Private sector insurer HDFC Life Insurance has declared its highest ever bonus of Rs 3660 crore on participating plans. The bonus was announced in the company’s board meeting held in April, 2023.
As many as 2.31 million policyholders are eligible for this bonus, the insurer said in a release. Out of the total amount of Rs 3660 crore, Rs 2696 crore will be payable to policies in this financial year, as bonus on maturing policies or as cash bonuses.
“The remaining bonus amount would be payable in the future upon policy cessation by way of maturity, death claim or surrender pay-outs,” the release said. Participating or par plans are life insurance policies that provide the policyholder with profit-sharing benefits in the form of bonuses.