).