AP GO.No.76 released for APGLI Reversionary Bonus [Rs.100/ for Rs.1000/-] to APGLI Policy holders for the triennium under Andhra Pradesh Government Life Insurance Scheme and Valuation of th APGLI Fund for triennium for 01-04-2008 to 31-03-2011. It is for Declaration of Simple reversionary bonus to the policy holders of APGLI Department
Government of Andhra Pradesh, Finance Department and Andhra Pradesh Government Life Insurance (APGLI) Department has issued Government Order M.s.No.76 on April 4th, 2014. In this order APGLI Fund for Period from 01.04.2008 to 31.03.2011 and Declaration of reversionary Bonus of Rs.100 per Rs.1000 sum assured per annum. Government Order M.s.No.76 details are provided in this post
GOVERNMENT OF ANDHRA PRADESH: Andhra Pradesh Government Life Insurance Department – Valuation of the Andhra Pradesh Government Life Insurance Fund for the period from 01.04.2008 to 31.03.2011 – Declaration of Simple reversionary bonus to the policy holders of Andhra Pradesh Government Life Insurance Department –Acceptance of recommendations of the Actuary – Orders – Issued
FINANCE ( ADMN II ) DEPARTMENT
G.O.M.s.No. 76; Dated:04.04.2014.
Read the following
- G.O.Ms.No.290, Finance (Admn.II) Department, dt. 19.10.2013.
- Lr.No.15/General-I/2013-2014, dated:10.02.2014 of Director of Insurance, A.P., Hyderabad.
ORDER: In the reference 1st read above, orders were issued declaring the bonus for the triennium from 01.04.2005 to 31.03.2008.
In the reference 2nd read above, the Director of Insurance in his letter has proposed for declaration of bonus for the triennium for 01-04-2008 to 31-03-2011 based on the report of the Actuary.
After considering the report of the Actuary, and the recommendations of the Director of Insurance, on the results of Valuation of Andhra Pradesh Government Life Insurance Fund for the triennium from 01-04-2008 to 31-03-2011, Government hereby permit the Director of Insurance to declare the following bonus.
APGLI Reversionary Bonus [Rs.100/ for Rs.1000/-]:
a. GO.No.110 – APGLI Reversionary Bonus for triennium (01.4.2011 to 01.6.2014)
b. GO.No.76 – APGLI Reversionary Bonus for triennium ( 01.04.2008 to 31.03.2011)
c. GO.No.290 – APGLI Reversionary Bonus for triennium (01.04.2005 to 31.03.2008)
a. A simple reversionary Bonus of Rs. 100/- per thousand sum assured per annum be allotted for each full month, during which the polices were in force between 01-04-2008 to 31-03-2011, in respect of policies which were in force on 31-03-2011. However, such of these policies which resulted into claim by death or maturity on or after the declaration of previous valuation results (for the triennium 2005-2008) and before the present valuation results are declared, are not allowed any bonus now as they were settled on the basis of interim bonus at the rates recommended in the previous valuation report.
b. In respect of policies which become claims by death or maturity on or after the date of declaration of present valuation results and before the next valuation results are declared, interim bonus be allotted for each full month for which such policy is in force during the period from 01.04.2011 to the date of death or end of the policy as the case may be, at the rate of Rs 100/- per thousand sum assured per annum. In respect of policies surrendered during the above period, interim bonus is paid provided the policy is in force on the next valuation date also i.e. interim bonus is not paid for broken period of a valuation triennium.
- The above bonus rates shall be applicable to the claims arisen on or after the date of issue of this order.
- The Director of Insurance, A.P., Hyderabad shall take necessary action in the matter accordingly.