Ageas Federal Life Insurance, one of the private life insurers, has announced the highest ever total bonus of RS 134.44 crore during the annual valuations for the fiscal year 2023-24.
This significant milestone marks the 10th consecutive year of bonus announcements by the company, reflecting a significant 53% increase over the previous fiscal's total bonus of RS 87.86 crore. Out of this total bonus 134.44 crore, RS 25.88 crore will be distributed to eligible policyholders in the form of cash bonuses and maturity bonuses and the remaining amount will be paid out upon policy maturity, surrender, or early death in FY23-24.
Policyholders holding traditional participating (with-profit) policies are eligible to receive this bonus, which is derived from the surplus generated under the participating (with-profits) funds. All participating policies that are in force as of March 31, 2024, will be eligible for this bonus.
Mr. S.P. Prabhu, Chief Investment Officer, Ageas Federal Life Insurance said, “We are thrilled to announce our highest-ever bonus declaration, reflecting our commitment to consistent value creation through strategic investments and agile fund management. Life insurance policies are designed for the long term, and bonuses serve as a reward for the loyalty of policyholders. We are committed to providing the best products and services, ensuring value for all our stakeholders. Our focus on financial security ensures that our customers benefit from their trust in us, paving the way for a fearless future”.
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