Postal Life insurance and Rural Postal Life Insurance - Interesting Facts

The corpus of POLIF & RPOLIF stood at Rs. 14,152.59 crore and Rs. 3994.36 crore on 31st March, 2009. Till 31st March, 2009, these funds were earning an interest of 8% under the Special Deposit Scheme from the Ministry of Finance. Cabinet had approved Operationalisation of investment of POLIF & RPOLIF through two fund Managers, SBI Mutual Fund and UTI Asset Management Co. under the nondiscretionary mode in December, 2007. With the signing of the agreement by the Department with the two Fund Managers, the wheels were set in motion for the investment of net accretion to the POLIF & RPOLIF. The investment of net accretions started in November, 2009 and till date Rs. 425 Crores has been invested. The investment of funds is being carried out in accordance with the IRDA guidelines. Investment Board headed by Member (PLI) as Chairman overseas the investment function. The day- today activities of investment are carried out by the investment Division at Mumbai headed by the Chief Investment Officer. Only net accretions to the funds after 31.10.2009 are being invested presently. POLIF/ RPOLIF corpus as on 31.10.2009 will be converted into dated Government securities.
Source: Annual Report 2009-2010 Page 43