Nearly 12 lakh policyholders to be benefitted by this announcement during the pandemic
Bajaj Allianz Life has declared bonuses amounting to Rs 1,156 crore to its policyholders. This includes a special one-time bonus of Rs 315 crore, which is over and above the regular bonus.
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 policyholders. This is the 20th consecutive year the insurer has declared a bonus and delivered long-term value to policyholders, according to a statement from the company.
The bonus declared by the company is for the policies of all par products, which are in-force for
A full sum assured as on March 31, 2021, and for which the 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.
“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,” said Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life Insurance.
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 per cent and one-day claim approval process.