Bajaj Allianz Life, a leading private life insurer in India, has announced bonuses for the 23rd consecutive year to its over 11.66 lakh policyholders. This is the Company’s highest bonus declaration ever at Rs. 1,383 crores for FY2024
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. All participating policies in force as on 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, amongst others stand to benefit from the bonus declared. FY2024 bonus marks a 15% increase over FY2023 bonus, which stood at Rs. 1,201 crores.
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, Bajaj Allianz Life Insurance, said, “We are happy to declare one of the highest bonuses in our history of over two decades.”