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of <h1>Life Insurance Surplus: 90%+ Allocated to Policyholders; Remaining for Members, Dividends, and Reserves Per Section 28.</h1> Section 28 of the Life Insurance Corporation Act, 1956, as amended by the Finance Act, 2021, outlines the utilization of surplus from life insurance business. If a surplus is identified, 90% or more is allocated to policyholders, with the remainder reserved for members. For participating policyholders, 90% or more of their surplus is allocated to their fund, while non-participating policyholders' surplus is fully reserved for members. The remaining surplus and profits can be used for dividends, bonus shares, or reserves as approved by the Board. The Corporation must publish its surplus distribution policy every three to five years.
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