Mumbai:
HDFC Life, the second largest private sector life insurer,on Wednesday, announced a bonus of Rs 2180 cr. on its participating plans for FY 2021.The amount exceeds the previous year’s bonus by 44 per cent.
15.49 lakh policyholders of HDFC Life Insurance are eligible for this bonus.
Out of the total amount of Rs. 2180 cr, Rs 1,438 cr. will be payable to policies in this financial year, as bonus on maturing policies or as cash bonuses. The remaining bonus amount would be payable in the future when policies exit on maturity/death/surrender.
The eligible ‘participating’ policyholders will get a share of the surplus generated in the participating fund and their benefit amount will increase with declaration of bonuses every year, said the company.
The life insurer's net profit had risen by five per cent to Rs 1360 crore in Fy 2021.
Vibha Padalkar, MD & CEO, HDFC Life, said “We are happy to declare the bonus for our policyholders. We thank our policyholders for reposing their trust in HDFC Life and we stay committed to our promise of delivering the best in terms of products and services.”
Earlier,despite witnessing a fall in profit, ICICI Prudential Life Insurance declared its highest-ever annual bonus of Rs 867 crore for the policyholders for FY21.
The bonus declared is the highest ever by the company till date and is also 10 per cent higher than the bonus announced in the last fiscal" it said in a release.
The life insurer's net profit had declined by 64.2 per cent to Rs 64 crore in January-March 2021 from Rs 179 crore for the year-ago quarter while the same for the full year slipped to Rs 960 crore from Rs 1,069 crore in the previous fiscal.
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 crores, 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.
The 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.
Tarun Chugh, managing director and CEO , Bajaj Allianz Life Insurance said, “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.”