Bajaj Allianz Life Insurance declares highest-ever bonus of Rs 1,383 cr for its policyholders
Bajaj Allianz Life Insurance on Tuesday announced its highest-ever bonus of Rs 1,383 crore for the financial year 2023-24 (FY24) for over 11.66 lakh policyholders who have invested in the company’s participating products. The FY2024 bonus marks a 15% increase over FY2023 bonus, which stood at Rs 1,201 crore.
Policyholders with traditional participating (with-profit) policies are eligible to receive this bonus, which is declared from the surplus generated under the participating (with-profits) funds, the company said.
All participating policies in force as of March 31, 2024, are eligible to receive this bonus. Policyholders of participating products like Bajaj Allianz Life Flexi Income Goal, Bajaj Allianz Elite Assure, Bajaj Allianz Life Ace, and others, stand to benefit from the bonus declared.
The company further said bonuses declared in each financial year are accumulated and distributed upon policy maturity or exit. Additionally, cash bonuses will be paid out on specific policy events in accordance with policy conditions.
Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance said, “It’s a reflection of the focus we lay on enabling the long-term life goals of our customers in every manner. Our investment strategies that back our value-packed products are designed to ensure we bring our customers closer to their life goals each year. This bonus declaration is one such essential step in that direction. We will continue to work tirelessly towards our customers’ life goals and acknowledge their trust and faith in us through such declarations.”
In December 2023, Bajaj Allianz Life Insurance surpassed Rs. 1,00,000 crore in Assets under Management (AUM).
The company noted a 1.8 times growth in its AUM, from Rs 56,085 crores in FY2020, to over Rs.1,00,000 crore in the current financial year is reflective of this growth trajectory.
“Focus on innovative, customer-focused products, robust omnichannel distribution focus, and top-tier services backed by a solid digital and technology framework have been key drivers of this outstanding performance,” it said.
