Bajaj Allianz declares bonus worth Rs 1,201 cr for policyholders

Offer will benefit 1.14 mn policyholders, says insurance company

Bajaj Allianz Life, a private life insurer has declared a bonus of Rs 1,201 crores for its policyholders. It includes a regular reversionary bonus of Rs 872 crore and a terminal and cash bonus of Rs 329 crore.

The bonus will benefit 1.14 million eligible policyholders who have remained committed to their "life goals" with Bajaj Allianz Life, said the company.

The regular reversionary bonus will be payable at the time of maturity or death of a policyholder. The funds for the bonus will be sourced from the surplus generated by the company's participating policyholders' funds for FY23.

The company said it declared bonuses for the 22nd consecutive year for its participating products including Bajaj Allianz Life Flexi Income Goal, Bajaj Allianz Elite Assure, Bajaj Allianz Life Income Assure amongst others. All participating policies in force as of March 31, 2023, are eligible to receive the bonuses announced by the Company.

"Bajaj Allianz Life continues to remain committed to the promise made to its customers. The bonuses announced for 22 years consecutively is a testament of the teams’ focus to ensure our customers continue to enjoy the benefits of staying invested in their long-term goals with us. We will continue to focus on customer centricity as we move ahead to enable many more customers to fulfill their goals with us,” said Tarun Chugh, managing director and chief executive officer of Bajaj Allianz Life.