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.
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