Life Insurance Policy Bonus





1 A bonus is declared out of the valuation surplus of a life insurance fund, that is, the excess amount left in the fund after the insurer's requirements have been met.

2 Only `participating' or `with profit' policy holders are eligible for the bonus declared.The bonus varies across plans.

3 A simple revisionary bonus is declared and added to the sum assured of the insured.

4 A compounded revisionary bonus is calculated as a percentage of the sum assured including any past bonuses declared.

5 Terminal bonus is paid once in the life of the policy, when the policy has been in force for a long time.

6 Interim bonus is paid to compensate for policies that were in force at the time the valuation was made but became claims before the bonus was declared and paid.

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