Max Life Insurance today announced a one-time special bonus to all its active policyholders who have participating policies issued on or before December 31, 2005.
The special bonus will be paid at the respective policy anniversaries in the period between February 1, 2013 and January 31, 2014, said a press release issued by the company.
During this period, if there is a reinstatement which causes the policy to become active, that policy would also be eligible for the special one-time bonus. Policies that have been surrendered will not be eligible for this special bonus.
The special bonus will be calculated as a percentage of the annual premium paid. For the eligible policies, the longer the policyholder has been with the company, the higher will be the percentage of the special bonus.
Over 2.6 lakh policyholders would receive payments ranging from 20-100% of their annual premiums, irrespective of the premium term or the policy term of the policy. The total payout is estimated to be around Rs 130 crore. The special one-time bonus payment would be made through cheque irrespective of the bonus option chosen by policyholder, the release said.
Rajesh Sud, CEO & Managing Director, Max Life Insurance said: “Max Life Insurance has experienced robust and profitable growth. We wanted to share the result of this improved performance with our loyal policyholders in the form of special bonus."