Canara HSBC Life Insurance on Monday (June 10) announced the customer bonus of ₹232 crore for more than 2.18 lakh policyholders for the financial year 2023-2024.
In participating policies or with profit plans, life insurance companies share the profits in the form of bonuses with policyholders, reflecting a shared partnership between the insurer and policyholders.
Bonuses declared in each financial year are accumulated and distributed upon policy maturity, death or surrender.
All participating policies in force as on March 31, 2024, are eligible to receive the bonus amount.
Total bonus declared/distributed in FY2024 has grown by 6.8% as compared to FY2023.
Earlier in the day, Shriram Life Insurance declared a bonus of ₹201 crore, up 35% from ₹149 crore year-on-year (YoY) on the back of robust growth in premium income.
This bonus payout will benefit 3.8 lakh policyholders who hold various participating plans of Shriram Life Insurance, the insurance company said.
In participating policies or with profit plans, life insurance companies share the profits in the form of bonuses with policyholders, reflecting a shared partnership between the insurer and policyholders.
Bonuses declared in each financial year are accumulated and distributed upon policy maturity, death or surrender.
Additionally, cash bonuses are paid out on specific policy events in accordance with policy conditions.
All participating policies in force as on March 31, 2024, are eligible to receive the bonus amount.
Total bonus declared/distributed in FY2024 has grown by 6.8% as compared to FY2023.
Earlier in the day, Shriram Life Insurance declared a bonus of ₹201 crore, up 35% from ₹149 crore year-on-year (YoY) on the back of robust growth in premium income.
This bonus payout will benefit 3.8 lakh policyholders who hold various participating plans of Shriram Life Insurance, the insurance company said.
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