Max Life gives highest-ever bonus of ₹1,604 crore for eligible policyholders
1 min read . Updated: 25 May 2023, 02:57 PM IST
PremiumFor the eligible policyholders in FY22-23, Max Life Insurance Company Ltd. on Thursday announced its highest-ever participating (PAR) bonus of Rs. 1,604 Cr.
For the eligible policyholders in FY22-23, Max Life Insurance Company Ltd. on Thursday announced its highest-ever participating (PAR) bonus of Rs. 1,604 Cr. The bonus announced for the company's 21st consecutive year is 8% higher than the bonus announced for the previous fiscal year.
About 21,00,000 (21 lakhs) eligible participating policyholders would receive benefits in addition to the stated yearly bonus, supporting their long-term financial objectives. Over the past 20 years, Max Life has continuously announced bonus for its eligible policyholders, displaying its dedication to its clientele and commitment to providing the best risk-adjusted returns.
Prashant Tripathy, MD & CEO, Max Life said, “We are proud to announce our highest-ever PAR Bonuses for our eligible policyholders who have trusted us to secure their families’ financial futures. Our continuous bonus declaration for over two decades is based on strong business outcomes and a commitment to offer constant value to our customers. This has been possible through a robust investment portfolio, and highly competitive fund management capabilities which has enabled us to reward our participating policyholders with an ever-increasing bonus on their investments."
Additionally, the company improved its participating propositions, which in FY23 accounted for 24% of the proprietary channel product mix. As a consequence, during the past 10 years, participating fund assets under management (AUM) have increased by about ten times, to around Rs. 61,000 Cr. Max Life's participating fund is now one of the largest participating funds in the private life insurance industry, where participating funds' debt assets have produced steady returns over the past five years.
Individual annual premium equivalent (APE) of Max Life grew by 12% to Rs. 6,178 Cr., while FY23's Gross Written Premium of Rs. 25,342 Cr in FY23 is a 13% growth over FY22.