RPIL increases bonus for 'Endowment Assurance' scheme
Rural postal life insurance today announced an increase in the bonus for its 'Endowment Assurance' scheme from Rs 50 to Rs 55 and expects a growth of 40 per cent in the current fiscal.
By PTI |
NEW DELHI: Rural postal life insurance today announced an increase in the bonus for its 'Endowment Assurance' scheme from Rs 50 to Rs 55 and expects a growth of 40 per cent in the current fiscal.
"In the 2007-08, the premium we got was Rs 1,159.74 crore a 27.8 per cent increase compared to Rs 907.09 crore in 2006-07. Viewing this growth we expect 40 per cent growth for the fiscal 2008-09," Chief General Manager Suneeta Trivedi told reporters here.
Rural Postal Life Insurance (RPLI) is becoming increasingly popular in the country and the fund grew at an average rate of 45 per cent in last few years, Trivedi said.
RPLI bonus for the scheme -- Endowment Assurance (EA) -- now stands enhanced from Rs 50 to Rs 55 for every Rs 1,000 of sum assured, if the policy term exceeds ten years and if the policy term is up to ten years, it has increased to Rs 50 to Rs 52, she said.
Thus an insurant who is having a EA policy of Rs one lakh would now be vested with a bonus of Rs 55,00 a year, as against Rs 5,000 earlier, if the policy term exceeds ten years and would be vested of Rs 5,200 for other EA policies.
"Today, number of live policies in RPLI comes to nearly 70 lakh and the corpus size is about Rs 2,500 crore," she said.
RPLI scheme was launched in 1995 to cover rural public towards life insurance.
"In the 2007-08, the premium we got was Rs 1,159.74 crore a 27.8 per cent increase compared to Rs 907.09 crore in 2006-07. Viewing this growth we expect 40 per cent growth for the fiscal 2008-09," Chief General Manager Suneeta Trivedi told reporters here.
Rural Postal Life Insurance (RPLI) is becoming increasingly popular in the country and the fund grew at an average rate of 45 per cent in last few years, Trivedi said.
RPLI bonus for the scheme -- Endowment Assurance (EA) -- now stands enhanced from Rs 50 to Rs 55 for every Rs 1,000 of sum assured, if the policy term exceeds ten years and if the policy term is up to ten years, it has increased to Rs 50 to Rs 52, she said.
Thus an insurant who is having a EA policy of Rs one lakh would now be vested with a bonus of Rs 55,00 a year, as against Rs 5,000 earlier, if the policy term exceeds ten years and would be vested of Rs 5,200 for other EA policies.
"Today, number of live policies in RPLI comes to nearly 70 lakh and the corpus size is about Rs 2,500 crore," she said.
RPLI scheme was launched in 1995 to cover rural public towards life insurance.
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