Private life insurer Bajaj Allianz Life 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 above the regular bonus, the company stated.
This is the 20th consecutive year that the company declared a bonus.
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 our customers happy, but will encourage several of our customers to stay invested in their Life Goals.”
The company stated it aims to ensure there is adequate support in these unprecedented times, to its customers in achieving their life goals. These bonuses are funded from the profits generated by the company's participating policyholders’ funds for the year FY 2020-21. This move is expected to benefit nearly 12 lakh policyholders.
The bonus declared by the company is for the policies of all par 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.
