Financial Daily from THE HINDU group of publications
Thursday, Sep 16, 2004
Financial Daily from THE HINDU group of publications Thursday, Sep 16, 2004 |
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Money & Banking
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Life Insurance LIC bonus at Rs 80 for whole life plans Our Bureau
Mumbai , Sept. 15 LIFE Insurance Corporation on Wednesday said it would distribute Rs 10,388 crore or 95 per cent of its surplus as bonus to holders of `with-profit' policies that were in force on March 31, 2004. It will pay 5 per cent of the surplus or Rs 547 crore to the Government as yearly dividend. The number of in-force policies has gone up from 14.11 crore to 15.62 crore as on March 31, a growth of 10.7 per cent, an LIC press release said. The revisionary bonus rates announced by the corporation are: Rs 80 per thousand sum assured for whole life policies, Rs 51 per thousand to Rs 57 per thousand for endowment type policies, and Rs 46 (term 20 years) and Rs 51 (term 25 years) for money back and anticipated endowment policies. The bonus ranges between Rs 52 and Rs 58 for Jeevan Mitra, Jeevan Sathi, and limited endowment policies. For Jeevan Surabhi policies, the bonus is Rs 48 for a 20-year term and Rs 57 for a 25-year term. The Jeevan Anand plan bonus ranges from Rs 49 to Rs 53 and for Jeevan Raksha, it ranges from Rs 39 to Rs 45. LIC has also declared bonus ranging from Rs 18 to Rs 24 per thousand notional cash option for individual pension plans - New Jeevan Dhara-I and New Jeevan Suraksha-I, the release said.
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