Max Life insurance policyholders to get Rs 1,604 crore as participating bonus

Max Life Insurance Company Ltd. has announced its highest-ever participating (PAR) bonus of Rs. 1,604 crores for its eligible policyholders in FY22-23.

max life bonus 2023
Max Life insurance announces its highest ever PAR bonus. Representational image

Max Life Insurance Company Ltd. on Thursday (May 25) announced its highest-ever participating (PAR) bonus of Rs. 1,604 crores for its eligible policyholders in FY22-23. This is the company’s 21st consecutive annual bonus is nearly 8% higher than the bonus declared in the last fiscal.

The declared annual bonus will be added to the benefits of approximately 21 lakh eligible participating policyholders, aiding their long-term financial goals, the insurer said in a statement.

Over the past two decades, Max Life has consistently announced bonuses for its eligible policyholders.

Commenting on the announcement, Prashant Tripathy, MD & CEO of 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 offering constant value to our customers. This has been possible through a robust investment portfolio, and highly competitive fund management capabilities which have enabled us to reward our participating policyholders with an ever-increasing bonus on their investments.”

Also Read: SBI, HDFC, Axis, ICICI or any other credit card user? Check new IRDAI rule for loan payment

Max Life has strengthened its participating propositions that made up 24% of the proprietary channel product mix in FY23. As a result, Max Life’s participating fund has reached approximately Rs. 61,000 crore of assets under management (AUM) and has grown nearly 10 times over the last decade, the company said.

Max Life’s participating fund is amongst the top participating funds (by size) in the private life insurance sector, where the debt assets of participating funds have yielded consistent and stable returns over the last five years.

Max Life’s individual annual premium equivalent (APE) grew by 12% to Rs. 6,178 crore, and the Gross Written Premium was Rs. 25,342 Crore in FY23, reflecting a 13% increase over the last fiscal.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 26-05-2023 at 11:39 IST