Bajaj Allianz Life declares Rs. 1,156 crore as Bonus. Bajaj Allianz Life, one of India’s leading private life insurer has declared bonuses amounting to Rs. 1,156 crore to its policyholders. This includes a special one-time bonus of Rs. 315 crores, which is over and above the regular bonus.
The Company aims to ensure there is adequate support, in these unprecedented times, to its customers in achieving their Life Goals. These bonuses are funded from the profits generated by the Company’s participating policyholders’ funds for the year FY 2020-21. This move is expected to benefit nearly 12 lakh (11,99,612) policyholders, who have stayed invested and entrusted their faith in the Company.
This is the 20th consecutive year the Company has declared a bonus and delivered long term value to policyholders.
The Bonus declared by the Company is for the policies of all par products, which are in-force for full sum assured as on 31st March, 2021, and for which customers are paying premiums regularly. The one-off special bonus and the regular reversionary bonus are payable at the time of maturity or death of the policyholder.
Commenting on the announcement, Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life Insurance said, “Our employees and our customers’ Life Goals continue to be our key priorities as we collectively move ahead in these tough times. We want to assure each of them, especially our customers that we will stay by their side, and assure the best of our services and unwavering support towards keeping their Life Goals on track. We are sure that this one-off special bonus will not only make our customers happy, but will encourage several of our customers to stay invested in their Life Goals.”
Bajaj Allianz Life has ‘AAA (IS)’ Stable from CARE Ratings, indicating the highest degree of safety regarding timely servicing of financial obligations. Such issuers carry lowest credit risk. The company has a Claims Settlement Ratio of 98.48% and one day claim approval process*. (data for FY20-21).
*One day claims approval given to 95% of the total claims we received with proper documentation