BusinessWire India
Mumbai (Maharashtra) [India], May 15: HDFC Life, one of India's leading life insurers, announced its highest-ever bonus of Rs. 3,722 cr. on participating plans during the Company's board meeting in April 2024. This substantial bonus will benefit ~22.23 lakh policyholders.
Participating or par plans are a distinctive type of life insurance policy that provide policyholders with profit-sharing benefits in the form of bonuses. These plans allow policyholders to share in the company's profits, reflecting a mutual partnership between the insurer and policyholders.
Out of the total bonus amount, Rs. 2,798 cr. will be disbursed to policies in the current financial year, either as maturity bonuses or cash bonuses. The remaining bonus will be payable in the future upon policy maturity, death or surrender.
Vibha Padalkar, MD & CEO, HDFC Life expressed satisfaction, stating, "We are delighted to announce an increase in the bonuses for our valued policyholders this year. Life insurance policies are designed for the long term, and bonuses serve as a reward for the loyalty of policyholders throughout the policy term. We are committed to providing the best products and services to our policyholders, ensuring value for all our stakeholders."
This significant bonus distribution underscores HDFC Life's dedication to providing financial security and rewards its policyholders, fostering a relationship built on trust and mutual benefit.
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