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.

This is the 22nd consecutive year of the 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.

It added that as many as 11.43 lakh participating policyholders out of its total of 3.5 million policyholders will benefit from the announcement.

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 million customers through its 510 branches and over 1,17,706 agents.

HDFC Life

On Wednesday, private sector life insurer HDFC Life said its profit remained almost flat at Rs 358.66 crore in the fourth quarter ended March 2023.

The profit was Rs 357.52 crore in the January-March quarter of the preceding fiscal.

The insurer earned a total income of Rs 21,426.40 crore in the quarter against Rs 16,054.94 crore in the same period a year ago.

The net premium income of the insurer increased to Rs 19,426.57 crore compared to Rs 14,289.66 crore.

The board has recommended a final dividend of Rs 1.90 per equity share of the face value of Rs 10 each for the financial year 2022-23.