Andhra Pradesh Government Life
Insurance Department – Valuation of the Andhra Pradesh Government Life
Insurance Fund for the period from 1.4.2011 to 1.6.2014 – Declaration of Simple
reversionary bonus to the policy holders of Andhra Pradesh Government Life
Insurance Department – Acceptance of recommendations of the Actuary – Orders –
Issued.
G.O.M.s.No. Date:21.07.2018
Read the following:
1. G.O.Ms.No.76, Finance
(Admn.II) Department, dt. 4.4.2014.
2. E.file.No.8/Genl/2018, dt: 03.05.2018 received
from the Director of APGLI Department.
In the
reference 1st read above, orders were issued declaring the bonus for
the triennium from 01-04-2008 to 31-03-2011.
2. In the reference 2nd read
above, the Director of Insurance in his letter has proposed for declaration of
bonus for the triennium from 1.4.2011 to 1.6.2014 based on the report of the
Actuary.
3. 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 period from 1.4.2011 to
1.6.2014, Government hereby permit the Director of Insurance to declare the
following bonus.
Valuation of APGLI Fund from April 2011 to June 2014 - Declaration of Bonus to Policy holders G.O.M.S.No.110
a.
A simple reversionary Bonus of Rs. 100/- per thousand sum assured per annum be
allotted for each full month, during which the policies were in force between
01.04.2011 to 1.6.2014, in respect of policies which were in force on 1.6.2014.
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
01.04.2008 to 31.03.2011) 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 02.06.2014 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 the broken period of a
valuation triennium
4. The above bonus rates shall be applicable to the claims arisen
on or after the date of issue of this order.
5. The Director of Insurance, A.P., Ibrahimpatnam shall take
necessary action in the matter accordingly.
6. Copy of this order
available on Internet and can be accessed at address http\\www.ap.gov.in.goir.
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