Good news for postal insurance policy holders. The government has announced a bonus of Rs 76 per thousand for postal whole life insurance policy holders. A bonus of Rs 52 has been announced for endowment policyholders. A terminal bonus is also announced. Indian Government announces bonus for Postal Life Insurance; Here is the detail.
The central government has announced the bonus for postal life insurance policies (Postal Life Insurance) for the next financial year . Bonus up to 7.6% has been announced for various policies. It will be applicable from April 1, 2023. Directorate of Post Life Insurance has issued this notification and this order has been published in the gazette. Here are the details of published bonuses for postal life insurance policies.
1) Whole Life Insurance (WLA) – Bonus of Rs 76 per Rs 1000.
2) Endowment Assurance (EA) – Bonus of Rs 52 per thousand
3) Anticipated Endowment Assurance (AEA) – Bonus of Rs 48 per thousand
4) Convertible Whole Life Assurance (CWLA) – Bonus of Rs 76 or Rs 52 for every Rs 1000.
5) Whole life insurance and endowment insurance policyholders will be given terminal bonus of Rs 20 for every 10 thousand rupees.
The fourth policy in the list here is a convertible policy. Here the bonus of Rs 76 offered to the whole life assurance policy is also given to the convertible policy holders. Endowment policyholders will get a bonus of Rs 52 if they opt for policy conversion.
Also, terminal bonus is the bonus amount paid at the time of settlement when the policy expires and matures. Government has announced terminal bonus money for whole life insurance and endowment insurance policy holders. However, the terminal bonus is applicable only for policyholders with tenure of more than 20 years.
History of Postal Insurance
Postal insurance was first introduced in 1884. The original objective was to provide insurance to postal employees. However, in 2017 it was opened to the public. The policies were formulated in such a way that they were popular with professionals like doctors, engineers etc. There are total six postal policies. It also has a children’s insurance policy.
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