November 22, 2024 20:01 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws | Canadian government denies media report that claims PM Modi knew of Khalistani leader Nijjar's killing | PM Modi bestowed Dominica's highest award at India-CARICOM Summit
HDFC Life Insurance declares record bonus of Rs 3,722 cr to policyholders

HDFC Life Insurance declares record bonus of Rs 3,722 cr to policyholders

| @indiablooms | 15 May 2024, 08:56 pm

Mumbai: HDFC Life Insurance on Wednesday declared its highest-ever bonus of Rs 3,722 crore on participating plans to nearly 22.23 lakh policyholders.

In participating or 'par' policies, life insurance companies distribute a portion of their profits to policyholders in the form of bonuses. These plans enable policyholders to share in the company's profits, indicating a mutual partnership between the insurer and the policyholders.

The private sector life insurer reported a 14.7 percent year-on-year (Y-o-Y) rise in net profit to Rs 411.66 crore for the fourth quarter of FY24, from Rs 358.66 crore on the back of profit emergence in the back book.

Speaking on the development, Vibha Padalkar, managing director and chief executive officer of HDFC Life, said, “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.”

In April 2024, the private life insurer recorded a 4.31 percent increase in New Business Premium (NBP), rising to Rs 1,575.17 crore from Rs 1,510.08 crore in the same period the previous year.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.