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Money & Banking - Life Insurance


LIC announces lower bonus

THE Life Insurance Corporation of India (LIC) has announced lower levels of bonus for its policyholders for 2002-03 compared to 2001-02, The following are the salient features of the bonus announcement:

  • Final additional bonus and loyalty addition to give add-on value (only those who keep their policies in force will be entitled to this bonus and loyalty addition).

  • Rates of final (additional) bonus of up to Rs 1,400 per thousand sum assured. The quantum will depend on the policy's term and sum assured.

  • A reversionary bonus of Rs 90 per thousand sum assured for wholelife policies, against Rs 100 per thousand in 2001-02.

  • Bonus ranging from Rs 58 to Rs 64 (Rs 65 to Rs 71) per thousand sum assured for endowment policies for 16 years and above.

  • A bonus of Rs 52 (Rs 58) for 20 years and Rs 58 (Rs 65) for 25 years for money back and anticipated endowment policies.

  • Bonus of Rs 18 to Rs 24 per thousand for New Jeevan Dhara I and New Jeevan Suraksha I for the notional cash option.

  • Bonus for Jeevan Mitra, Jeevan Sathi, Jeevan Surabhi, Jeevan Anand and Jeevan Rekha policies.

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