HDFC Life on Wednesday announced a bonus of Rs 2,180 crore to its policyholders subscribing to participating insurance plans. Under a participating plan, a policyholder is eligible to get a share in the profits of company in the form of bonus.
The eligible participating policyholders will get a share of the surplus generated in the participating fund and their benefit amount will increase with declaration of bonuses every year, HDFC Life said in a statement.
It exceeds the previous year's bonus by 44 per cent. A total of 15.49 lakh policyholders are eligible for this bonus, it said.
Out of the total amount, Rs 1,438 crore will be payable to policies in this financial year as bonus on maturing policies or as cash bonuses, said the insurer.
The remaining bonus amount would be payable in the future when policies exit on maturity, death or surrender.
HDFC Life MD and CEO Vibha Padalkar said the company remains committed to its policyholders in delivering the best in terms of products and services.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today