Postal Life Insurance Policy Bonus Rates For FY 2024
The financial year 2023–24 is about to begin, and the central government has announced bonuses for postal life insurance policyholders. The bonus rate on these life insurance products will be applicable from the first date of FY24, i.e., April 1, 2023.
Postal Life Insurance (PLI) Bonus Rates For FY 2024 - Declared
The postal life insurance policyholders will get a simple reversionary bonus at the time of maturity or death claims at the following rates:
- 76,000 Rs per sum assured on whole life insurance,
- 52,000 Rs per sum assured on endowment assurance (including joint and children's life insurance plans).
- 48,000 Rs per sum assured on anticipated endowment assurance.
Furthermore, under convertible whole-life insurance policies, an endowment bonus rate would be applicable; however, a whole-life bonus would only be applicable on conversion.
In addition to all of the above, for whole life insurance and endowment assurance policies, the terminal bonus is Rs. 20 per Rs. 10,000 of the sum assured, up to a maximum of Rs. 1000.
Types of Postal Life Insurance Policies
There are six postal life insurance policies available, which include
- Whole life assurance (Suraksha),
- Convertible whole life assurance (Suvidha),
- Endowment assurance (Santoshi),
- Joint life assurance (Yugal Suraksha),
- Anticipated endowment assurance (Sumangal)
- Children's insurance (Bal Jeevan Bima).
You can choose any of these traditional and non-market-linked postal life insurance policies.
About PLI Scheme
Postal Life Insurance (PLI) is an employee-welfare program that was launched by the Indian government in 1884. The staff members of a listed company and other professionals can purchase life insurance plans under the PLI scheme.
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