LIC declares bonus in Diamond Jubilee year

TIL Desk/Business/Mumbai-Life Insurance Corporation (LIC) today announced a special one-time bonus ranging from Rs 5 to Rs 60 per thousand rupees of sum assured to policyholders as part of its Diamond Jubilee celebrations this year. The move will benefit over 29 crore individual policyholders of the national insurer as well as over 12 lakh group policyholders.

This converts into Rs 500 for a policyholder with an assured sum of Rs 1,00,000, or Rs 6,000, depending on the duration of the policy, meaning older the policy or closer to the maturity date, maximum the bonus.

“We are happy to announce a special one-time bonus to our policyholders as we begin the Diamond Jubilee of our foundation,” outgoing LIC Chairman S K Roy said here at a function presided over by Finance Minister Arun Jaitley. The bonus will be eligible for policies in force as of March 31, 2016, and existing on or after September 1, 2016. Even policies which have lapsed as of March 31, 2016 will be eligible provided they are subsequently revived, he said.