Max Life Insurance today said it will distribute Rs 1,084 crore as bonus to policyholders who are eligible to get the company's profit share via dividend.
Such customers are termed as participating policyholders. They are generally paid the dividend on an annual basis over the span of the policy bought.
During the period July 1, 2018, to June 30, 2019, Max Life Insurance will be paying Rs 1,084 crore as policyholder bonus on the participating policies in-force, an increase of 27 per cent over Rs 854 crore in the same period in the previous year, the company said in a statement today.
Max Life said the bonus for 12-month period has crossed the Rs 1,000 crore mark for the first time.
The bonus distribution will benefit about 15 lakh participating policyholders of Max Life Insurance.
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The life insurer said that this is the 16th year in a row when Max Life Insurance has announced bonus.
"In spite of volatile market conditions experienced over the last year, we are able to offer stable bonus to our policyholders...we will be distributing more than Rs 1,000 crore as bonus to our participating policyholders for the first time in our 16 years history of bonus distribution," said Jose John, Director and Appointed Actuary, Max Life Insurance.
Company's participating policyholder fund stood at Rs 26,570 crore as on March 31, 2018.
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