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Future Generali India Life Insurance Company Limited (FGILI) on Tuesday declared a bonus of Rs 59.80 crore for FY24, the highest it is paying out to more than 101,000 policyholders.
The bonus is a 12 per cent increase compared to the previous financial year. The company’s cash bonus increased 43 per cent to reach Rs 14.60 crore. The terminal bonus increased 49 per cent increase, totaling Rs 4.54 crore.
FGILI said that starting FY24 it will extend the practice of granting terminal bonuses to policyholders who exit from reduced paid-up status, in addition to those with premium paying or fully paid policies.
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“The declaration of the highest-ever participating bonus serves as evidence of our strong financial position. Our commitment to facilitating the long-term life goals of our customers is evident in every aspect of our approach. Our investment strategies, which support our value-packed products, are specifically designed to help our customers achieve their life goals on an annual basis,” said Alok Rungta, managing director and chief executive officer of FGILI, in a press statement.
Bonuses are additional payments that policyholders receive on top of their entitled basic sum assured. Life insurers distribute a portion of their profits as bonuses. Investing in participating policies allows consumers to enhance their investments while easing risks associated with market-linked products. Cash bonus in a policy provides enhanced liquidity and enables consumers to accumulate wealth.
