Tata AIA Life Insurance Co Ltd (Tata AIA) has declared a bonus of ₹1,465 crore for participating (PAR) policyholders for the financial year 2024.
The bonus payout, which is the highest ever paid by the company, represents a 24 per cent increase over the ₹1,183 crore bonus announced in FY23, according to a Tata AIA statement.
During FY24, Tata AIA achieved Persistency Performance (based on premium) in 4 cohorts - 13th Month (89.40 per cent), 25th Month (80.70 per cent), 37th Month (75 per cent) and 49th Month (73.10 per cent), according to the statement.
Persistency ratio indicates the percentage of policyholders who renew their life insurance policy every year, demonstrating their loyalty and trust in the brand.
Tata AIA said it offers participating products to enable consumers accumulate wealth or earn income. These products offer life insurance cover, income, as well as regular or lump-sum benefits in the form of bonuses, it added.
The company said it has doubled its Assets Under Management (AUM) to ₹1 lakh crore in less than three years.