Tata AIA Life Insurance has declared a bonus of Rs 1,465 crores for participating (PAR) policyholders for the financial year 2024. The company said that the bonus payout announced is the highest ever paid by it, showcasing an increase of 24% over the Rs 1,183 crore bonus announced in FY23.
Tata AIA’s strong investment management capabilities and robust risk management practices have consistently resulted in higher bonuses for participating policyholders, the company said.
Kshitij Sharma, EVP and appointed actuary, Tata AIA, said, “We are delighted to deliver yet another year of the excellent performance of bonus payout in our participation policies. Tata AIA’s record bonus announcement underscores our commitment to rewarding our policyholders for their trust. Providing superior returns to our policyholders is our continuous endeavour, enabling our consumers to live a fikar-free life and fulfil their aspirations towards their loved ones.”
Recently PNB MetLife announced a bonus of Rs 930 crore for eligible participating policyholders, benefiting 5.82 lakh customers. This year’s bonus marks a significant 21% increase from the previous year, with an additional Rs 161.40 crore taking the bonus amount declared this year to Rs 930 crore.
The number of eligible beneficiaries has increased by 30,000 policyholders, representing a growth rate of 5.43% against last year.
Future Generali India Life Insurance has recently declared its highest-ever bonus of Rs. 59.80 crore for the FY 2023-24, benefiting more than 101,000 policyholders who have made investments in the company’s participating products.
The bonus for FY24 reflects a notable increase of 12% compared to the bonus awarded in FY23. The cash bonus has seen a significant 43% increase, reaching Rs. 14.60 crores, while the terminal bonus has also witnessed a substantial 49% increase, totalling Rs. 4.54 crore.
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