Mumbai: Ageas Federal Life Insurance, one of India’s leading private life insurers, has announced its highest-ever total bonus of INR 134.44 crore during the annual valuations for the fiscal year 2023-24. This significant milestone marks the 10th consecutive year of bonus declarations by the company, reflecting a notable 53% increase compared to the previous fiscal year’s total bonus of INR 87.86 crore. Out of this total bonus 134.44 crore, INR 25.88 crore will be distributed to eligible policyholders in the form of cash bonuses and maturity bonuses, with the remaining amount to be paid out upon policy maturity, surrender, or early death in FY23-24.
Policyholders with traditional participating (with-profit) policies are eligible to receive this bonus, which is derived from the surplus generated under the participating (with-profits) funds. All participating policies that are in force as of March 31, 2024, qualify for this bonus.
This substantial growth of bonus underscores Ageas Federal Life Insurance’s commitment to delivering value to its policyholders.
Mr. S.P. Prabhu, Chief Investment Officer, Ageas Federal Life Insurance conveyed, “We are thrilled to announce our highest-ever bonus declaration, reflecting our commitment to consistent value creation through strategic investments and agile fund management. Life insurance policies are designed for the long term, and bonuses serve as a reward for the loyalty of policyholders. We are committed to providing the best products and services, ensuring value for all our stakeholders. Our focus on financial security ensures that our customers benefit from their trust in us, paving the way for a fearless future”.
About Ageas Federal Life Insurance
Ageas Federal Life Insurance is one of India’s growing life insurance companies and offers a diverse range of wealth management, protection, and retirement solutions to individual and corporate customers. Ageas Federal Life Insurance Co Ltd is a joint venture of Ageas, a multinational insurance giant based out of Europe and Federal Bank, one of India’s leading private sector banks.
Having commenced operations in 2008, Ageas Federal was able to achieve breakeven within just five years; the Company’s passion for innovation and growth helped it achieve this feat. Through a nationwide network of 3,200+ branches including partner bank branches, and a sizeable network of advisors, Ageas Federal Life Insurance has achieved presence across the length and breadth of the country. As of March 31, 2023, the Company has issued over 16 lakh policies with a sum assured of over ₹1,37,632 crores. Ageas Federal Life Insurance has total assets under management of over ₹15,129 crore and a robust capital base of over ₹800 crores as of March 31, 2023.