HDFC Life declares highest ever bonus of Rs 3,660 cr on participating plans

HDFC Life has announced its highest ever bonus of Rs 3,660 crore on participating plans. The bonus was announced at the company’s Board of Directors meeting held in April 2023.

2.31 million policyholders are eligible for this bonus.

Of the total amount of Rs. 2,696 crore, it will be paid out to policies in this financial year, as bonus on accrual policies or as cash bonus. The remaining award amount will be payable in the future when the policy is discontinued by vesting, death claim, or assignment payments.

Shared or equal plans are life insurance policies that provide the policyholder with profit sharing benefits in the form of bonuses.

“As a life insurance company, we cater to four major risks related to mortality, morbidity, longevity and interest rate through our products and services that enable individuals to live a ‘life of pride’,” said Vibha Padalkar, Managing Director and CEO of HDFC Life. Announced reward for our valued policyholders. This is our way of rewarding loyalty as we continue to do our part to secure India financially.”

First published: May 16, 2023 | 11:12 p.m ist