G.O.M.s.No.76, Dt:4.4.14 :: 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.
References:
1. G.O.Ms.No.290, Finance (Admn.II) Department, dt. 19.10.2013.
2. Lr.No.15/General-I/2013-2014, dated:10.02.2014 of Director of
Insurance, A.P., Hyderabad.
ORDER:
1. In the reference 1st read above, orders were issued declaring the bonus for the triennium from 01.04.2005 to 31.03.2008.
2. 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.
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 triennium from 01-04-2008 to 31-03-2011, Government hereby permit the Director of Insurance to declare the following bonus.
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.
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., Hyderabad shall take necessary action in the matter accordingly.
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