Private insurance company Tata AIA Life Insurance Co Ltd announced a bonus for policyholders on Tuesday, August 9. The company said that it will give a bonus of Rs 861 crore to its policyholders for the financial year 2022. This is the 5th consecutive year that Tata AIA has announced bonus to its policyholders. Also, the company has announced to give 20 percent more bonus this year compared to financial year 2021.
Tata AIA Life said that this bonus will be available to all those policyholders who have taken or continuously operated the company’s policy before March 31, 2022. Tata AIA Life is one of the fastest growing private insurance companies in the country.
Samit Upadhyay, Chief Financial Officer of the company, said, “Everything we do at Tata AIA is primarily aimed at long-term financial benefit for our customers and we strive to ensure that they are financially secure. Our long-term fund management approach and judicious investment and risk management policies have enabled us to declare a strong bonus to our clients.”
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Combining all funds, Tata AIA Life’s individual weighted new business premium (IWNBP) income is up 30 per cent at Rs 4,455 crore in FY22. In the last financial year, the company’s IWNBP income was Rs 3,416 crore.
Know what is bonus?
The bonus given by any company is a part of the profit generated from the funds contributed by the policy holders. Which is given to policy holders as guaranteed maturity benefit. Due to which his fund increases. This is the 5th consecutive year that the company has announced a bonus.