Bonus Rates for Participating policies declared as on 31st March 2023
The regular reversionary, interim, cash, and terminal bonus rates declared as on 31st March 2023 are provided in the tables below. Reversionary bonus rates are applicable for all the in-force policies for full sum assured. Cash and terminal bonus rates are applicable for all in-force policies for full sum assured as well as paid-up policies for reduced sum assured. Interim bonus is applicable to in-force policies exiting through deaths and maturities in FY2023-24, after payment of premiums due next year.
Products |
As on 31st March 2023 |
||
|---|---|---|---|
Reversionary bonus rate |
Interim bonus rate |
Terminal bonus rate |
|
Cash Gain |
2.50% |
2.50% |
2.20% |
Invest Gain |
2.25% |
2.25% |
0.70% |
Swarna Vishranti |
3.00% |
3.00% |
2.50% |
Super Cash Gain |
2.50% |
2.50% |
0.60% |
Child Care |
2.75% |
2.75% |
0.60% |
Child Gain |
2.75% |
2.75% |
0.90% |
Lifetime Care |
3.75% |
3.75% |
3.00% |
Cash care |
2.00% |
2.00% |
0.70% |
Save care – RP |
2.50% |
2.50% |
0.60% |
Super saver |
3.25% |
3.25% |
0.90% |
Alpa Nivesh |
1.00% |
1.00% |
0.80% |
Cash Rich* |
3.75% |
3.75% |
0.80% |
Invest Assure |
2.75% |
2.75% |
0.50% |
Young Assure |
3.30% |
3.30% |
0.50% |
Cash Assure |
2.40% |
2.40% |
0.50% |
Super Life Assure |
2.90% |
2.90% |
0.50% |
Income Assure |
3.10% |
3.10% |
0.50% |
Elite Assure |
** |
** |
0.50% |
Lifelong Assure |
*** |
*** |
0.50% |
Flexi Income Goal (Enhance) |
4.40% |
4.40% |
N/A |
Flexi Income Goal (Income) |
**** |
**** |
N/A |
*Cash Rich plan has a special feature of paying cash bonus during the benefit payout period after the premium paying term along with the Cash Back Benefit (CBB). The cash bonus is also payable to Paid up policies (on Paid up Sum Assured) along with the Cash Back Benefit (CBB)
The Cash Bonus rates declared as on 31st Mar 2023 is as below:
Policy term |
Cash Bonus |
As on 31st March 2023 |
|
<15 |
3.25% |
15-19 |
3.75% |
20-24 |
4.25% |
25-29 |
4.50% |
>=30 |
5.25% |
** Elite Assure: In this product, Reversionary Bonus rates are dependent on policy term. The bonus rates as on 31st March 2023 are as follows:
Policy term |
Reversionary Bonus |
As on 31stMarch 2023 |
|
15 |
3.40% |
20 |
4.50% |
25 |
5.25% |
30 |
6.00% |
***Lifelong Assure: In this product, Cash Bonuses are payable to policies starting from the end of 6th Policy year. The In-force policies or Paid-up policies which have paid at least 5 full years’ premiums are eligible for this bonus. The Cash Bonus rates as on 31st Mar 2023 are as follows:
Premium Payment Term |
Cash Bonus |
As on 31st March 2023 |
|
10 |
7.50% |
15 |
7.25% |
20 |
7.00% |
****Flexi Income Goal (Income Variant): In this product, Cash Bonuses are payable to all In-force policies starting from the first policy year. The Cash Bonus rates declared as on 31st March 2023 for FY2023-2024 are as follows:
Premium Payment Term |
Declared as on 31st March 2023 |
5-9 |
2.60% |
10-11 |
2.35% |
12-19 |
2.10% |
20 |
1.85% |
Terminal Bonus rate:
Terminal bonuses rates are applicable for the policies of all the par products, which have been in-force for full Sum Assured at least for 5 full years, and which will exit either due to death or due to maturity, before the declaration of bonus rates for the financial year 2023-2024.
The recommended terminal bonus rates are as shown in Table 1 above.
This rate is applicable on the full sum assured for the policies which are in-force as on date of exit and on the reduced sum assured for the policies which are paid-up for reduced sum assured as on date of exit. The above rates will be applied for each completed policy year at the time of exit.
Interim Bonus rate:
Interim bonus rates are to be paid in respect of death claims or maturity claims taking place after receiving premiums or after policy anniversary for fully paid-up policies, and before declaration of bonus rates for FY2023-24. The rates are to be same as the recommended bonus rates as on 31st March 2023. It is applied on sum assured plus the accrued regular reversionary bonuses.
Accumulation Fund Interest Rate: (applicable under Flexi Income Goal and ACE) - This product has an option where policyholders can choose to keep the cash bonuses in the Accumulation fund. These cash bonuses will accumulate with the declared interest rates. The interest rate declared for FY23-24 is 7.31%.
New product launched: ACE: This is a new product launched in July’ 23, for which interim bonus rates for FY 2023-24 are as below:
Bonus Type |
Interim Bonus rates for FY 2023-24 |
Cash Bonus |
6% |
Reversionary Bonus |
2.25% |
Terminal Bonus |
NA |
