On Wednesday, Bajaj Allianz Life said that it has awarded participating policyholders a bonus of Rs 1,201 crore for the fiscal year that ended on March 31, 2023.
For the 22nd year running, all qualifying and taking part policyholders have received bonuses.
A monthly reversionary bonus of Rs 872 crore and a terminal and cash incentive of Rs 329 crore are both included in the bonus, according to the Pune-based business.
According to Bajaj Allianz Life, the firm gave more than 11.62 lakh policyholders bonuses of Rs. 1,070 crore the year before.
Out of its 3.5 million total policyholders, up to 11.43 lakh participating policyholders would profit from the news, it claimed.
When the insurance reaches maturity or the policyholder passes away, the normal reversionary bonus will be paid out.
The excess produced by the participating policyholders’ funds for FY2023, according to Tarun Chugh, managing director & chief executive, would be used to pay the bonus.
If their policies are still in effect as of March 31, 2023, policyholders of its participating products, such as Flexi Income Goal, Elite Assure, and Income Assure, among others, are eligible for the bonus.
Over 3.5 million clients are served by Bajaj Allianz Life via its 510 locations and more than 1,17,706 agents since it first started operations in 2001.