Actuarial Department, Central Office, ‘Yogakshema’, Nariman Point, Mumbai 400 021

Tel: 022-22852174 / 66598370, Fax: 022-22028321

Ref: Actuarial/Valuation/2267/4 23rd September, 2022

To,

All HODs in Central Office

All Zonal Offices
All Divisional Offices
All Branch Offices (through Divisional Offices)
MDC, ZTCs, Audit & Inspection Departments, NIA

Results of Valuation as at 31st March 2022

1. Introduction

The Valuation of the Corporation's Business as on 31st March 2022 has been completed
and the bonuses in respect of participating policies have been declared as a result
thereof. The following instructions regarding Simple Reversionary Bonus, Interim Bonus,
Final (Additional) Bonus and Loyalty Additions will apply to participating policies (as per
details below), other than policies on UK, Fiji and Mauritius Registers.

2. Bonus Rates

a) The rates of Simple Reversionary Bonus and Interim Bonus declared in respect of
participating policies issued by the Corporation and also those issued by erstwhile
insurers before 19/01/1956 (excluding those on UK, Fiji and Mauritius Registers) are as
given in Table 1 and Table 2 respectively.

Table 1: Simple Reversionary and Interim Bonus Rates

Reversionary Interim
Bonus Rate Bonus Rate
Term
%o Sum %o Sum
Assured (SA) Assured
Group Plan (**) (SA)(**)
SA SA > SA SA >
(*) <= ` `1 <= ` `1
1 lac lac 1 lac lac
1 Whole Life type (Plans 2, 5, 6,
8, 10, 28 (Before Conversion),
35, 36, 37, 38, 49,77,78, 85 &
86) 65 66 65 66

1
 Reversionary Interim
Bonus Rate Bonus Rate
Term
%o Sum %o Sum
Assured (SA) Assured
Group Plan (**) (SA)(**)
SA SA > SA SA >
(*) <= ` `1 <= ` `1
1 lac lac 1 lac lac
2 Endowment type (Plans 14, 17,
27 (After Conversion), 28 < 11 29 30 29 30
(After Conversion), 34, 39 40, 11 to 15 33 34 33 34
41, 42, 50, 54, 79, 80, 81, 84,
87, 90, 91, 92, 95, 101, 102, 16 to 20 37 38 37 38
103, 109, 110 & 121)
> 20 43 44 43 44
3 New Endowment (Plan 814)
12 to 15 34 35 34 35

16 to 20 38 39 38 39

> 20 44 45 44 45
4 New Endowment (Plan 914)
12 to 15 34 35 34 35

16 to 20 38 39 38 39

> 20 44 45 44 45
5 Single Premium Endowment
(Plan 817) 10 to 15 37 38 37 38

16 to 20 42 43 42 43

> 20 47 48 47 48
6 Single Premium Endowment
(Plan 917) 10 to 15 37 38 37 38

16 to 20 42 43 42 43

> 20 47 48 47 48
7 Money Back Assurances (Plans
75& 93) 20 34 35 34 35

25 39 40 39 40
8 New Money Back (Plans 820 &
821) 20 35 36 35 36

25 40 41 40 41
9 New Money Back (Plans 920 &
921) 20 35 36 35 36

25 40 41 40 41

2
 Reversionary Interim
Bonus Rate Bonus Rate
Term
%o Sum %o Sum
Assured (SA) Assured
Group Plan
(**) (SA)(**)
SA SA > SA SA >
(*) <= ` `1 <= ` `1
1 lac lac 1 lac lac
10 Jeevan Surabhi (Plans 106, 107
& 108) 15 29 30 29 30

20 36 37 36 37
25 45 46 45 46
11 Jeevan Mitra (Double Cover –
Plan 88), Jeevan Saathi (Plan 15 35 36 35 36
89)
16 to 20 39 40 39 40

> 20 43 44 43 44
12 Jeevan Mitra (Triple Cover Plan:
Plan 133 ) 15 35 36 35 36

16 to 20 40 41 40 41

> 20 45 46 45 46
13 Limited Payment Endowment
(Plan 48) <16 35 36 35 36

16 to 20 39 40 39 40

> 20 44 45 44 45
14 Limited Premium Endowment
(Plan 830) 12 NA 37 NA 37

16 NA 42 NA 42

21 NA 47 NA 47
15 New Children Money Back (Plan
832) 13 to 15 34 35 34 35

16 to 20 38 39 38 39

> 20 44 45 44 45
16 New Children Money Back (Plan
932) 13 to 15 34 35 34 35

16 to 20 38 39 38 39

> 20 44 45 44 45
17 Jeevan Lakshya (Plan 833)
13 to 15 37 38 37 38

16 to 20 41 42 41 42

> 20 45 46 45 46

3
 Reversionary Interim
Bonus Rate Bonus Rate
Term
%o Sum %o Sum
Assured (SA) Assured
Group Plan
(**) (SA)(**)
SA SA > SA SA >
(*) <= ` `1 <= ` `1
1 lac lac 1 lac lac
18 Jeevan Lakshya (Plan 933)
13 to 15 37 38 37 38

16 to 20 41 42 41 42

> 20 45 46 45 46
19 Jeevan Anand (Plan 149)
<11 33 34 33 34

11 to 15 36 37 36 37

16 to 20 40 41 40 41

>20 44 45 44 45
20 New Jeevan Anand (Plan 815)
15 37 38 37 38

16 to 20 41 42 41 42

>20 45 46 45 46
21 New Jeevan Anand (Plan 915)
15 37 38 37 38

16 to 20 41 42 41 42

>20 45 46 45 46
22 Jeevan Rekha (Plan 152)
<11 NA 45 NA 45

11 to 15 NA 40 NA 40

16 to 20 NA 36 NA 36

>20 NA 30 NA 30
23 Jeevan Anurag (Plan 168)
< 11 33 34 33 34

11 to 15 35 36 35 36

16 to 20 37 38 37 38

> 20 39 40 39 40
24 New Jeevan Suraksha – I (Plan
147) < 11 22 23 22 23

11 to 15 26 27 26 27

>15 30 31 30 31

4
 Reversionary Interim
Bonus Rate Bonus Rate
Term
%o Sum %o Sum
Assured (SA) Assured
Group Plan
(**) (SA)(**)
SA SA > SA SA >
(*) <= ` `1 <= ` `1
1 lac lac 1 lac lac
25 New Jeevan Dhara - I (Plan
148) < 11 20 21 20 21

11 to 15 23 24 23 24

>15 27 28 27 28
26 Jeevan Tarang (Plan 178)
10 42 43 42 43

15 43 44 43 44

20 44 45 44 45
27 Jeevan Madhur (Plan 182)
< 11 16 NA 16 NA

11 – 15 21 NA 21 NA
28 Child Career (Plan 184)
11 to 15 29 30 29 30

16 to 20 33 34 33 34

>20 35 36 35 36
29 Child Future (Plan 185)
11 to 15 33 34 33 34

16 to 20 37 38 37 38

>20 39 40 39 40
30 Jeevan Bharti (Plan 160)
15 33 34 33 34

20 35 36 35 36
31 Jeevan Shree – I (Plan 162)
10 NA 41 NA 41

15 NA 42 NA 42

20 NA 45 NA 45

25 NA 49 NA 49
32 Jeevan Nidhi ( Plan 169)
<11 40 41 40 41

11 to 15 42 43 42 43

16 to 20 44 45 44 45

> 20 46 47 46 47

5
 Reversionary Interim
Bonus Rate Bonus Rate
Term
%o Sum %o Sum
Assured (SA) Assured
Group Plan
(**) (SA)(**)
SA SA > SA SA >
(*) <= ` `1 <= ` `1
1 lac lac 1 lac lac
33 Jeevan Pramukh (Plan 167)
10 NA 45 NA 45

15 NA 46 NA 46

20 NA 49 NA 49

25 NA 53 NA 53
34 Jeevan Amrit (Plan 186)
10 to 15 27 28 27 28

16 to 20 27 28 27 28

> 20 27 28 27 28
35 Jeevan Bharati I (Plan 192)
15 24 25 24 25

20 26 27 26 27
36 Jeevan Tarun (Plan 834)
13 to 15 34 35 34 35

16 to 20 38 39 38 39

> 20 44 45 44 45
37 Jeevan Tarun (Plan 934)
13 to 15 34 35 34 35

16 to 20 38 39 38 39

> 20 44 45 44 45
38 Jeevan Labh (Plan 836)
16 NA 40 NA 40

21 NA 44 NA 44

25 NA 47 NA 47
39 Jeevan Labh (Plan 936)
16 NA 40 NA 40

21 NA 44 NA 44

25 NA 47 NA 47
40 Jeevan Pragati (Plan 838)
12 to 15 NA 34 NA 34

16 to 20 NA 38 NA 38

6
 Reversionary Interim
Bonus Rate Bonus Rate
Term
%o Sum %o Sum
Assured (SA) Assured
Group Plan
(**) (SA)(**)
SA SA > SA SA >
(*) <= ` `1 <= ` `1
1 lac lac 1 lac lac
41 New Jeevan Nidhi ( Plan 812 &
818) <11 42 43 42 43

11 to 15 44 45 44 45

16 to 20 46 47 46 47

> 20 48 49 48 49

Group Plan Reversionary Bonus Rates /Interim

Premium Bonus Rate %o Sum Assured for the
Paying policy Term
Term 86 &
Up to 55 56 to 70 71 to 85
above
42 Jeevan Umang
( Plan 845) 15 48 57 64 NA

20 47 52 59 67

25 46 47 53 62

30 NA 46 47 57
43 Jeevan Umang
( Plan 945) 15 48 57 64 NA

20 47 52 59 67

25 46 47 53 62

30 NA 46 47 57

(*) Premium Paying Term in case of Jeevan Anand (Plan 149) & Jeevan Rekha (Plan
152);Accumulation period in case of Jeevan Tarang (Plan 178); Deferment Period in
case of New Jeevan Suraksha – I (Plan 147), New Jeevan Dhara - I (Plan 148), Jeevan
Nidhi (Plan 169) & New Jeevan Nidhi (Plan 812 & 818).

(**) In case of New Jeevan Suraksha – I (Plan 147) and New Jeevan Dhara – I (Plan
148), bonus rates are per thousand Cash Option. In case of Jeevan Madhur (Plan 182),
bonus rates are per thousand death benefit sum assured. In case of Jeevan Amrit Plan,
bonus rates are per thousand premium(s) paid.

b) The above reversionary bonus rates are applicable for policy year entered upon
during the inter valuation period i.e. 01/04/2021 to 31/03/2022 and in force for full
sum assured as on 31/03/2022. It would apply to policies resulting into claims by
death or maturity (including those discounted within one year of maturity) or
surrendered on or after 01/01/2023.

7
c) In case of Jeevan Amrit (Plan 186), once the partially paid-up policy gets revived, the
reversionary bonuses under such revived policy shall be calculated as if the policy was in
force since inception treating the premiums received at the time of revival as deemed to
have been received on their respective due dates of payment.

d) The above interim bonus rates are applicable to policies in respect of each policy year
entered upon after 31/03/2022 and result into claims by death or maturity (including
those discounted within one year of maturity) or are surrendered during the period
commencing from 01/01/2023 and ending 9 months from the date of next valuation.

e) No cash bonus has been declared in respect of New Jeevan Akshay - 1 (Plan 146).

f) For General Annuity / Pension policies (Plans 147, 148, 169, 812 & 818), the bonus
rates are applicable only during the deferment period. The bonus rates in case of Plan
147 & 148 are not applicable for policies exiting by death during the deferment period.
However, cash value of bonuses is payable in case of surrenders during the deferment
period.

g) No bonus has been declared for any other General Annuity or Pension plans.

h) Policies issued by erstwhile insurers: In respect of policies issued by erstwhile

insurers on or before 19/01/1956, the rates of Simple Reversionary Bonus would be as
shown below, on the basis of the respective bonus group indices. It may be noted that
the bonus rates for policies with Group Index 0 to 9 would be the same as that
applicable to policies issued by the Corporation (Group Index 10), for the Valuation as at
31/03/1986 onwards.

Table 2: Simple Reversionary Bonus Rates for policies issued by erstwhile insurers

Group Index Bonus per thousand Sum Assured (SA) per annum
Whole Life Assurance Endowment Assurance
SA less than or SA greater than SA less than or SA greater than
equal to ` 1 lac ` 1 lac equal to ` 1 lac ` 1 lac
49 318.50 323.40 - -
25 162.50 165.00 107.50 110.00
23 149.50 151.80 98.90 101.20
21 136.50 138.60 90.30 92.40
20 130.00 132.00 86.00 88.00
19 123.50 125.40 81.70 83.60
18 117.00 118.80 77.40 79.20
17 110.50 112.20 - -
16 104.00 105.60 68.80 70.40
15 97.50 99.00 64.50 66.00
14 91.00 92.40 60.20 61.60
13 84.50 85.80 55.90 57.20
12 78.00 79.20 51.60 52.80
11 71.50 72.60 47.30 48.40
10 65.00 66.00 43.00 44.00
0 to 9 65.00 66.00 43.00 44.00

8
(i) With profit policies transferred from the UK, Fiji & Mauritius Branch Registers and also
those from LIC (International) BSC (Closed) will be allowed bonus at the same rate as
applicable to corresponding plans on Indian Registers. Such transferred policies for which no
corresponding plans exist on Indian register will be allowed ` 5 less than last declared rates
for sum assured less than or equal to ` 1 lac & ` 4 less than last declared rates for sum
assured greater than ` 1 lac for such policies.

3. VESTING OF BONUS
a) The bonuses declared will vest in such policies provided they have been in-force for the
full sum assured for a period of 3 years from the date of commencement and are on the
books of the Corporation either for full sum assured or in force as on 31.03.2022, with the
exceptions mentioned in paras (b) (c) and (d) below. Further, the above condition shall not
apply to policies, where by reason of death occurring at any time within the said period of 3
years, claims are payable for full sum assured along with all attached bonuses subject to any
special conditions on vesting of bonuses as applicable to that plan.

b) Under individual annuity or pension policies, bonuses will vest provided the policies have
been in force for full sum assured / notional cash option, for a period of at least 2 years from
the date of commencement and two full years’ premiums have been paid.

c) Under Jeevan Amrit Plan (Table No. 186) bonuses will vest under the policy provided at
least one year’s premiums have been paid and the policy has been in force for a period of at
least one year from the date of commencement.

d) For policies with mode of payment of premium other than single premium under new
plans introduced on or after 01.01.2014 the bonuses declared under such policies will vest
provided at least 3 full years premium have been paid under those policies and are on the
books of the Corporation either for full sum assured or in force as on 31.03.2022. Further,
the above condition shall not apply to policies, where by reason of death occurring any time
before the payment of said 3 full years premium, claims are payable for full sum assured
along with all attached bonuses subject to any special conditions on vesting of bonuses as
applicable to that plan.

For policies with single premium mode, the declared bonuses will vest immediately and are
payable in the manner as specified under terms and conditions of the plan.

e) In case of policies which become reduced paid-up after the date of valuation but before
the payment of all the installments of premium for the policy year current as at the date of
Valuation, only proportionate bonus is to be allowed in respect of that policy year.

If a participating policy had become reduced paid-up during the period 01.04.2021 to
31.03.2022, (i.e., it was in force for full sum assured as on 31.03.2021 but is in reduced paid
up condition as at 31.03.2022) and if the policy had been in force for full sum assured for a
period of at least 3 years from its date of commencement, then the bonuses will vest under
such a policy at the rates applicable for the period in which it was in force for full sum
assured.

f) Under New Jana Raksha (with profit) policy, if at least two years' premiums have been
paid and any subsequent premiums be not duly paid and if death occurs during the period of
3 years from the due date of the first unpaid premium but within 3 years from the date of
commencement of the policy, the above condition of vesting of bonus will not apply. The
bonuses under such policies shall be payable with reference to the number of years for which
premiums have been paid.

9
g) Under Jeevan Madhur (Plan No.182), Child Career Plan (Plan 184) and Child future Plan
(Plan 185), if at least two years' premiums have been paid and any subsequent premiums be
not duly paid and if death occurs during the period of 2 years from the due date of the first
unpaid premium (Auto cover period) but within 3 years from the date of commencement of
the policy, the above condition of vesting of bonus will not apply. The bonuses under such
policies shall be payable with reference to the number of years for which premiums have
been paid.

h) Without profit policies converted to with-profit will participate in profits from the policy
anniversary coinciding with the date of conversion i.e. for determining the number of years
of bonus payable, the period will be reckoned from the date of conversion. However,
bonuses on such policies will vest subject to conditions mentioned above. In respect of
conversion on or before 31/12/1998, the qualifying period of 3 years will be reckoned from
the date of commencement and the term for determining the Bonus rate will be reckoned
from the date of commencement. For conversion from 01/01/1999 onwards, the qualifying
period of 3 years for vesting of bonus, the term for determining the bonus rate and the
number of years' bonus will be reckoned from the date of conversion.

i) In respect of Children Plans and for minor lives under other Plans the following
provisions shall apply:

Table 3 – Bonus Provisions in respect of Children Plans & for minor lives under
other Plans

Sl. Plans Participate from Term to be used for arriving Bonus

No. rates
(1) CDA Limited For policies vested For policies
Payment Whole on or before 31-12- vesting after 31-
Life(Plans 35 to 38 1998 12-1998
& 49)
CD Endowment The Bonus rate will The Bonus rate
The deferred
Assurance (Plans be determined with will be
date
39 to 42 & 50) reference to the determined with
policy term counted reference to the
CAP Policy ( Plan 80
from the date of policy term
& 81)
commencement counted from the
of the policy. deferred date.
(2) New CDA Policy The date of The Bonus rate will be determined with
(Plan 92) commencement reference to the policy term counted
of risk from the date of commencement of
risk.
(3) Jeevan Balya The Vesting The Bonus rate will be determined with
policy (Plan date reference to the policy term counted
101) from the vesting date.

10
 Sl. Plans Participate from Term to be used for arriving Bonus
No. rates
(4) Jeevan Kishore The date of The Bonus rate will be determined with
(Plan 102) commencement reference to the policy term counted
Jeevan of Policy. from the date of commencement of
Sukanya ( Plan policy. Bonuses will vest under the
109) policy at the policy anniversary at which
Child Career risk commences or after completion of 3
Plan (Plan 184) policy years whichever is later.
Child Future Plan However, in case of single premium
( Plan 185 ) payment policy under the plan launched
Jeevan Tarang on or after 01.01.2014, the bonus will
(Plan 178) vest under the policy at the policy
Single Premium anniversary at which risk commences.
Endowment (Plan
817)
New Children’s
Money Back
(Plan 832)
Jeevan Tarun
(Plan 834)
Jeevan Umang
(Plan 845)
Single Premium
Endowment (Plan
917)
New Children’s
Money Back
(Plan 932)
Jeevan Tarun
(Plan 934)
Jeevan Umang
(Plan 945)

Note: (1) In case of Jeevan Tarang where age at entry of the life assured is less than or
equal to 12 years nearest birthday then conditions as per para 3 i) (4) is applicable
otherwise para 3 a) is applicable.
(2) In case of Single Premium Endowment (Plan 817), New Children’s Money Back (Plan
832), Jeevan Tarun (Plan 834), Jeevan Umang (Plan 845), Single Premium Endowment
(Plan 917), New Children’s Money Back (Plan 932), Jeevan Tarun (Plan 934) & Jeevan
Umang (Plan 945), where age at entry of the life assured is less than 8 years nearest
birthday then conditions as per para 3 i) (4) is applicable otherwise para 3 a) is applicable.

4. INTERIM BONUS
Interim Bonuses at the rates specified in Table 1 above are also declared in respect of the
following policies for the period specified against each:-

a) For all participating policies becoming claims by death or maturity or discounted (i.e.
surrendered within one year preceding the date of maturity) during the period commencing
January 1, 2023 and ending 9 months from the date of next valuation in respect of each
policy year entered upon after March 31, 2022 provided the policies are in force for the full
sum assured as on the date of claim or discount as the case may be.

11
b) For all participating policies which are surrendered (excluding discounted claims, i.e.
those policies which are surrendered within one year of maturity) during the period
commencing 1st January 2023 and ending 9 months following the date of next valuation in
respect of each policy year entered upon after 31st March 2022 provided such policies are
entitled to participate in profits as on the date of next valuation.

c) Under new plans introduced during financial year 2021-22, for all participating policies
becoming claims by death up to 31st December 2023, in respect of each policy year
provided such policies are in full force for the sum assured on the date of claim.

d) Entitlement to Interim Bonuses is further subject to the conditions mentioned under

Paragraph 3 above.

5. FINAL (ADDITIONAL) BONUS

(i) In addition to the Simple Reversionary Bonuses and Interim Bonuses, Final
(Additional) Bonus (FAB) have also been declared in respect of participating policies
resulting into claims by maturity or claim discounted (i.e., surrendered with one year
preceding the date of maturity) or death claims during the period commencing from
January 1, 2023 and ending 9 months from the date of next valuation (i.e. up to
31.12.2023), at the rates mentioned below, provided they are kept in force for full sum
assured till the date of maturity or the date of discounting or the date of death as the case
may be subject to the qualifying conditions being satisfied. It may be noted that the rates
of Final (Additional) Bonus are related to the sum assured group under the policy.

(ii) Plans of Groups 1, 2, 11, 12 and 13 of Table 1

In case of Plans of Groups 1, 2, 11, 12 and 13 of Table 1 the Final (Additional) Bonuses as
per Table 4 is payable on maturity (including discounted claims) or in case of claims by
death, provided the policy is in full force and premiums have been paid for 15 years or
more. The rates of Final (Additional) Bonus are as follows:

Table 4

Terms in respect of maturities,

discounted maturity claims / Amount of Final (Additional) Bonus per `
Number of years’ premiums 1000/- Sum Assured for policies with sum
paid in respect of claims by assured
death (#)
Up to 25,001 to 50,001 to 2,00,000
25,000 50,000 1,99,999 and above
15 0 0 10 20
16 0 0 15 25
17 0 10 20 30
18 10 15 25 35
19 15 20 30 50
20 20 25 40 70
21 25 30 50 100
22 30 50 80 150
23 35 100 150 250
24 70 150 230 350

12
 Terms in respect of maturities,
discounted maturity claims / Amount of Final (Additional) Bonus per `
Number of years’ premiums 1000/- Sum Assured for policies with sum
paid in respect of claims by assured
death (#)
Up to 25,001 to 50,001 to 2,00,000
25,000 50,000 1,99,999 and above
25 170 250 330 450
26 270 350 430 550
27 370 450 540 670
28 470 550 650 790
29 570 650 760 910
30 670 750 900 1100
31 800 900 1100 1300
32 950 1050 1300 1550
33 1100 1200 1550 1800
34 1250 1350 1700 2050
35 1400 1500 1850 2300
36 1550 1650 2050 2550
37 1700 1800 2250 2800
38 1850 1950 2500 3050
39 2000 2100 2750 3300
40 & above 2150 2500 3000 3550

(#) In the case of death claims under Single Premium / Fully Paid-up Limited Premium
Payment policies the number of years in the first column indicates the number of policy
years elapsed inclusive of the policy year in which the death takes place.

(iii) Plans of Group 7(Money Back Assurances – Plan 75, 93) of Table 1

The Final (Additional) Bonuses as per Table 5 are applicable in respect of Plans of Group 7
of Table 1 and are payable at the following rates:
Table 5

Terms in respect of
maturities, discounted
maturity claims / Number of
years’ premiums paid in case Amount of Final (Additional) Bonus Per ` 1000/-
of premium paying policies, Sum Assured for policies with Sum Assured
Duration** elapsed in case of
fully paid up policies in
respect of claims by death
Up to 25,001 to 50,001 to 2,00,000
25,000 50,000 1,99,999 & above
Below 15 0 0 0 0
15 – 19 0 0 15 20
20 0 10 30 40
21 – 24 10 20 30 40
25 40 150 175 225

** Duration = Policy anniversary following date of claim minus Date of commencement

13
(iv) Plans of Group 10 (Jeevan Surabhi – Plan 106,107,108) of Table 1

The Final (Additional) Bonuses as per Table 6 are applicable in respect of Plans of Group
10 of Table 1 and are payable at the following rates:

Table 6

Policy Term in respect of

maturities / Duration** Amount of Final (Additional) Bonus Per ` 1000/-
elapsed in respect of claims sum assured for policies with sum assured
by death
Up to 25,001 to 50,001 to 2,00,000
25,000/- 50,000 1,99,999 and above
Below 15 0 0 0 0
15 – 19 0 0 20 30
20 40 50 75 100
21 - 24 40 80 100 125
25 100 375 450 560

** Duration = Policy anniversary following date of claim minus Date of commencement

(v) Plan of Group 19 (Jeevan Anand – Plan 149) of Table 1

The Final (Additional) Bonuses as per Table 7 are applicable in respect of Plan of Group
19 of Table 1 and are payable at the following rates:

Table 7

Terms in respect of
maturities/number of Amount of Final (Additional) Bonus per `
years’ premiums paid 1,000/- sum assured for policies with sum
in respect of claims assured
by death
100000 to 2,00,000 and
1,99,999 above
Below 15 0 0
15 10 20
16 20 35
17 35 50
18 50 75
19 75 100
20 110 135
21 115 140
22 125 160
23 135 180

14
vi) Plan of Group 30 (Jeevan Bharti – Plan 160) of Table 1

The Final (Additional) Bonuses as per Table 8 are applicable in respect of Plan of Group
30 of Table 1 and are payable at the following rates:

Table 8

Terms in respect of maturities, Amount of Final (Additional) Bonus

discounted maturities/policy per ` 1,000/- sum assured for
year on death policies with sum assured

50000 to 2,00,000 and

1,99,999 above
Below 15 0 0
15 - 19 25 40
20 40 60

(vii) Plan of Group 22 (Jeevan Rekha – Plan 152) of Table 1

The Final (Additional) Bonuses as per Table 9 are applicable in respect of Plan of Group
22 of Table 1 and are payable at the following rates:

Table 9

Elapsed duration in respect Amount of Final (Additional)

of claims by death* Bonus per ` 1,000/- sum assured
for policies with sum assured

All Sum Assured

15 and above 20

*Elapsed duration is inclusive of the policy year in which death takes place.

(viii) Plan of Group 31 (Jeevan Shree I – Plan 162) of Table 1

The Final (Additional) Bonuses as per Table 10 are applicable in respect of Plan of Group
31 of Table 1 and are payable at the following rates:

Table 10

Terms in respect of
Amount of Final (Additional)
maturities, discounted
Bonus per ` 1,000/- sum
maturities/number of
assured for policies with sum
years’ premiums paid in
assured
respect of claims by death*
All Sum Assured

15 & above 125

15
* In case of death claims under Single Premium/Fully Paid-up limited payment policies
the number of years in the first column would mean the number of policy years elapsed
inclusive of the policy year in which the death takes place.

(ix) Plan of Group 33 (Jeevan Pramukh – Plan 167) of Table 1

The Final (Additional) Bonuses as per Table 11 are applicable in respect of Plan of Group
33 of Table 1 and are payable at the following rates:

Table 11

Terms in respect of
Amount of Final (Additional)
maturities, discounted
Bonus per ` 1,000/- sum
maturities/number of
assured for policies with sum
years’ premiums paid in
assured
respect of claims by death*
All Sum Assured
15 & above 125

* In case of death claims under Fully Paid-up limited payment policies the number of
years in the first column would mean the number of policy years elapsed inclusive of the
policy year in which the death takes place.

(x) Plan of Group 32 (Jeevan Nidhi – Plan 169) of Table 1

The Final (Additional) Bonuses as per Table 12 are applicable in respect of Plan of Group
32 of Table 1 and are payable at the following rates:

Table 12

Amount of Final (Additional)

On vesting / Policy year on
Bonus per ` 1,000/- sum
death during deferment
assured for policies with sum
period
assured

All Sum Assured

15 & above 125

(xi) Plan of Group 23 (Jeevan Anurag – Plan 168) of Table 1

The Final (Additional) Bonuses as per Table 13 are applicable in respect of Plan of Group
23 of Table 1 and are payable at the following rates:

16
 Table 13

Terms in respect of
Amount of Final (Additional)
maturities, discounted
Bonus per ` 1,000/- sum
maturities/number of
assured for policies with sum
years’ premiums paid in
assured
respect of claims by death*
All Sum Assured
15 & above 50

* In case of death claims under Single Premium/Fully Paid-up limited payment policies
the number of years in the first column would mean the number of policy years elapsed
inclusive of the policy year in which the death takes place.

(xii) Plan of Group 28 (Child career – Plan 184) of Table 1

The Final (Additional) Bonuses as per Table 14 are applicable in respect of Plan of Group
28 of Table 1 and are payable at the following rates:

Table 14

Terms in respect of Amount of Final (Additional) Bonus

maturities or per ` 1,000/- sum assured for
discounted policies with sum assured
maturities/policy year
on death
All Sum Assured
15 & above 40

(xiii) Plan of Group 29 (Child Future – Plan 185) of Table 1

The Final (Additional) Bonuses as per Table 15 are applicable in respect of Plan of Group
29 of Table 1 and are payable at the following rates:

Table 15

Terms in respect of Amount of Final (Additional) Bonus

maturities or per ` 1,000/- sum assured for
discounted policies with sum assured
maturities/policy year
on death
All Sum Assured
15 & above 40

xiv) Plan of Group 34 (Jeevan Amrit – Plan 186) of Table 1

The Final (Additional) Bonuses as per Table 16 are applicable in respect of Plan of Group
34 of Table 1 and are payable at the following rates:

17
 Table 16

Terms in respect of Amount of Final (Additional)

maturities or Bonus per ` 1,000/- premium
discounted paid for policies with sum assured
maturities/policy year
on death
All Sum Assured

15 & above 100

(xv) Plan of Group 35 (Jeevan Bharti I – Plan 192) of Table 1

The Final (Additional) Bonuses as per Table 17 are applicable in respect of Plan of Group
35 of Table 1 and are payable at the following rates:

Table 17

Terms in respect of maturities, Amount of Final (Additional) Bonus

discounted maturities/policy per ` 1,000/- sum assured for
year on death policies with sum assured

All Sum Assured

15 & above 35

(xvi) No final (additional) bonus has been declared in respect of Jeevan Akshay (Plan
97) policies, Jeevan Dhara (Plan 96) policies (both on vesting and on death after
vesting), Immediate Annuities (Plan 115), Deferred Annuities (Plan 116), Jeevan
Suraksha (Plan 122), New Jeevan Suraksha I (Plan 147) and New Jeevan Dhara I (Plan
148) policies.

Notes:

1. In the case of policies with mode of payment of premiums other than yearly, unpaid
premiums if any, falling due before the policy anniversary are deducted from the claim
amount and hence they should be treated to have been received for this purpose.

2. In case of the Progressive Protection Policies which are in full force, the Final
(Additional) Bonus will be based on the sum assured in force on the date of death /
maturity, subject to other qualifying conditions mentioned above.

3. For payment of Final additional bonuses - In case of Children's Deferred Assurance

Policies (Plans 35 to 42, 49, 50, 80 & 81), the term / duration at death will be reckoned
from the deferred date. In case of New Children's Deferred Assurance Policies (Plan
92), the term / duration at death will be reckoned from the risk commencing date. In
case of Jeevan Balya (Plan 101), the term / duration at death would be reckoned from
the vesting date. In the case of Jeevan Kishore (Plan 102), Jeevan Sukanya (Plan 109),
Child Career (Plan 184) and Child Future (Plan 185), the term or duration at death
would be reckoned from the date of commencement of the policy.

18
4. In case of multi-purpose policies in respect of death claims, the Final (Additional)
Bonus will be paid only at the end of the original term along with the Reversionary
Bonus, subject to other qualifying conditions mentioned above.

5. Where a non-participating policy has been altered to a participating policy, the

period of Final (Additional) Bonus both as regards death claims and maturity claims will
be reckoned from the date of such alteration.

6. In case of Convertible Whole Life Policy converted to With Profit Endowment Policy
after 5 years, the period for Final (Additional) Bonus will be reckoned from the
scheduled date of conversion. In respect of Convertible Whole life With Profit Policy
(Plan 28) the period will be reckoned from the date of commencement of the policy.

7. In case of Marriage Endowment and Jeevan Chhaya policies, in respect of death

claim, the final additional bonus will be paid at the end of the original term along with
reversionary bonuses subject to other qualifying conditions mentioned above.

8. In case of policies transferred from UK, Fiji and Mauritius branch registers and also
those from LIC (International) BSC (Closed), the term / duration at death for the
purpose of Final Additional Bonus will be reckoned from the actual date of transfer of
policies to India.

9. With profit policies transferred from the UK, Fiji & Mauritius Registers and also those
from LIC (International) BSC (Closed) will be allowed Final Additional at the same rate
as applicable to corresponding plans on Indian Registers but duration for such cases for
determining the Final Additional Bonus Rates will be reckoned from the date of transfer
of such policies on Indian Registers. Such transferred policies for which no
corresponding plans exist on Indian Register will be allowed last declared Final
Additional Bonus Rates for such policies but again duration for determining Final
additional Bonus Rates is reckoned from the date of transfer of such policies on Indian
Register.

10. The above rate of Final (Additional) Bonus and qualifying conditions will apply to
participating assurance policies of a similar nature issued by erstwhile insurers
irrespective of their bonus indices.

11. In case of doubt in respect of any special plan of any of the erstwhile insurers
regarding eligibility for Final (Additional) Bonus, reference may be made to Actuarial
Department, Central Office giving details of Plan, Benefits, etc.

12. In case of maturity claims, if no premiums have been paid during the last policy
year, but the policy was in force for full sum assured on the policy anniversary prior to
the maturity date, the claim is paid for full sum assured on the maturity date along with
reversionary and interim bonus subject to the deduction of the unpaid installments of
premium with interest, if any, for the last year of the Policy. Such policies will be
eligible for payment of Final (Additional) Bonus for full sum assured if other qualifying
conditions stated herein are satisfied.

13. Where a policyholder discounts the policy within one year preceding the date of
maturity, the policy will be eligible for Final (Additional) Bonus provided other qualifying
conditions are satisfied.

19
14. The policies for which death claim is payable as per Claims Concession Clause, the
Final (Additional) Bonus would be payable provided other qualifying conditions stated in
this circular are satisfied.

6. LOYALTY ADDITIONS

a) Maturity and Death: Provided the policy is in full force the loyalty addition rates in
respect of the plans given below except in case of Jeevan Saral (Plan 165), Jeevan
Shagun (Plan 826), Jeevan Sangam (Plan 831), Jeevan Shikhar (Plan 837), Aadhar
Stambh (Plan 843), Aadhar Shila (Plan 844), Jeevan Utkarsh (Plan 846), Jeevan
Shiromani (Plan 847), Bima Shree (plan 848) and Navjeevan (Plan 853) will apply to all
eligible policies on maturity or on discounting in the last year of maturity or on earlier
death wherever applicable as per the instruction issued by us in respect of each such
plans. Loyalty addition under Jeevan Saral (Plan 165), Jeevan Shagun (Plan 826),
Jeevan Sangam (Plan 831), Jeevan Shikhar (Plan 837), Aadhar Stambh (Plan 843),
Aadhar Shila (Plan 844), Jeevan Utkarsh (Plan 846), Jeevan Shiromani (Plan 847),Bima
Shree (plan 848) and Navjeevan (Plan 853) is payable on maturity or on discounting in
the last year of maturity or on earlier death or on surrender wherever applicable as per
the terms and conditions applicable therein under the plan. These rates are applicable
during the period commencing 01/01/2023 and ending 9 months from the date of next
valuation (i.e. up to 31/12/2023). For Jeevan Saral plan separate instructions have
been given under point 1 of Notes of this circular.

Table 17

Payable on maturity per `1000 sum assured

Plan Term Loyalty Addition
Bal Vidya (Plan 135) 20 1150
Bal Vidya (Plan 135) 21 1200
Bal Vidya (Plan 135) 22 1200
Bal Vidya (Plan 135) 23 1200
Bima Nivesh 2005 (Plan 171) 10 120
Bima Gold (Plan 174) 16 130
Bima Bachat (Plan 175) 12 200
Bima Bachat (Plan 175) 15 300
New Bima Gold (Plan 179) 12 100
New Bima Gold (Plan 179) 16 110
Jeevan Ankur (Plan 807) 9 100
Jeevan Ankur (Plan 807) 10 115
Jeevan Ankur (Plan 807) 11 130
Jeevan Ankur (Plan 807) 12 145

Payable on maturity/death per ` 1000 sum assured

Plan Term/Policy year Loyalty Addition
on death
Jeevan Vishwas (Plan 136) 10-25 30

20
 Payable on maturity/death per ` 1000 sum assured
Plan Term/Policy Loyalty Addition
year on death
Maturity/Deat Death in
h in the year the other
Nav Prabhat (Plan 137) 23-25 of maturity policy
year
130 65

Payable on death per ` 1000 sum assured

Plan Policy year on Loyalty Addition
death/maturity
6 20
7 30
8 35
New Bima Bachat (Plan 816)
9 40
10 45
11 50

Payable on maturity or death as a percentage of premiums (`) paid

Loyalty Addition
Term / Policy
Maturity/Death Death in
Plan year on death
in the year of other policy
maturity year
Bima Kiran (Plan 20 to 24 45% 35%
111) 25 to 29 60% 45%
30 75% -

Loyalty Addition payable on maturity or death per `

1000 sum assured under Jeevan Shree (Plan 112)
Term 20 21 22 23 24 25
Term/Po
licy year
on
death
20 550 210 195 130 105 100
21 - 650 220 190 130 110
22 - - 800 250 220 140
23 - - - 1000 270 240
24 - - - - 1050 300
25 - - - - - 1100

Payable on maturity or death (after commencement of risk) per ` 1000

sum assured
Plan Elapsed Duration Loyalty Addition
Children Money Back (Plan 18 65
113) 19 80

21
Under Children Money Back (Plan 113), duration for determining the loyalty
addition shall be reckoned from the date of commencement of risk of the policy
and shall be applicable for all contingencies eligible to get loyalty additions as
per policy conditions.

Loyalty Addition payable on maturity or death per ` 1000 sum assured

Plan Jeevan Sanchay Jeevan Sanchay
(Plan 125) (Plan 126)
Term /Policy year on death
20 50 10
21 - 15
22 - 20
23 - 25
24 - 40
25 - 120

Loyalty Addition payable on maturity or death per ` 1000 sum assured

Plan Term /Policy year on Loyalty Addition
death
Jeevan Sneha (Plan 128) 20 90

In respect of plan Jeevan Sneha (Plan 128) loyalty addition is payable only to
those policyholders who have not anytime opted for deferment of survival
benefit.

Loyalty Addition payable on maturity or death as a percentage of

premiums (`) paid – New Bima Kiran (Plan 150)
Term 17 18 19 20 21 22 23 24 >=
25
Term
/Polic
y
year
on
death
17 45% 8% 8% 8% 8% 8% 8% 8% 8%
18 - 50% 8% 8% 8% 8% 8% 8% 8%
19 - - 55% 8% 8% 8% 8% 8% 8%
20 - - - 60% 8% 8% 8% 8% 8%
21 - - - - 65% 8% 8% 8% 8%
22 - - - - - 70% 8% 8% 8%
23 - - - - - - 70% 8% 8%

For ascertaining loyalty addition amount under New Bima Kiran (Plan 150),
total premium paid under the policy as on the date of claim shall be considered.

22
 Loyalty Addition payable on maturity or death per ` 1000 sum assured
Plan Jeevan Samridhi Jeevan Samridhi
(Plan 156) (Plan 157)
Term/Policy year on death
17 100 100
18 100 100
19 100 100
20 125 100
21 - 100
22 - 110

Payable on maturity or death (after commencement of risk) per ` 1000 sum

assured
Plan Policy year on death Loyalty Addition
or maturity from
commencement of
risk
Komal Jeevan (Plan 159) 7 40
8 45
9 55
10 65
11 75
12 90
13 110
14 130
15 140
16 150
17 165
18 175
19 185

Under Komal Jeevan (Plan 159), duration for determining the loyalty addition shall
be reckoned from the date of commencement of risk of the policy and shall be
applicable for all contingencies eligible to get loyalty additions as per policy
conditions.

Loyalty Addition Payable on maturity or death per ` 1000 sum assured

Plan New Jeevan Shree (151-20) New Jeevan Shree (151-25)
Policy year on death
19 170 135
20 350 135
21 - 135
22 - 135
23 - 150

23
 Payable on exit, by maturity/death/surrender per ` 1000 maturity sum assured for the
corresponding duration for which the policy is in force provided that at least 10 full
year’s premiums have been paid – Jeevan Saral (Plan 165)
Premium Band Up to 5000 5001 to 20000 20001 to 50000 Above 50000
Duration
10 300 360 425 475
11 350 415 475 515
12 375 450 500 550
13 400 475 550 600
14 430 500 570 625
15 465 525 605 655
16 495 565 645 695
17 540 610 690 740
18 580 650 740 790
19 610 680 775 830
20 670 750 840 930
21 730 820 905 1025

The annual premium band for determining loyalty addition under Jeevan Saral (Plan
165) shall be arrived at on the basis of monthly basic premium. In case of partial
surrender, the annual premium band shall be arrived at on the basis of reduced
monthly basic premium. Kindly refer item no. 1 of the notes given below regarding
instructions of payment of loyalty additions under Jeevan Saral (Plan 165).

Payable on death after accumulation period per ` 1000 sum assured

Plan Policy year on death Loyalty addition
Jeevan Tarang (Plan 178) 15 & above 60

Payable on maturity per ` 1000 guaranteed maturity sum assured

Plan Term Loyalty Addition
Jeevan Vriddhi (Plan 808) 10 70

Payable on maturity/death in the year of maturity per ` 1000 sum assured

Plan Term Loyalty Addition
Jeevan Deep (Plan 810) 10-12 40

Payable on death/maturity per ` 1000 maturity sum assured

Plan Policy Term Policy year on Loyalty Addition
death/maturity
Jeevan Sugam (Plan 9 25
10
813) 10 70

Payable on death per ` 1000 maturity sum assured

Plan Policy Term Policy year on death Loyalty Addition
Jeevan Shagun 12 8-10 5
(Plan 826)

24
Above loyalty addition rates under Jeevan Shagun (Plan 826) are also applicable for
policies exiting as a result of surrender and is payable for complete policy years on
the date of surrender. Loyalty addition rates in case of surrender are to be applied on
per thousand surrender value applicable under the plan. However in case of death,
loyalty addition is payable depending on the policy year in which death takes place.
Loyalty addition under both the contingencies are payable once the policy completes
5 policy years on the date of the event.

Payable on death per ` 1000 basic sum assured

Plan Policy Term Policy year on Loyalty Addition
death
Jeevan Rakshak (Plan 10-20 6 - 10 10
827)

Payable on death per ` 1000 maturity sum assured

Plan Policy Term Policy year on Loyalty Addition
death
Jeevan Sangam (Plan 12 7 - 10 5
831)

Above loyalty addition rates under Jeevan Sangam (Plan 831) are also applicable for
policies exiting as a result of surrender and is payable for complete policy years on
the date of surrender. Loyalty addition rates in case of surrender are to be applied on
per thousand surrender value applicable under the plan. However in case of death,
loyalty addition is payable depending on the policy year in which death takes place.
Loyalty addition under both the contingencies are payable once the policy completes
5 policy years on the date of the event.

Payable on death/surrender per ` 1000 maturity sum assured

Plan Policy Term Policy year on Loyalty Addition
death / completed
policy year for
surrender
Jeevan Shikhar (Plan 15 6-9 5
837)

Loyalty addition under Jeevan Shikhar (Plan 837) for policies exiting as a result of
surrender is payable for complete policy year on the date of surrender. However in
case of death, loyalty addition is payable depending on the policy year in which
death takes place. Loyalty addition under both the contingencies are payable once
the policy completes 5 policy years on the date of the event.

Payable on death per ` 1000 sum assured

Plan Policy Policy year on Loyalty Addition
Term/Premium death
Paying Term
Bima Diamond 16/10 10
(Plan 841) 20/12 6-8 7
24/15 5

25
 Payable on death/surrender per ` 1000 basic sum assured
Plan Policy Term Policy year on Loyalty Addition
death / complete
policy year for
surrender
Aadhar Stambh (Plan 10-20 5-7 5
843)

Payable on death/surrender per ` 1000 basic sum assured

Plan Policy Term Policy year on Loyalty Addition
death / complete
policy year for
surrender
Aadhar Shila (Plan 10-20 5-7 5
844)

Loyalty addition under Aadhar Stambh (Plan 843) & Aadhar Shila (Plan 844) for
policies exiting as a result of surrender is payable for complete policy years for which
premiums have been paid under the policy. In case of death under fully in-force
policies, loyalty addition is payable for all the policy years including the policy year in
which death of the policyholder takes place. Loyalty addition in case of death during
auto cover period is payable as if the policy is fully in-force as on the date of death of
the policy. Further loyalty addition in case of death/surrender under a reduced paid-
up policy is payable for complete policy year for which premiums have been paid
under the policy. Loyalty addition under both the contingencies for fully in-force as
well as for reduced paid-up policies are payable once the policy has completed 5
policy years and at least 5 full years’ premium have been paid under the policy.

Payable on death/surrender per ` 1000 basic sum assured

Plan Policy Term Policy year on Loyalty Addition
death / complete
policy year for
surrender
Jeevan Utkarsh (Plan 12 5-7 15
846)

Loyalty addition under Jeevan Utkarsh (Plan 846) for policies exiting as a result of
surrender is payable for complete policy year on the date of surrender. However in
case of death, loyalty addition is payable depending on the policy year in which
death takes place. Loyalty addition under both the contingencies are payable once
the policy completes 5 policy years on the date of the event.

Payable on death/surrender per ` 1000 basic sum assured

Plan Policy Term Policy year on Loyalty Addition
death / complete
policy year for
surrender
Jeevan Shiromani 14 5–7 50
(Plan 847) 16 5–7 45
18 5–7 40
20 5-7 35

26
 Payable on death/surrender per ` 1000 basic sum assured
Plan Policy Term Policy year on Loyalty Addition
death / complete
policy year for
surrender
Bima Shree (Plan 14 5–7 45
848) 16 5–7 40
18 5–7 35
20 5-7 30

Loyalty addition under Jeevan Shiromani (Plan 847) & Bima Shree (Plan 848) for
policies exiting as a result of surrender is payable for complete policy years for which
premiums have been paid under the policy. In case of death under fully in-force
policies, loyalty addition is payable for all the policy years including the policy year in
which death of the policyholder takes place. Further loyalty addition in case of
death/surrender under a reduced paid-up policy is payable for complete policy year
for which premiums have been paid under the policy. Loyalty addition under both the
contingencies for fully in-force as well as for reduced paid-up policies are payable
once the policy has completed 5 policy years and at least 5 full years’ premium have
been paid under the policy.

Payable on death/surrender per ` 1000 basic sum assured

Plan Policy Term Policy year on death Loyalty Addition
/ complete policy
year for surrender
Navjeevan (Plan 10 - 18 5–6 20
853)

Loyalty addition under Navjeevan (Plan 853) is payable provided policy has
completed 5 policy years and all premiums due under the policy have been paid. No
loyalty addition is payable for paid-up policies under this plan.

No Loyalty Additions have been declared for any other Plans

b) Surrender: No Loyalty Addition is payable for policies surrendered except Jeevan Saral (Plan
165), Jeevan Shagun (Plan 826), Jeevan Sangam (Plan 831), Jeevan Shikhar (Plan 837), Aadhar
Stambh (Plan 843), Aadhar Shila (Plan 844), Jeevan Utkarsh (Plan 846), Jeevan Shiromani (Plan
847), Bima Shree (Plan 848) and Navjeevan (Plan 853) in the manner as explained above.
Notes:
1. Jeevan Saral (Plan 165):

Under Jeevan Saral (Plan 165), provided at least 10 years premiums have been paid
under the policy and policy has been in force for at least 10 years, the loyalty
addition is payable on exits by maturity or death or surrender per thousand maturity
sum assured for the complete duration for which the premiums have been paid.
Provided further that loyalty addition is also payable if death claim occurs in the 10 th
year of the policy and the policy then is in full force.

For the purpose of determining the rate of loyalty addition for exits by death or
surrender or maturity the duration in completed years for which premiums have
been paid shall be considered. For example, if the premiums have been paid for say

27
 11 years and 6 months, the rate of loyalty addition shall be corresponding to 11
years duration and the fraction shall be ignored.

In case the policy results in death claim for the 10th policy year, provided the policy
is in force at the time of death, the duration for determining the loyalty addition shall
be 10 years.

For exits by death or surrender or maturity, once the rate of loyalty addition for the
complete duration for which the premiums have been paid has been determined as
above this rate should then be applied on the higher of

“Accumulated / Discounted Value as the case may be, as described in Step-5 of the
circular ref: Actl./2119/4 dated 21/09/2007 (such accumulated or discounted value
calculated on the reduced maturity sum assured in case of earlier partial
surrender(s) under the policy)”

and

“The maturity sum assured (reduced maturity sum assured in case of partial
surrender(s) under the policy) multiplied by the ratio of the number of premiums
paid to the total number of premiums payable under the policy”.

It may be noted that in case of partial surrender, the corresponding benefits should
be proportionately reduced.

Needless to add that if all the premiums have been paid under the policy and the
policy reaches maturity, the rate of loyalty addition shall be applied on the original
maturity sum assured if no partial surrender has been availed of or on such reduced
maturity sum assured if partial surrender has been availed of.

2. In the case of policies with mode of payment of premiums other than yearly, unpaid
premiums if any, falling due before the policy anniversary are deducted from the
claim amount payable on death and hence they should be treated to have been
received for this purpose.
3. In case of maturity claims, if no premiums have been paid during the last policy
year, but the policy was in force for full sum assured on the policy anniversary prior
to the maturity date, the claim is paid for full sum assured on the maturity date
along with Guaranteed Additions, reversionary and interim bonus (if any) subject to
the deduction of the unpaid installments of premium with interest, if any, for the last
year of the Policy. Such policies will be eligible for payment of Loyalty Additions for
full sum assured if other qualifying conditions stated herein are satisfied.
4. Where a policyholder discounts the policy within one year preceding the date of
maturity, the policy will be eligible for Loyalty Additions provided other qualifying
conditions are satisfied. Further, where policyholders surrender the policy in the last
policy year and unpaid premiums for the last policy year are recovered in claim
settlement, loyalty addition for full policy term shall be payable as per terms and
conditions applicable under the plan.
5. The policies for which death claim is payable as per Claims Concession Clause, the
Loyalty additions would be payable provided other qualifying conditions stated in this
circular are satisfied.

28
 6. The policy under which free insurance cover is available and if death takes place
during free insurance cover period, loyalty addition for the period of free insurance
cover for which premiums have not been paid would not be payable.

7. With profit policies transferred from the UK, Fiji & Mauritius Branch Registers and
also those from LIC (International) BSC (Closed) will be allowed loyalty additions at
the same rate as applicable to corresponding plans on Indian Registers. Such
transferred policies for which no corresponding plans exist on Indian register will be
allowed last declared loyalty addition rates for such policies.

7. Additional interest under Bima Account

Provided the policy is in-force, 2.50% of policyholder account value on the date of
maturity or on the date of death during the last policy year for policy term 10 to 13 years
has been declared under Bima Account II (Plan 806).

The above rates are applicable on death or maturity during the period commencing
01/01/2023 and ending 9 months from the date of next valuation (i.e. up to
31/12/2023).

Appointed Actuary & Executive Director (Actuarial)

29