Max Life Insurance on Friday (May 24) announced its highest-ever participating (PAR) bonus of ₹1,826 crore for eligible policyholders in the financial year 2023-24. This bonus marks 14% increase from the previous financial year.
This is the company's 22nd consecutive annual bonus, Max Life Insurance said.
Approximately 21 lakh participating policyholders are set to benefit from this declaration, with the bonus being added to their benefits over the next year, starting from July 2024, the company said.
In FY24, Max Life’s Individual Adjusted First Year Premium grew by 16% to ₹6,961 crore.
The company’s gross written premium was ₹29,529 crore in FY24.
Recently, Kotak Mahindra Life Insurance also announced a bonus of ₹1,007 crore for over 7 lakh eligible policyholders, while HDFC Life declared its highest-ever bonus of ₹3,722 crore for more than 22.23 lakh policyholders.
Additionally, Bajaj Allianz Life declared its all-time high bonus of ₹1,383 crore for over 11.66 lakh policyholders.
Life insurance bonuses, such as those declared by Max Life and other insurers, serve as additional benefits for policyholders, representing a share of the profits earned by the insurer.
They come in various forms, such as reversionary bonuses, which are added to the policy's sum assured, and terminal bonuses, which are paid out at the end of the policy term or on the death of the policyholder.
This is the company's 22nd consecutive annual bonus, Max Life Insurance said.
Approximately 21 lakh participating policyholders are set to benefit from this declaration, with the bonus being added to their benefits over the next year, starting from July 2024, the company said.
In FY24, Max Life’s Individual Adjusted First Year Premium grew by 16% to ₹6,961 crore.
The company’s gross written premium was ₹29,529 crore in FY24.
Recently, Kotak Mahindra Life Insurance also announced a bonus of ₹1,007 crore for over 7 lakh eligible policyholders, while HDFC Life declared its highest-ever bonus of ₹3,722 crore for more than 22.23 lakh policyholders.
Additionally, Bajaj Allianz Life declared its all-time high bonus of ₹1,383 crore for over 11.66 lakh policyholders.
Life insurance bonuses, such as those declared by Max Life and other insurers, serve as additional benefits for policyholders, representing a share of the profits earned by the insurer.
They come in various forms, such as reversionary bonuses, which are added to the policy's sum assured, and terminal bonuses, which are paid out at the end of the policy term or on the death of the policyholder.
First Published: May 24, 2024 12:49 PM IST
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