Max Life Announces Special Bonus, to Distribute Rs. 130 Crore for Policyholders

Max Life Insurance will distribute Rs130 crore as ‘First Ever Special Bonus’ for policyholders. For the eligible policies, the longer the policyholder has been with the company, the higher will be the percentage of the special bonus.

New Delhi: Max Life Insurance announced a “one-time” special bonus to all its active policyholders who have participating policies issued on, or before, 31 December 2005, according to a press release from the company. The special bonus will be paid at the respective policy anniversaries commencing 1 February 2013. The special bonus would be calculated as a percentage of the annual premium paid.  For the eligible policies, the longer the policyholder has been with the company, the higher will be the percentage of the special bonus.

Rajesh Sud, CEO & managing director, Max Life Insurance said, “Max Life Insurance has experienced robust and profitable growth. We wanted to share the result of this improved performance with our loyal policyholders in the form of special bonus. The older the eligible policy, the higher the special one-time bonus it will be eligible for. We will continue delivering true value to our policyholders by focusing on long-term savings and protection.”

All the policies which were issued on, or before, 31 December 2005 and are active at the time of their policy anniversaries falling due in the 12-month period from 1 February 2013 and 31 January 2014, will be eligible for the special one-time bonus. During this period, if there is a reinstatement which causes the policy to become active, that policy would also be eligible for special one-time bonus. Policies that have been surrendered will not be eligible for this special bonus.

Over 2.6 lakh policyholders would receive payments ranging from 100% to 20% of their annual premiums, irrespective of the premium term or the policy term of the policy. The total payout is estimated to be around Rs130 crore

The special one-time bonus payment would be made through cheque irrespective of the bonus option chosen by policyholder.

About : This article credit goes Moneylife.in

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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