Bonus will be available on this government life insurance scheme, the government told how much will be the benefit

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Bonus will be available on this government life insurance scheme, the government told how much will be the benefit

The Central Government has announced bonus for Postal Life Insurance (PLI) policies for the financial year 2023-24. The declared bonus for PLI policies will be applicable from April 1, 2023, which is the first date of FY 2024. The Central Government has announced bonus for Postal Life Insurance (PLI) policies for the financial year 2023-24.

government life insurance scheme

Bonus will be available on this government life insurance scheme

The Central Government has announced bonus for Postal Life Insurance (PLI) policies for the financial year 2023-24. The declared bonus for PLI policies will be applicable from April 1, 2023, which is the first date of FY 2024. The Directorate of Postal Life Insurance under the Department of Posts in the Ministry of Communications has announced and published the order in this matter. In the Gazette of India.

What has the government said?

Directorate of Postal Life Insurance has announced the bonus of Postal Life Insurance for the financial year 2024. It states that this decision is based on the powers conferred under Rule 3 of the Post Office Life Insurance Rules (2011). On actual valuation of assets and liabilities of the Post Office Life Insurance Fund (POLIF). A simple bonus would be available on the Postal Life Insurance policy on account of death or maturity of the claim, he said. He has also given information about its rates.

In Whole Life Insurance (WLA), a bonus of Rs 76 will be available per thousand sum assured. While the endowment assurance will be Rs 52 per thousand sum assured. While Rs 48 per thousand will be ensured.

How much bonus will you get?

Convertible Whole Life Insurance (CWLA) – Whole life bonus rate will apply. But now Endowment Assurance Bonus will be applicable on conversion. Terminal Bonus will be Rs 20 per 10,000 Sum Assured. For whole life insurance and endowment insurance policies with a term of more than 20 years, the maximum sum assured can be Rs.1000.

Let us tell you that PLI is the oldest government insurance scheme. It started on 1 February 1884 during the British era. The age limit for buying Whole Life Assurance-Security policy has been fixed from 19 years to 55 years. Under this scheme, the policy holder gets a minimum sum assured of Rs 20,000 along with bonus and a maximum sum assured of Rs 50 lakh after the age of 80 years. If the policy holder dies in the meantime, then this amount is given to his heir or nominee.

In this scheme, after running the policy continuously for 4 years, the policyholder is also given the facility to take a loan on it. If you are unable to run the policy for a long time, then you can also surrender it after 3 years.

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