The Government of India has approved a simple reversionary bonus for Postal Life Insurance (PLI) Scheme and Rural Postal Life Insurance (RPLI) Scheme for fiscal year 2024-25.

Banking & Finance

The Government of India has approved a simple reversionary bonus for Postal Life Insurance (PLI) Scheme and Rural Postal Life Insurance (RPLI) Scheme for fiscal year 2024-25. There is no change in the rate. The rates of bonus for the Financial Year 2024-25 will be applicable from 1st April 2024. Under the Postal Life Insurance Scheme, rate of bonus will be ₹76 per thousand of sum assured for whole life assurance (WLA). Similarly, for endowment assurance (EA) (including joint life and children policies), it will be ₹52 per thousand of sum assured. Anticipated endowment assurance (AEA) will fetch ₹48 per thousand of sum assured. In case of convertible whole life assurance (CWLA), whole life bonus rate would be applicable, but on conversion, endowment assurance bonus rate will be applicable. Rate of terminal bonus will be ₹20 per sum assured of ₹10,000, subject to maximum of ₹1,000 for WLA and EA policies with term of 20 years or more. According to the notification, the rate for WLA will be ₹60 per thousand of sum assured. Similarly, for EA (including children policy), rate will be ₹48 per thousand of sum assured.


      At the end of FY22, the number of policy holders under Postal Life Insurance Scheme was over 47.5 lakh and under the Rural Postal Life Insurance Rural scheme, the number of subscribers was over ₹57.81 lakh.

      Postal Life Insurance (PLI), the oldest in the country, was introduced on 1st February 1884 as a welfare scheme for the benefit of postal employees and later extended to the employees of Telegraph Department in 1888.

     

 

     


          ____________________________