(1) That the sums eventually payable in respect of policies in existence on 31st March, 1907, in the Life Branch of the Fund were increased by 10 per cent and that the premia payable in respect of sums assured in that branch after that date would be correspondingly reduced. The rates of premia for Life Insurance were revised accordingly.
(2) That a life policy, with monthly payments payable till death, was allowed to be converted into a life policy with monthly payments payable to a specified age or into a fully paid up policy payable at death.
(3) That an endowment policy might be converted into a paid-up policy payable at some anterior date or at death, if earlier.
(4) That insurants could reduce their monthly premia to any desired extent from any specified date.
(5) That when a policy of either class was surrendered the policy holder should be given the full surrender value which on an actuarial calculation could be paid without loss to the Fund, instead of half that amount as hitherto given.
(6) That the surrender value of a lapsed policy was payable at any time after default, on application being made for the same.
(7) That the period up to which payment of arrears of premium or subscription was allowed for the revival of a policy of less than three years' duration was extended from three to six months.
The tables of premia, introduced at the time the Fund was started, as already stated, were calculated on the mortality rates which had been deduced from the experience of the Uncovenanted Service Family Pension Fund, Bengal—a Fund which was confined to Europeans resident in India—there being no more reliable mortality statistics available for the purpose at the time. In 1909 the India Office Actuary, in his review on the operations of the Fund for the year 1907-08, noticed that, in view of the rapid growth of the scheme, it was necessary to revise the tables according to more accurate mortality statistics. In his review on the work of the Fund for 1908-09 the Actuary asked for detailed particulars of all the policies issued by the Fund since its institution in the form of statements, in order to enable him to deduce therefrom the necessary mortality rates, and thus prepare fresh tables of premia. These statistics were submitted with the Director-General's Annual Report on the operations of the Fund for the year 1910-11.
In the meantime it was brought to notice in 1909 that, under the existing method of calculating surrender values of Life policies, the values in certain cases were found on calculation to be considerably in excess of the total amount of premia paid on the policies. Taking advantage of this, insurants began to surrender their policies in large numbers. The matter was referred to the Secretary of State. As a result, the Actuary at the India Office forwarded revised tables for the calculation of surrender values of Life policies, to be used until the general revision of the Mortality tables and of the tables of premia, which had been under contemplation, was effected. In 1909 an important concession was sanctioned regarding the payment of premia by insured persons while on leave or suspension or when retiring. It was laid down that an insured person should not be considered as in arrears of premium or subscription for any month so long as he has not drawn any pay, pension or suspension allowance.
In 1910, with a view to afford greater facilities to the lower grades of postal servants to insure their lives and to popularize the Fund, sanction was obtained to grant to these officials from the Post Office Guarantee Fund travelling expenses actually incurred by them in their journey for examination by the medical officer for insurance, provided the proposer actually took out a policy and paid the premium for not less than twelve months. In 1912 Mr. Ackland, the Actuary at the India Office, made a thorough investigation into the past experience of the Fund from the statistics furnished to him. He drew up a report showing the results of the investigation and prepared fresh tables of mortality statistics, as well as new tables of premia for both Life Insurance and Endowment Assurance. He also prepared new formulæ for the calculation of paid-up policies, surrender values, etc., and recommended the following further concessions and changes:—
(1) The grant to all policy holders on the 31st March, 1912 (the valuation date), of a bonus at the rate of 2 per cent per annum in the case of Whole Life Assurances, and at 1 per cent in the case of Endowment Assurances in respect of each month's premium paid since 31st March, 1907, up to 31st March, 1912.
(2) The grant of an interim bonus at half of the above rates in respect of the premiums paid since 31st March, 1912, in the case of policies which became claims by death or survivance between 1st April, 1912, and 31st March, 1917, provided that premiums have been paid for at least five years and up to date of death or survivance.
(3) "Age next birthday" should be taken as the age at entry for all classes of Assurances.
(4) An integral number of years' premia should be charged on Endowment Assurance policies and Life policies with limited payments.
(5) Transfers from the Whole Life to the Endowment Assurance class or vice versa should be allowed only after any number of complete years' premia have been paid.
(6) When surrender values were granted in the Monthly Allowance class, medical examination at the policy holder's expense should be insisted on and payment should in no case exceed 95 per cent of the present value of the monthly allowance.
(7) Policy holders should be allowed to commute future premia by payment either of a lump sum or of an increased monthly premium ceasing at age 50 or 55.
(8) Transfers from the Endowment Assurance to the Whole Life class should be allowed only on the production of a fresh medical certificate obtained at the policy holder's expense.
(9) The valuations of the Fund should be made at quinquennial intervals.
It was also decided that, as an Actuary had been appointed by the Government of India, all questions relating to the administration of the Fund, as well as future valuations of the Fund, might be dealt with by that officer instead of being submitted to the Secretary of State.
INDEX
Abolition of District Post, [20]
Abolition of Sea Post Office, [135]
Abolition of unpaid postcards, [7]
Abor Expedition, 1894, [220]
Abor Expeditionary Force, 1911-12, [231]
Abyssinian Expedition, [210]
Accounts, Postal, [36]
Act, Post Office. See Post Office Act
Address, Forms of, [89], [98]
Aden, Military operations in neighbourhood of, [175]
Aden, Transhipment of mails at, [130], [133]
Admiralty Agents, [127], [129], [130]
Afghanistan Expedition, [168], [211]
Anche, The, [112], [116]
Anchel, The, [112]
Aviation, [125]
Bagdad Railway, [148], [149]
Baku, Field service in, [174]
Bank, Savings, [81]
Base office, [166], [169], [175]
Base Postal Depot, [175]
Bazar Valley Field Force, [230]
Beadon, Mr., [21]
"Bearing" correspondence, [7], [25], [34], [158], [160]
Bhangy post, [26], [29], [33], [48]
Black Hole of Calcutta, [108], [200]
Black Mountain Expedition, [217]
Black Mountain or Hazara Field Force, [215]
Bombay G.P.O. building, [108]
Bombay Regulation XI of 1830, [26]
Branch office, [4]
Brindisi as European port for Indian mails, [124], [182]
British India Steam Navigation Company, [138], [142]
British Mission Escort in South Persia, [175]
British postal orders, [42]
Buildings, Post Office, [106]
Bullock train, [154], [168], [196]
Buner Field Force, [223]
Bungalows, Dak or Travellers', [17], [196]
Burlton, Mr. S. P., [14]
Burma, Chin Expedition, [215]
Bushire Force, [174]
Calcutta, Black Hole of, [108], [200]
Calcutta G.P.O. building, [108], [200]
Camel dak, [209]
Cape route to India, The, [118], [123]
Cash certificates, Five-year, [87]
Cash on Delivery system, [40], [46], [50], [51]
Caste, [101]
Centres, Delivery, [102]
Chin Expedition, Burma, [215]
Chin Hills Expedition, [218]
Chin Lushai Expedition, [216]
China Expeditionary Force, [226]
Chitral Relief Force, [221]
"Clubbing," 24
Combined post and telegraph offices, Introduction of, [41]
Commission of 1850, [1], [21], [178]
Compiler of Post Office Accounts, [36], [72]
Compulsory prepayment of postage in all cases, Rejection of, [25]
Constantinople, Field service in, [174]
Construction and maintenance of postal vans, [63]
Consultations of 24th March, 1766, Minutes of, [12]
Consultations of 17th January, 1774, Extract from, [191]
Continuous delivery system, [103]
Control of the Department, [2], [30], [31]
Conventions with Indian States, [114]
Copper tickets, or tokens for postal purposes, [14], [178], [194]
Cost of carrying mails on railways, [62]
Counterfeit stamps, [39], [42]
Courtney, Mr., [21]
Crises in the Savings Bank, [84]
Custom-House, Turkish, at Bagdad and Basra, [140], [146]
Customs regulations, [36]
Cyprus, [211]
Dak bungalows, [17], [196]
Dak system, [195]
Dead Letter Office, [26]
Delivery centres, [102]
Delivery of mails, [102]
Delivery system, Continuous, [103]
Department, Control of the, [2], [30], [31]
Department, never regarded as revenue-producing, [9], [22]
Department, Organization of the, [3], [30], [31]
Depot, Base Postal, [175]
Deputy Postmaster, [155], [193]
Desert post, The, [122], [137], [139]
Direction, Organization of the, [2]
Director-General of the Post Office, First, [36]
Distance, Uniformity of postage irrespective of, [24], [32], [39], [49]
District dawk stamps, Scinde, [31], [178]
District Post, [16], [17]
District Post, Abolition of, [20]
District Savings Banks, [81]
Dromedary post, [137], [139]
Early Postal Regulations, [26]
East Africa, Field service in, [174]
East Persian Cordon, [174]
Egypt during the Great War, Field service in, [171], [173]
Egypt Expeditionary Force, [212]
Encouragement of prepayment of postage, [34]
England, Parcel post with, [39], [50]
English mail, [30], [121], [127], [142]
Euphrates and Tigris Steam Navigation Company, [138], [142], [144]
European port for reception and despatch of Indian mails, [124], [182]
Experimental post offices, [20], [96]
Ferry charges upon Railway steamers, [63], [65]
Field Post Office, The, [165]
Field post offices, [166]
Field Service Manual, [166]
Field service, Military rank on, [166]
Field service uniform, [166]
Fines incurred under Post Office Acts, [29]
Fining, [37]
First appointment of a Postmaster-General, [14]
First Director-General of the Post Office, [36]
Five-year cash certificates, [87]
Forbes, Mr., [21]
Force in East Persia, [174]
Foreign money orders, [73]
Foreign parcel post, [51]
France, Field service in, [171]
Franking, [35]
Free postage, Abolition of privilege of, [35]
Free postage, Grant of privilege of, to certain persons, [27]
Gallipoli, Field service in, [173]
Great War, [170], [171]
Great War, Effect of, upon savings bank balances, [87]
Guarantee Fund, Post Office, [236]
Haulage charges, [60], [67]
Hazara Field Force, Black Mountain or, [215]
Head Office, [3]
Horse transit and bullock train, [153], [168], [196], [206]
Identification of payees of money orders, [79], [99]
Imperial Penny Postage Scheme, [40]
Imported and locally produced printed matter, Differentiation between, [32], [38]
Indian Convention States, [114], [185]
Indian Mutiny, The Post Office during the, [151], [167], [196], [204]
Indian States, The Post Office in, [112]
Insurance fee, [41]
Insurance system in the Persian Gulf and Turkish Arabia, [141]
Introduction of first regular postal system by Lord Clive, [12]
Introduction of postage stamps, [31], [32], [178], [179]
Introduction of postcards, [7]
Introduction of railways, [30]
Iraq, [148], [173]
Isazai Field Force, [219]
Kalahandi Expedition, [212]
Kurram Field Force, [219]
Kut, [173]
Land revenue money orders, [75]
Later Postal Regulations, [38]
Letter-writers, Professional, [94]
Life Insurance policies, Surrender values of, [236]
Life Insurance, Postal, [42], [232]
Loan, War, [87]
Lord Clive, Regular postal system introduced by, [12]
Lushai Expedition, [216]
Mail runner, [4]
Malakand Field Force, [222]
Malta Expeditionary Force, [211]
Malwa Field Force, [156]
Manipur Expedition, [218]
Manual, Post Office, [2], [36]
Manual (War), Postal, [166]
Marine Postal Service, Suez and Bombay, [130]
Marseilles as European port for Indian mails, [124], [182]
Mesopotamia and the Persian Gulf, The Post Office in, [137]
Mesopotamia, Field service in, [171]
Methods of travel in early days, [195]
Military pensioners, Payment of, [42]
Military rank on field service, [166]
Minors' accounts, [86]
Minutes of Consultations of 24th March, 1766, [12]
Miranzai Expedition, [218]
Mishmi Expedition, [226]
Mohmand Field Force, 1897, [223]
Mohmand Field Force, 1908, [231]
Money order work transferred to Post Office, [41], [71]
Money orders, [71]
Money orders, Foreign, [73]
Money orders, Inland, Statement of issues since 1880, [198]
Money orders, Land revenue, [75]
Money orders, Rent, [76]
Money orders, Telegraphic, [74], [77]
Monopoly, Postal, [26], [31]
Mosul, Turkish post to Constantinople via, [139]
Mounted post, First employment of, [11]
Mutiny, The Post Office during the Indian, [151], [167], [196], [204]
Naval Agents, [127], [129], [130]
Newspapers, Registered, [43]
Newspapers, Sale of, by field post offices, [223], [224]
Non-postal work, [9]
Octroi Tax, [53]
Official articles, Special postage rates for, [40]
Official marks of the Post Office, Acceptance of, as evidence, [43]
Organization of the Department, [3], [30], [31]
Organization of the Direction, [2]
Origin of the Post Office, [10]
Overland Route, The, [119], [137]
Overprinted postage stamps, [115], [148], [182], [184], [228]
Overprinted Turkish postage stamps, [148]
Overprints, Indian Convention States, [115], [185]
Overseer, [99], [166]
Palestine, Field service in, [173]
Parcel post, [48]
Parcel post, Foreign, [51]
Parcel post rates, Statement of, [55]
Parcel post with England, [39], [50]
Parcels and packets liable to be detained, [43]
Paton, Mr. G., [157], [204]
Payment of money orders at houses of payees, [77], [99]
Peninsular and Oriental Steamship Company, Charter of incorporation of, [123], [127]
Penjdeh Affair, [84]
Penny Postage Scheme, Imperial, [40]
Persian Expedition, [167]
Persian Gulf and Turkish Arabia, Insurance system in the, [141]
Persian Gulf, The Post Office in Mesopotamia and the, [137]
Personnel of the Post Office, [189]
Phulkian States, Conventions with, [114]
Pishin Field Force, [214]
Polymetrical tables, [33]
Post, Bhangy, [26], [29], [33], [48]
Post, District, [16], [17]
Post, District, Abolition of, [20]
Post Office Act—
of 1837, [17], [26]
of 1838, [29]
of 1839, [29]
of 1854, [2], [31]
of 1866, [38]
of 1882, [42]
of 1895, [42]
of 1896, [42]
of 1898, [42]
of 1912, [46]
Post Office, Branch, [4], [94]
Post Office buildings, [106]
Post Office, Experimental, [20], [96]
Post Office, Field, [166]
Post Office, Head, [3]
Post Office Manual, [2], [36]
Post Office, Origin of, [10]
Post Office, Sub, [3]
Post Office, Travelling, [58]
Post free, Grant to certain persons of privilege of sending and receiving correspondence, [27]
Postage rates, [28], [38], [55]
Postage stamps, Introduction of, [31], [32], [178], [179]
Postal Life Insurance, [42]
Postal Manual (War), [166]
Postcards, Abolition of unpaid, [7]
Postcards, Introduction of, [7]
Postcards, Unpaid, [7]
Postman, [97]
Postman, Village or rural, [4], [94], [100]
Postmaster, Deputy, [155], [193]
Postmaster, Probationary, [190]
Postmaster-General, First appointment of, [14], [193]
Prepayment of postage, Encouragement of, [34]
Prepayment of postage in all cases, Compulsory, Rejection of, [25]
Presidency Postmaster, [16], [30], [31]
Private posts, [17]
Probationary Postmaster, [190]
Probationary Superintendent, [189]
Professional letter-writers, [94]
Public Proceedings of 7th July, 1766, Extract from, [13]
Quinine, Sale of, [4], [96]
Railway Conference Association, [49], [67]
Railway Mail Service, [58]
Railways, Introduction of, [30]
Rates of postage, [28], [38], [55]
Receipt stamp, Abolition of special, [183]
Redirected letters, Abolition of charge on, [39]
Registered newspapers, [43]
Registration, [35]
Registration fee to be prepaid in postage stamps, [39]
Regular postal system introduced by Lord Clive, [12]
Regulations, Early Postal, [26]
Regulations, Later Postal, [38]
Rent money orders, [76]
Rented buildings for post offices, [106], [110]
Returned Letter Office at Basra, [172]
Revenue-producing, Department never regarded as, [9], [22]
Riddell, Mr. H. B., [36], [154], [163]
Runner, Mail, [4]
Rural postman, [4], [94], [100]
Russian Scare, [84]
Salonika, Field service in, [173]
Savings bank, [81]
Savings bank balances, Effect of Great War upon, [87]
Savings bank, statement showing work from 1882 to 1918, [197]
Savings bank work transferred to Post Office, [41], [82]
Scinde District Dawk stamps, [31], [178]
Sea Customs Act, [43]
Sea Post Office, [127]
Sea Post Office, Abolition of, [135]
Seamen's letters, Soldiers' and, [40], [181]
Service stamps, [35], [40], [184]
Ship postage, [26], [34], [37]
Sikkim Expedition, [214]
"Snowball" system, Sale of goods on the, [53]
Soldiers' and seamens' letters, [40], [181]
Somaliland Field Force, [229]
Sorting, Concentration of, [69]
Sorting offices, Introduction of, [37], [58]
South Persia, British Mission Escort in, [175]
Southampton route, [123], [124]
Special postage rates for official articles, [40]
Stamps, Employment of postage stamps in place of telegraph, [183]
Stamps, Overprinted or surcharged postage, [115], [148], [182], [184], [228]
Stamps, Service, [35], [40], [184]
Standard vans, [61]
Suakim Expedition, 1896, [222]
Suakim Field Post Office, 1885, [213]
Sub-office, [3]
Suez Canal, Opening of, [124]
Suez Canal route, Future of, [125]
Superintendent, [189]
Superintendent, Probationary, [189]
Suppression of foreign post offices in Ottoman dominions, Turkish demand for, [139], [147]
Surcharged postage stamps, [182], [184]
Surrender values of Life Insurance policies, [236]
Swat Valley Column, [225]
Taylor, Captain, [17]
Telegraph stamps, Employment of postage stamps in place of, [183]
Telegraphic money orders, [74], [77]
Thuillier, General Sir Henry, [179], [181]
Tibet Mission, [229]
Tirah Expedition, [224]
Tochi Field Force, [224]
Tochi Valley Field Force, [225]
Transhipment of mails at Aden, [130], [133]
Travel in early days, Methods of, [195]
Travellers' bungalows, [17], [196]
Travelling post office, [58]
Turkish Arabia, Insurance system in the Persian Gulf and, [141]
Turkish Customs House at Bagdad and Basra, [140], [146]
Turkish post to Constantinople via Mosul, [139]
Turkish postage stamps overprinted, [148]
Unification of Indian State Posts with the Imperial Post Office, [115]
Uniform, Field service, [166]
Uniform, Postmen's, [104]
Uniformity of postage irrespective of distance, [24], [32], [39], [49]
Unpaid correspondence, [7], [25], [34], [158], [160]
Upper Burma Expedition, [213]
Value-payable system, [40], [46], [50], [51]
Vans, Construction and maintenance of postal, [63], [66]
Vans, Standard, [61]
Village postman, [4], [94], [100]
Waghorn, Lieutenant Thomas, [122]
Wano Expedition, [220]
War Loan, [87]
Watermarks, [180], [182]
Waziristan Field Force, [220]
Wuntho Expedition, [219]
Zhob Expedition, [217]