Max Life announces special bonus, to distribute Rs 130 crore
Mumbai: Private insurer Max Life Insurance has announced `a one-time' special bonus, estimated to be around Rs 130 crore, to its active policyholders.
The special bonus will be paid at the respective policy anniversaries commencing February 1, 2013, Max Life Insurance said in a release.
The bonus would be calculated as a percentage of the annual premium paid.
The longer the policyholder has been with the company, the higher will be the percentage of the special bonus.
Over 2.6 lakh policyholders would receive payments up to 100 per cent of their annual premiums, irrespective of the premium term or the policy term.
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.
"We have experienced robust and profitable growth and wanted to share the result of this improved performance with our loyal policyholders," CEO and Managing Director Rajesh Sud said.
Policies that have been surrendered will not be eligible.
Max Life Insurance is a joint venture between Indian multi-business corporate Max India and Mitsui Sumitomo Insurance, a member of MS&AD Insurance Group.