Bajaj Allianz Life on Wednesday said it has declared a bonus of Rs 1,201 crore to participating policyholders for the financial year ended March 31, 2023.

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This is the 22nd consecutive year of bonus payment to all eligible and participating policyholders.

The Pune-based company said the bonus includes a regular reversionary bonus of Rs 872 crore and a terminal and cash bonus of Rs 329 crore.

In the previous year, the company had paid Rs 1,070 crore in bonus to over 11.62 lakh policyholders, Bajaj Allianz Life said.

As many as 11.43 lakh participating policyholders out of its total of 3.5 million policyholders will benefit from the announcement, it added.

The regular reversionary bonus will be payable at the time of maturity or death of the policyholder.

The funds for the bonus will be sourced from the surplus generated by the participating policyholders' funds for FY2023, said Tarun Chugh, the managing director & chief executive.

The policyholders of its participating products such as flexi income goal, elite assure, and income assure amongst others are eligible for the bonus if their policies are in force as of March 31, 2023.

Bajaj Allianz Life began operations in 2001 and serves over 3.5 millions of customers through its 510 branches and by over 1,17,706 agents.

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