On April 15, 2021, the President made following amendments to Rule16 (i) and Rule 61 of “Post Office Life Insurance Rules, 2011″.
Rule 16 (i) is amended as under: –
OLD: 16 (i). Thirty five percent of sum assured along with the accrued bonus in case the death of the insured person occurs before the completion of one year from the date of acceptance of the proposal.
NEW: 16 (i). Thirty five percent of sum assured along with the accrued bonus in case the death of the insured person occurs before the completion of one year from the date of acceptance of the proposal except in case of death by suicide, which shall be dealt as per Rule 61.
Rule 61 is amended as under:
Old: 61 (Suicide Cases): In the event of an insured person committing suicide any time after the date of acceptance of the policy (whether sane or insane at that time) and after having paid his first premium in full but not after expiry of two years from such date of acceptance or payment of first premium whichever is later, the policy shall become void and no claim whatsoever shall be entertained by the department by the virtue of the said policy except to the extent of the bonafide beneficial interest which any person ( other than the life assured) shall have acquired in the said policy for valuable consideration for which one calendar months notice, before the death of insured person, should have been given to the Director General of Posts or Postmaster General concerned on his behalf; and provided further that sufficient proof shall have to be produced in regard to having acquired such interest in the policy to the satisfaction of the Director General of Posts or Postmaster General.
New: 61 (Suicide Cases): In the event of an insured person committing suicide any timeafter the date of acceptance or revival of the policy (whether sane or insane at that time) and after having paid his first premium in full but not after expiry of one year from such date of acceptance or date of revival whichever is later, the policy shall be entitled for 80% of the premium paid till the date of death or the surrender value, if applicable, as on date, whichever is higher provided the policy is in force.