Max Life Insurance to Distribute Rs. 1,084 cr as Bonus to its Participating Policyholders
Bonus for 12-month period crosses Rs. 1,000 crore mark for the first time
by Shrutee K/DNS
Gurugram: Max Life Insurance, one of the leading life insurance companies of India, announced 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% over Rs. 854 crore in the same period in the previous year. The bonus distribution will benefit 15 lacs participating policyholders of Max Life Insurance. This is the 16th year in a row when Max Life Insurance has announced bonus. Max Life Insurance’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 Compounded Annual Growth Rate (CAGR) of ~35% 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, “We believe in offering consistent returns to our participating policyholders. In spite of volatile market conditions experienced over the 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 par 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 the unique bonus policy where it offers three bonus options – Cash Bonus, Paid Up Additions (PUA) 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.
About Max Life Insurance Co. Ltd.
Max Life Insurance, one of the leading life insurers in India, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 18 years, Max Life Insurance offers superior investment expertise. The company has a strong customer-centric approach focused on need based sales and quality service delivered through its superior human capital.
During the Financial Year 2017-18, Max Life Insurance achieved Gross Written Premium of Rs. 12,501 crore and had sum assured in force of Rs. 5,11,541 crore. As on 31st March 2018, the company had Rs. 52,237 crore of Assets Under Management and the share capital including reserves and surplus of Rs. 2,689 crore. The Company has more than 32 lakh customers serviced by its 10,541 employees and 56,219 agent advisors through 210 offices across the country.