• Annual bonus for FY2023 is 37% higher than the previous financial year
• 7,49,229 Participating Policies to receive Bonus
Mumbai: Tata AIA Life Insurance Co. Ltd. (Tata AIA), one of India’s leading life insurers, has declared a bonus of INR 1,183 crore for Participating (PAR) policyholders for the Financial Year 2022-23. The Company has been paying bonuses to its eligible policyholders over the years, and the FY23 bonus was 37% higher than the INR 861 crore bonus announced in FY22. A total of 7,49,229 Participating Policies are eligible for this bonus.
Tata AIA has been able to consistently reward its participating policy holders with higher bonuses, given its strong fund management capabilities robust risk management practices, In the process, it has ensured that its consumers benefit from its innovative insurance solutions and enjoy. Consumers seem to acknowledge this as the company as one of the best on persistency. Persistency is a matrix that shows the percentage of consumers who choose to renew their policy, hence reposing their trust in the brand.
Commenting on the occasion, Samit Upadhyay, President and Chief Financial Officer, Tata AIA Life Insurance, said, “At Tata AIA, we are driven by our core value of Consumer Obsession. Our endeavor is to partner our consumers in their financial wellbeing and this bonus announcement is a demonstration of our commitment to our policyholders in this regard. We will continue to work hard to ensure that Tata AIA’s consumers are financially secure and rewarded for their loyalty.”
PAR products developed by Tata AIA offer life insurance cover, income, as well as lump-sum benefits in the form of bonuses. Investing in these solutions offers consumers the opportunity to grow their investments without taking on the risks associated with market-linked products. Cash bonuses provide liquidity and helps consumers generate wealth through a terminal bonus component in addition to a life cover throughout the term of the policy.
Tata AIA has built a well-defined research process and takes a long-term view to ensure continuous value for its consumers., The total Assets Under Management (AUM) as of 31st March 2023 was INR 71,006 Cr crore. For the same period, 99.10% of the rated AUM of Tata AIA Life were rated either 4-star or 5-star on a 5-year basis, according to the international rating agency Morningstar*. Out of the 11 funds available for new business, 7 were rated 5-star, and 4 were rated 4-star on a 5-year basis.
