Post Office Life Insurance (POLI) Announces Reversionary Bonus Rates for 2024-25
Download PLI (Postal Life Insurance) Bonus Rates for Fy 2024-25 in PDF
In a recent notification issued by the Ministry of Communications, Department of Posts, Directorate of Postal Life Insurance (PLI), policyholders have reason to celebrate. Effective from April 1, 2024, the POLI has declared new rates for Reversionary Bonus on Postal Life Insurance Policies. This declaration comes after a meticulous Actuarial Valuation of the assets and liabilities of the Post Office Life Insurance Fund (POLIF) as on March 31, 2023.
The Reversionary Bonus is applicable to policies upon their maturity or in the event of the policyholder's demise. Here are the rates announced:
1. Whole Life Assurance (WLA): Rs. 76/- per thousand of sum assured
2. Endowment Assurance (EA) (including Joint Life & Children Policies): Rs. 52/- per thousand of sum assured
3. Anticipated Endowment Assurance (AEA): Rs. 48/- per thousand of sum assured
4. Convertible Whole Life Assurance (CWLA): Whole Life bonus rate would be applicable initially. However, upon conversion, the Endowment Assurance bonus rate will be applicable.
5. Terminal Bonus: Rs. 20/- per sum assured of Rs. 10,000/-, subject to a maximum of Rs. 1000 for Whole Life Assurance and Endowment Assurance policies with a term of 20 years or more.
It's important to note that these rates will be applicable for the Financial Year 2024-25. Additionally, interim bonuses at the mentioned rates will be payable for all claims arising due to maturity or death until future valuation is completed.
Furthermore, to streamline the process, any bonus amount involving a fraction of 50 paisa or more shall be rounded off to the next higher Rupee, while fractions below 50 paisa shall be disregarded.
This announcement brings relief and assurance to POLI policyholders, reaffirming the commitment of the Directorate of Postal Life Insurance to provide value and support to its clientele.
Jitendra Gupta, Chief General Manager (PLI), expressed his confidence in these bonus rates, emphasizing their alignment with the organization's mission to secure the financial future of its policyholders.
As we move forward into the new financial year, POLI policyholders can anticipate enhanced benefits and greater financial security, underlining the steadfastness of the Postal Life Insurance system in serving the nation.
This announcement marks yet another milestone in the journey of Postal Life Insurance, reflecting its continued dedication to serving the interests of its valued policyholders.
