THE MINISTER OF STATE IN THE MINISTRY OF COMMUNICATIONS AND
INFORMATION TECHNOLOGY (DR. SHAKEEL AHMAD)
(a) The premium collected during the last three years is
given as under:
Year PLI ( Rs. in RPLI ( Rs. in crores) crores)
2003-04 698.17 245.33
2004-05 904.58 380.88
2005-06 1596.59 645.15
(Un-audited)
(b) The Ministry of Finance vide their OM No. 5(12)-PD/2001
dated 24th May, 2005 and OM of even No. dated January 30,
2006, have communicated the following decisions in respect of
investment of Post Office Life Insurance Fund (POLIF) and
Rural Post Office Life Insurance Fund (RPOLIF):
(i) Corpus under POIF and Rural POIF would get frozen as
on March 31, 2006. The balance under POIF and Rural
POIF as on March 31, 2006 would be converted into
dated securities over a period of three years,
starting in the Financial Year 2006-07, offering a
mix of maturities, to be decided in consultation
with Department of Posts.
(ii) The subscription received under PLI and RPLI during
the period between April 1, 2006 and September 30,
2006 may be invested in the Special Deposit Scheme.
(iii) Accretions under PLI and RPLI with effect from
October 1, 2006 should be invested as per the
Insurance Regulatory and Development Authority
(Investment) Regulations, 2000, as amended by
Insurance Regulatory and Development Authority
(Investment) (Amendment) Regulation, 2001 or any
subsequent amendment.
(iv) The cumulative investment during April 1, 2006 to
September 30, 2006 shall be eligible for withdrawal
on September 30, 2006 or on any date thereafter.
(v) No subscription shall be received with effect from
October 1, 2006 and no interest shall accrue on the
amounts invested in the corpus on or after April 1,
2006 with effect from October 1, 2006.
(c) to (e) Do not arise in view of (b) above.
