HDFC Life Declares Highest Ever Bonus Of Rs 3,660 Crore For More Than 23 Lakh Policyholders

HDFC Life, one of India’s leading life insurers, has declared its highest-ever bonus of Rs 3,660 crore on participating plans. The bonus was announced at the company’s board meeting held in April 2023.

In all, 23.14 lakh policyholders are eligible for this bonus.

Out of the total amount of Rs 3,660 crore, Rs 2,696 crore will be payable to policies in this financial year as bonuses on maturing policies or as cash bonuses. The remaining bonus amount would be payable in the future upon policy cessation by way of maturity, death claim, or surrender pay-outs.

Participating or par plans are life insurance policies that provide the policyholder with profit-sharing benefits in the form of bonuses.

The MD and CEO, HDFC Life, Vibha Padalkar, commented, "As a life insurer, we cater to four key risks of mortality, morbidity, longevity, and interest rate through our innovative products and services that enable individuals to live a ‘Life of Pride’. We are pleased to announce an increase in the bonus declared for our valued policyholders. This is our way of rewarding the loyalty of our policyholders as we continue to do our part to secure India financially."

Recently, HDFC Life was featured in the "Leadership" category of the Indian Corporate Governance Scorecard for the second consecutive year, an outcome of the annual assessment of the S&P BSE 100 companies on the Indian Corporate Governance Scorecard framework. The Indian Corporate Governance Scorecard framework was developed jointly by IFC, BSE, and IiAS and is based on the G20/OECD Principles of Corporate Governance. It has been in use since 2015.

HDFC Life Insurance Company Ltd. is a joint venture between HDFC Ltd., India’s leading housing finance institution, and abrdn (Mauritius Holdings) 2006 Ltd., a global investment company.

Established in 2000, HDFC Life is a leading, listed long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity, and health. The company has more than 60 products (including individual and group products) and optional riders in its portfolio, catering to a diverse range of customer needs.

HDFC Life continues to benefit from its increased presence across the country, having a wide reach with branches and additional distribution touchpoints through several new tie-ups and partnerships. The count of distribution partnerships is over 300, comprising banks, NBFCs, MFIs, SFBs, brokers, and new ecosystem partners, amongst others. The company has a strong base of financial consultants.