The Postal Life insurance service was started in 1884 for the government employees and now provides insurance solutions for defence personnel and semi government employees as well. These policies offer the policyholder not only a lump sum upon the policy reaching maturity to secure their financial future post retirement but also offers death benefits to the nominee or beneficiary in the case of demise of the policyholder thus securing the family’s financial future as well
The Postal Life Insurance offers not only assured sums but also bonuses. These bonuses will accrue and be paid out either at maturity or to the beneficiary upon the demise of the policyholder.
There are a few rules when it comes to bonuses. For those plans that provide lump sum pay-outs on maturity or death, the bonuses accrued will be paid out given the policyholder does not take up a loan before the completion of 5 policy years. Loan facilities are applicable on policies upon the completion of 3 policy years and if any loans are taken out during this period, the policy is void of all bonuses and if loans are taken out after the completion of 5 years, bonuses are reduced accordingly
Postal Life Insurance offers the following policies for central government and semi government employees which are Whole Life Assurance (WLA), Convertible Whole Life Assurance (CWA), Endowment Assurance (EA), Anticipated Endowment Assurance (AEA) and Joint Life Assurance or Yugal Suraksha (YS). All the above policies offer bonuses
Below are the bonus rates for each Postal Life Insurance Policy:
- WLA Rates: Bonuses for WLA policy have been declared since the financial year of 1967 and has seen a steady improvement over the years which is testament to the quality and reliability of the policy. The WLA bonus rates started off at a mere 28 in the fiscal year ending March 1968 and since then has shown a steady increase year on year. Major jumps came in the fiscal year ending March 1978 when the bonus rate touched 40 and then again in March 1989 when the bonus rate was 80. The bonus rates for the WLA policy was hovering around the 95 mark from the years 1995 to 2002 and fell back down to 90 in 2006 and further down to 85 in 2010 and as of March 2012, the bonus rate for WLA stood at 85
- CWA Rates: These rates have also been published since March of 1968. The Bonus rate then stood at 28 and has seen a steady rise since then. Its peak fluctuations came in 1978 when the bonus rate touched 40 and again in 1986 when the bonus rate touched 67. It touched its highest in 1998 when the bonus rate reached 96 and from then it has dropped a slight amount to 85 in 2010 and has stayed at that rate since. As of 2012 the bonus rate for CWA policy was 85
- EA Rates: These rates have also been published since March 1968. Though the bonus rate may not stand as high as the WLA or CWA, it has shown a steady improvement since 1968. In 1968, the EA bonus rate stood at 22. Bonus rates reached the 70’s in 1991 and saw rates touch 77 in 2002. The rates however started declining since then and as of 2012 the rates stood at 58
- AEA Rates: The AEA bonus rates have been published by PLI since 1968 and has seen a steady climb over the years. The bonus rate reached its all-time high of 77 in 1999. Since then however, the rates have dropped and as of 2012 the bonus rates for AEA stood at 53
- YS Rates: The YS Rates have been published by PLI only since 1995 and is a much younger policy as compared to the others. The bonus rate stood at 76 in 1995 and has more or less hovered around this mark. 1999 to 2002 saw the bonus rates reach its highest of 77 but has dropped since then. As of 2012 the bonus rates for YS stood at 58.
Read More about Postal Life Insurance
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|Postal Life Insurance Tax Rebate|
|Rural Postal Life Insurance|