Bonus notified for postal, rural postal life insurance schemes for FY25

The Centre has approved a simple reversionary bonus for the Postal Life Insurance Scheme and the Rural Postal Life Insurance Scheme for FY25. There is no change in the rate.

According to a notification, under the Postal Life Insurance Scheme, the 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, the 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 terms of 20 years or more.

“The rates of bonus for FY25 will be applicable from April 1, 2024,” the notification said. An 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 notification added. At the end of FY22, the number of policyholders under the 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. Another notification gave bonus rate for Rural Postal Life Insurance. 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.

It will be ₹45 per thousand for AEA (including gram priya policies). In case of CWLA, whole life bonus rate would be applicable, but on conversion, EA bonus rate will be applicable. Similarly, terminal bonus of ₹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.