The Government of India’s Ministry of Communications, Department of Posts has announced a bonus on RPLI (Rural Postal Life Insurance) policies for the financial year 2023-24. The bonus has been declared based on the Actuarial Valuation of the assets and liabilities of Rural Post Office Life Insurance Fund (RPOLIF) as of March 31, 2022. The rates of bonus will be applicable from April 1, 2023 and will also be payable for all claims arising due to maturity or death until future valuation is completed. The bonus will be rounded off to the next higher Rupee and fractions below 50 paisa will be ignored.
Bonus declaration in respect of Rural Postal Life Insurance Policies
Government of India
Ministry of Communications, Department of Posts
DIRECTORATE OF POSTAL LIFE INSURANCE
Chanakyapuri Post Office Complex, Chanakyapuri, New Delhi-110021
F. No. 04-02/2019-LI
- All Heads of Circles
- Addl DG APS
- Director, RAKNPA
- All Regional PMsG
- All Directors PTCs
Subject: Bonus declaration in respect of RPLI – reg.
Kindly find enclosed Gazette Notification No. 12 dated 11.01.2023 (Gazette ID – CG-DL-E-11012023-241902) declaring bonus on RPLI policies for financial year FY 2023-24 for information.
2 The Notification may be brought to the notice of all concerned.
Assistant Director (PLI)
MINISTRY OF COMMUNICATIONS
(Department of Posts)
(DIRECTORATE OF POSTAL LIFE INSURANCE)
New Delhi, the 4th January, 2023
F. No. 04-02/2019-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 Rural Post Office Life Insurance Fund (RPOLIF) as on 31.03.2022, the Director General Postal Services is pleased to declare a simple Reversionary Bonus 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. 60/- per thousand of sum assured|
|ii. Endowment Assurance (EA)|
(including Children Policies)
|Rs. 48/- per thousand of sum assured|
|iii. Anticipated Endowment Assurance (AEA)|
(including Gram Priya policies)
|Rs. 45/- per thousand of sum assured|
|iv. Convertible Whole Life Assurance (CWLA)||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.|
- The rates of Bonus mentioned above for the Financial Year 2023-24 will be applicable from 01.04.2023.
- 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.
- 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 ignored.
Chief General Manager (PLI)