Bajaj Allianz Life Insurance declares bonus of Rs 1,156 crore for policyholders
The company said in a statement said that this will benefit nearly 1.2 million policyholders. This is the 20th consecutive year the company has declared a bonus.
June 09, 2021 / 06:17 PM IST
Private life insurer Bajaj Allianz Life Insurance has declared bonuses amounting to Rs 1,156 crore to its policyholders. This includes a special one-time bonus of Rs 315 crore, which is over and above the regular bonus.
The company said in a statement that this will benefit nearly 1.2 million (11,99,612) policyholders. This is the 20th consecutive year the company has declared a bonus.
The bonus declared by the Company is for the policies of all participating products, which are in-force for full sum assured as on March 31, 2021, and for which customers are paying premiums regularly. The one-off special bonus and the regular reversionary bonus are payable at the time of maturity or death of the policyholder.
Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life Insurance said, "We are sure that this one-off special bonus will not only make customers happy, but will encourage several of our customers to stay invested in their Life Goals." Bajaj Allianz Life has a Claims Settlement Ratio of 98.48 percent for FY21.
Among other insurers, ICICI Prudential Life Insurance recently announced an annual bonus of Rs 867 crore for all eligible participating policyholders for FY21.