Bajaj Allianz Life Insurance Announces Highest-Ever Bonus for Policyholders
Bajaj Allianz Life Insurance has announced its highest-ever bonus of Rs 1,383 crore for the financial year 2023-24 (FY24). This bonus will be distributed to over 11.66 lakh policyholders who have invested in the company's participating products.
The FY2024 bonus marks a 15% increase over the FY2023 bonus, which stood at Rs 1,201 crore. This significant increase reflects the company's strong financial performance and its commitment to rewarding its policyholders.
Policyholders with traditional participating (with-profit) policies are eligible to receive this bonus. The bonus is declared from the surplus generated under the participating (with-profits) funds.
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 declared bonus.
The company further clarified that 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, commented on the bonus declaration, stating that it reflects the company's focus on enabling the long-term life goals of its customers. He emphasized that the company's investment strategies and value-packed products are designed to bring customers closer to their life goals each year.
In December 2023, Bajaj Allianz Life Insurance surpassed Rs. 1,00,000 crore in Assets under Management (AUM). This remarkable achievement reflects the company's impressive growth trajectory. 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.
Bajaj Allianz Life Insurance attributes its outstanding performance to its focus on innovative, customer-focused products, robust omnichannel distribution, and top-tier services backed by a solid digital and technology framework.