Comments
Max Life Insurance, a leading private life insurer, on Tuesday announced a bonus for its participating policyholders.
During the period July 1, 2018 to June 30, 2019, Max Life Insurance will be paying Rs 1,084 crore as policyholder bonus on the participating policies in-force, an increase of 27 per cent over Rs 854 crore in the same period in the previous year.
The bonus distribution will benefit 15 lakh participating policyholders of Max Life Insurance. This is the 16th year in a row that Max Life Insurance has announced a bonus.
MLI’s participating policyholder fund at Rs. 26,570 crore (as on 31st March, 2018) is one of the largest in the industry and has grown at a Compounded Annual Growth Rate of 35 per cent over 10 years. This indicates trust Max Life’s customers have reposed in its participating plans.
Commenting on the bonus announcement, Jose John, Director and Appointed Actuary, Max Life Insurance, said in a statement, “We believe in offering consistent returns to our participating policyholders. In spite of volatile market conditions experienced over last year, we are able to offer stable bonus to our policyholders. This has been made possible through efficient cost management, superior mortality and persistency experience as well as robust investment strategy for participating fund leading to stable returns. As a result of this and a steady growth in participating business, we will be distributing more than Rs.1,000 crore as bonus to our participating policyholders for the first time in our 16 years history of bonus distribution.”
Max Life Insurance has an unique bonus policy where it offers three bonus options – cash bonus, paid up additions and premium offset, which the policyholders can choose to suit their specific needs. In addition, in some of the participating products, Max Life Insurance also offers reversionary bonus.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.