Allianz Bajaj Life maiden bonus

By Our Banking Bureau | 09 Sep 2003

Chennai: Private life insurer Allianz Bajaj Life Insurance Company, a joint venture between Allianz AG of Germany and Bajaj Auto, has announced its maiden bonus for its policyholders.

The compounded reversionary bonus is declared on the sum assured up to March 2002-03. The company has also declared a special bonus that will be applicable to all regular premium with-profits policies in force as on 31 March 2003.

The total bonus rate for the endowment policy branded as Invest Gain will be 2.5 per cent per annum of the sum assured, of which 2 per cent will be compounded reversionary bonus and 0.5 per cent will be special bonus.

Bonuses once declared by the company are fully guaranteed. If this declaration were repeated every year, which should not be expected, the policyholder will receive a return of up to 6.3 per cent on premiums paid in the long term, in addition to the valuable life protection benefits.

Says Allianz Bajaj Life CEO James Walton: "The special bonus reflects the strong performance of our investments during this period." The bonus rate for all other types of regular premium policies like Save Care, Cash Care, Lifetime Care and Child Care will be a total of 1.25 per cent of the sum assured (inclusive of the special bonus).