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LIC declares high bonuses this fiscal

LIC declares higher bonuses for the current fiscal.

Apnainsurance.com Research Bureau

15 Sep 2007

Life insurance Corporation (LIC) has declared a bonus of Rs 70 per Rs . 1,000 assured under all life-time plans for the fiscal 2007, against Rs 66 in 2006. The valuation surplus for the Financial Year (FY) 2007 grew by 22 per cent at Rs.15,127.21 crore, against Rs.12,404.82 crore in FY06.  

95 per cent of the surplus amounting to Rs 14,370.85 crore has been allocated to policy-holders and the remaining five per cent totalling to Rs. 756.36 crore has been given to the central government as its share.

The bonus for Jeevan Tarang policy-holders for less than 20-year accumulation has been increased to Rs 48 per Rs 1,000 assured from
Rs . 32 last fiscal.

For Jeevan Anurag policy-holders with a term of more than 20 years, the bonus is of Rs. 44 per thousand, which was Rs 35 in FY06.

 Jeevan Madhur, which is a micro insurance plan, a bonus of Rs 25 for every Rs 1,000 assured has been declared for plan tenure of 11-15 years and Rs 20 per for policies with a tenure of 10 years or less.