Bajaj Allianz Life Insurance on Thursday said it has declared a bonus of Rs 1,070 crore for its policyholders in the fiscal ended March 2022. The company has announced the bonus for the 21st consecutive year.
The life insurer said those having participating policies which are in-force for the full sum assured as of March 31, 2022, and for which they are paying the premiums regularly, are eligible for the bonus.
A participating life insurance policy allows policyholders to participate in the profits of the company in the form of dividends or bonuses. The bonus declared by the company includes a regular reversionary bonus of Rs 840 crore and a terminal and a cash bonus of Rs 230 crore.
A reversionary bonus refers to the sum added to the amount of an insurance policy payable at the maturity of the policy or on the death of the person insured. The regular reversionary bonus declared are payable at the time of maturity or after the death of the policyholder, Bajaj Allianz Life said.
Over 11.62 lakh eligible loyal policyholders who have stayed focused on their life goals with Bajaj Allianz Life will benefit from this announcement, a company release said. The life insurer said that the bonuses will be funded from its surplus generated by the company's participating policyholders' funds for FY22.
Declaration of bonus for the last 21 years consecutively reflects the company's commitment to the customers towards their life goal enablers, Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said. "We will continue to strengthen the organisation's proposition by offering value-packed products and best-in-class services. These will be in addition to announcing annual bonuses on policies to ensure our customers' long-term financial goals are met," he said.
First Published: IST