Canara HSBC Life Insurance has declared a bonus amounting to ₹78 crore for all its eligible policyholders for the financial year 2021-2022. This is the ninth consecutive year when the life insurer has declared bonus on participating products.

The latest bonus reflects a 28 per cent increase over the bonus amount of the previous year.

Anuj Mathur, MD & CEO, Canara HSBC Life Insurance, said, “We are elated to announce the annual bonus for our customers and pleased that we are progressing each year in fulfilling the promises made to our customers. Our customers are testimony of our growth journey and our commitment towards their financial goals is unparalleled.”

Strong fund management and robust risk management practices have enabled the company to consistently reward participating policyholders with a higher bonus, he added. The annual bonus declaration reflects the company’s ability to successfully deliver on promises made to the policyholder.

Canara HSBC Life Insurance rebranded and renamed itself recently, and came out with a new tagline. Mathur told BusinessLine that the life insurer is looking to double its penetration in the customer base of its promoter shareholder Canara Bank to 3 per cent over the next two years.

The life insurer is also looking to set up nearly 50 standalone branches (besides the 10,000 branches of its shareholder banks) in the next few months, taking its overall network to 103 from 54 now.

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