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Insurance
27-Apr-23
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Bajaj Alliance Life announces bonus worth Rs 1,201 crore in FY23
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Bajaj Alliance Life Insurance on Wednesday announced a bonus of Rs 1,201 crore to participating policyholders for the financial year ended March 31, 2023.
This is the 22nd consecutive year that the bonus has been paid to all eligible and participating policyholders.
The company said the bonus includes a regular reversionary bonus of Rs 872 crore and a terminal and cash bonus of Rs 329 crore.
As many as 11.43 lakh participating policyholders out of its total of 3.5 million policyholders will benefit from the announcement, Bajaj Allianz Life said.
In the previous year, the company had paid Rs 1,070 crore in bonus to over 11.62 lakh policyholders, it added.
The regular reversionary bonus will be payable at the time of maturity or death of the policyholder.
Managing Director and Chief Executive Officer Tarun Chugh said, the funds for the bonus will be sourced from the surplus generated by the participating policyholders' funds for FY2023.
"Bajaj Allianz Life continues to remain committed to the promise made to its customers. The bonuses announced for 22 years consecutively is a testament of the teams' focus to ensure our customers continue to enjoy the benefits of staying invested in their long-term goals with us. We will continue to focus on customer centricity as we move ahead to enable many more customers to fulfill their goals with us,” Chugh said.
The policyholders of its participating products such as Bajaj Allianz Life Flexi Income Goal, Bajaj Allianz Elite Assure, Bajaj Allianz Life Income Assure amongst others are eligible for the bonus if their policies are in force as of March 31, 2023.
Bajaj Allianz Life began operations in 2001 and serves over 3.5 millions of customers through its 510 branches and by over 1,17,706 agents.
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