Ageas Federal Life Insurance, a prominent name in India’s private life insurance sector, has announced its highest-ever total bonus of INR 134.44 crore for the fiscal year 2023-24. This milestone marks a significant achievement for the company, showcasing a 53% increase from the previous fiscal year’s total bonus of INR 87.86 crore. This is the 10th consecutive year of bonus declarations by Ageas Federal, reflecting its robust financial health and commitment to policyholders.
A Decade of Consistent Growth
The declaration of the highest-ever bonus underscores Ageas Federal Life Insurance’s dedication to delivering consistent value to its policyholders. Out of the total bonus of INR 134.44 crore, INR 25.88 crore will be distributed to eligible policyholders in the form of cash bonuses and maturity bonuses. The remaining amount will be paid out upon policy maturity, surrender, or early death within FY23-24.
Policyholders with traditional participating (with-profit) policies are eligible for this bonus, which is derived from the surplus generated under the participating (with-profits) funds. All participating policies in force as of March 31, 2024, qualify for this bonus, providing a substantial benefit to a broad base of policyholders.
Strategic Investment and Agile Fund Management
Mr. S.P. Prabhu, Chief Investment Officer of Ageas Federal Life Insurance, expressed his enthusiasm about the record-breaking bonus declaration. “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.”
This statement highlights the company’s strategic approach to fund management, ensuring that policyholders reap the benefits of their investments over the long term. The impressive bonus growth reflects Ageas Federal’s prudent investment strategies and efficient management of its funds.
Commitment to Policyholders
The substantial increase in the bonus declaration is a testament to Ageas Federal’s ongoing commitment to its policyholders. Bonuses in life insurance policies are a way to reward policyholders for their loyalty and trust. This year’s bonus not only provides immediate financial benefits but also enhances the long-term value of their policies.
Ageas Federal Life Insurance has consistently focused on creating and delivering value to its policyholders through innovative products and exceptional customer service. The company’s financial strength and strategic foresight have enabled it to maintain a strong track record of bonus declarations, even in challenging economic environments.
Future Outlook
As Ageas Federal Life Insurance continues to grow, its commitment to policyholders remains unwavering. The company’s focus on financial security and value creation ensures that its customers can look forward to a secure and prosperous future. The record bonus declaration for FY23-24 is not just a milestone but a promise of continued dedication to excellence and customer satisfaction.
Looking ahead, Ageas Federal aims to sustain its growth trajectory by further enhancing its product offerings and strengthening its customer-centric approach. The company is well-positioned to navigate the evolving landscape of the life insurance industry, leveraging its expertise and experience to deliver superior value to its stakeholders.
