In a significant move, Bajaj Allianz Life has revealed its highest-ever bonus declaration for the fiscal year 2024. The company has earmarked an impressive Rs. 1,383 crores to be distributed among over 11.66 lakh policyholders invested in its participating products. This announcement marks a historic moment for the insurer, as it signifies the largest bonus payout in its 23-year history of such declarations.
The bonus, derived from the surplus generated under the participating (with-profits) funds, is exclusively available to policyholders with traditional participating (with-profit) policies. All participating policies active as of March 31, 2024, qualify for this generous bonus scheme, including popular products like Bajaj Allianz Life Flexi Income Goal, Bajaj Allianz Elite Assure, and Bajaj Allianz Life Ace, among others.
The declared bonus demonstrates a commendable 15% increase compared to the previous financial year’s bonus, which amounted to Rs. 1,201 crores. Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance, expressed his satisfaction, highlighting the company’s steadfast commitment to fulfilling customers’ long-term financial goals. Moreover, the bonuses declared annually will be accumulated and distributed upon policy maturity or exit, supplemented by cash bonuses disbursed on specific policy events as per policy conditions.
