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Bajaj Allianz Life Insurance has announced its highest-ever bonus of Rs 1,383 crore for the financial year 2023-2024 (FY24) for over 11.66 lakh policyholders who have invested in the company’s participating products.
The key details
Bajaj Allianz Life has declared bonuses for the 23rd consecutive year for its participating policyholders. The company announced its highest-ever bonus declaration of Rs 1,383 crores for FY24.
The bonus is being paid out to over 11.66 lakh policyholders who have invested in Bajaj Allianz Life’s participating products. The FY24 bonus marks a 15 per cent increase over FY23 bonus.
Who is eligible?
As per the company, policyholders with traditional participating (with-profit) policies are eligible to receive this bonus.
All participating policies that were in force as on March 31, 2024, are eligible to receive this bonus.
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Policyholders of participating products like Bajaj Allianz Life Flexi Income Goal, Bajaj Allianz Elite Assure, Bajaj Allianz Life Ace, amongst others are eligible to receive the bonus declared.
Leader speak
Speaking about the highest bonus in the company’s history of over two decades, 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.”
As per the company, 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.
