The Hindu : LIC announces bonus for policyholders

Online edition of India's National Newspaper
Friday, Sep 12, 2003

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LIC announces bonus for policyholders

MUMBAI SEPT. 11. The Life Insurance Corporation of India (LIC) has announced a bonus for its policyholders for 2002-03.

The corporation has recorded a surplus of Rs. 9,733 crores out of which 95 per cent (Rs. 9,246 crores) was being distributed as bonus to policyholders while the balance 5 per cent (Rs. 487 crores) was the yearly dividend to the government, LIC said in a release here today.

The bonus rates show a marginal adjustment over the previous year because of the fall in average yield on investments owing to overall declining interest rate scenario, it added.

The corporation has also declared final additional bonus and loyalty addition to give add-on value to those policyholders who keep their policies in force. The rates of final (additional) bonus are up to Rs. 1,400 per thousand sum assured depending on the term and sum assured of the policy, it said.

The corporation has announced a reversionary bonus of Rs. 90 per thousand sum assured for wholelife policies. The bonus for endowment policies per thousand sum assured for 16 years and above ranged between Rs. 58 and Rs. 64.

In the case of money back, anticipated endowment, the bonus was Rs. 52 (term 20 years) and Rs. 58 (25 years), it said.

The bonus on pension plans — New Jeevan Dhara I and New Jeevan Suraksha I — ranges from Rs. 18 to Rs. 24 per thousand notional cash option. LIC has also announced bonus for Jeevan Mitra, Jeevan Sathi, Jeevan Surabhi, Jeevan Anand and Jeevan Rekha policies. — PTI

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