Ageas Federal Life Insurance Announces Highest-Ever Bonus for FY 2023-24

Ageas Federal Life Insurance, a private life insurance company in India, has announced its highest-ever total bonus of Rs 134.44 crore for the fiscal year 2023-24. This marks an achievement for the company, highlighting a 53% increase from the previous fiscal year’s total bonus of Rs 87.86 crore.

Details of the Bonus

The total bonus amount of Rs 134.44 crore will be distributed among policyholders in two forms. Out of this total, Rs 25.88 crore will be given as cash bonuses and maturity bonuses to eligible policyholders. The remaining amount will be paid upon policy maturity, surrender, or early death within FY 23-24. This bonus is available to policyholders who hold traditional participating (with-profit) policies and whose policies are in force as of March 31, 2024.

Eligibility

Policyholders with traditional participating policies are eligible for this bonus. The bonus is derived from the surplus generated under the participating (with-profits) funds. All policies that are active as of March 31, 2024, qualify for this bonus. This consistent bonus announcement over the past ten years demonstrates the company’s commitment to delivering value to its policyholders.

Statement from the Chief Investment Officer

Mr. S.P. Prabhu, Chief Investment Officer of Ageas Federal Life Insurance, expressed his satisfaction with the bonus announcement. He stated, “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 a joint venture between Ageas, a multinational insurance company based in Europe, and Federal Bank, a leading private sector bank in India. Since its inception in 2008, Ageas Federal Life Insurance has grown rapidly. The company operates through a network of over 3,200 branches, including partner bank branches, and a large network of advisors. As of March 31, 2023, the company has issued over 16 lakh policies with a sum assured of over Rs 1,37,632 crore. Ageas Federal Life Insurance manages assets worth over Rs 15,129 crore and has a capital base of over Rs 800 crore.

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