Private life insurance company Bajaj Allianz Life on Thursday announced a bonus to the tune of Rs. 1,070 crores for its policyholders. It is a reward for its policyholders for entrusting their faith in the Company, for the 21st consecutive year by announcing consistent bonuses for them for FY 2022, the company release said.

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The reward includes the regular reversionary bonus of Rs. 840 Cr. and the Terminal & Cash bonus of Rs 230 crore. Over 11.62 lakh eligible loyal policyholders, who have stayed focused on their life goals with Bajaj Allianz Life will benefit from this announcement, the release said further.  

Commenting on the announcement, Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance said, “We are happy to be able to announce a bonus consecutively for the last 21 years, reflecting our commitment to our customers towards being their Life Goal enablers."

"We will continue to strengthen the organisation’s proposition by offering value-packed products and best-in-class services. These will be in addition to announcing annual bonuses on policies to ensure our customers’ long-term financial goals are met,” he added.

According to the release, the Bonus declared by the Company is for all the participating policies, which are in-force for the full sum assured as on 31 March, 2022, and for which customers are paying premiums regularly. The regular reversionary bonus declared are payable at the time of maturity or death of the policyholder. The bonuses will be funded from the surplus generated by the Company's participating policyholders’ funds for FY 2022.