Bajaj Allianz Life on Wednesday announced a bonus of Rs 1,156 crore for its policyholders. This includes special lump sum bonus as well as regular bonus. About 12 lakh policy holders of the company will get the benefit of this bonus.
The company has announced that they want their customers to be able to achieve their set goals in such difficult times and for this they have enough funds.
Who will get the bonus?
The benefit of this bonus will be available to only those policyholders who have ‘Par Products’. ‘Par’ means ‘participation’. These are policies through which the customer gets a share in the profits from the ‘cross fund’ of the insurance company. These policy holders get benefits like bonus and cash dividend.
The bonus announced this time will benefit all those policy holders of cross products who have to get the sum assured by 31 March 2021 and the customers for whom the premiums have been paid on time.
Bajaj Allianz Life has said that this is the 20th year in a row that the company has issued bonus to policyholders and earned them over a long period.
The sum assured is guaranteed in the par policy but benefits like bonus and cash dividend are not guaranteed. Sum Assured is available on maturity of the policy or on any disability during the term of the policy.
How much profit?
Bajaj Allianz Life has said in its statement, “These bonuses are being given through the profits earned till the financial year 2020-21 through the participating policyholders funds of the company. This move will benefit about 12 lakh (11,99,612) policyholders who have been invested in the company for a long time and have reposed faith in the company.”
The company has said, “Bajaj Allianz Life has announced a bonus of Rs 1,156 crore to the policyholders. This includes regular bonus as well as a one-time special bonus of Rs 315 crore.