New Delhi, Jun 9 (UNI) The Department of Posts (DoP) today said it has increased the bonus paid to its Rural Postal Life Insurance (RPLI) subscribers for Endowment Assurance (EA) scheme from Rs 50 to Rs 55 for every Rs 1,000 of sum assured for policy term exceeding 10 years.
For policy term up to 10 years, the bonus has been increased from Rs 50 to Rs 52 for every Rs 1,000 of sum assured.
''The increase is going to benefit insurants, as an insurant with a policy of Rs one lakh will now be vested with a bonus of Rs 5,500 a year as against Rs 5,000 earlier, and if the policy term exceeds 10 years, it will be vested of Rs 5,200 for other EA policies,'' RPLI Chief General Manager Sunita Trivedi said here.
This enhancement of bonus makes RPLI more attractive an option as compared to traditional insurers who cover the life risk of individual insurants under EA scheme.
The traditional insurers give bonus in a range of Rs 45-50 for every Rs 1,000, while RPLI has a better offering.
The premium of RPLI is collected through the counters of the massive network of more than 1,55,000 post offices, thus keeping its operational cost low as compared to other insurance companies.
At present, RPLI which was launched in 1995 to cover Rural Public towards Life Insurance, is having more than 85 lakh live policies with a corpus size of about Rs 2,500 crore.
UNI SR SBA CS1918