Post office guide part i - India Post

(i) on the insurant attaining the age specified in the policy, or
(ii) on the death of the insurant.
(b) In the former case, the sum assured alongwith the bonus accrued will be paid to the
insurant on his applying for it in the prescribed proforma (see appendix) and enclosing the
following documents alongwith the application: -
(1) Policy document or the loan repayment book if a loan was taken.
(2) Premium receipt Book, in case premia was paid in cash.
(3) Certificate from the pay disbursing authority showing the recoveries of the last 6
instalment of premia, in case premium was paid through recovery from the pay of the
insurant.
The application with the documents should be submitted immediately after paying the last
premium to the Postmaster General.
(c) In the case of the death of the insurant, the sum assured and bonus accrued is payable to
the nominee/assignee of the insurant. In the absence of the nomination or assignment on the
policy, the total amount will be paid to the legal heir/successor on production of evidence to that
effect. The claimant should apply in the prescribed proforma (see appendix) and forward it to the
Postmaster General along with the following documents: -
(1) Policy document or loan repayment book, if a loan was taken on the policy.
(2) Certificate of death of insurant.
(3) Premium receipt Book, if premia were paid in cash or pay recovery certificate for the
last 6 months if premia were recovered from the pay of the insurant.
(4) Legal evidence to show that the claimant is the successor/legal heir to the insurant, in
case there is no nomination or assignment.
273. Bonus. – The rate of bonus for each type of policy is declared once in three years. The
next valuation is due in 1984.