BWI: Max Life Insurance Announces ‘First Ever Special Bonus’ for its Policyholders

Press release from Business Wire India
Source: Max Life Insurance Co. Ltd.
Wednesday, December 26, 2012 03:55 PM IST (10:25 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Banking & financial services, Business services, Financial Analyst, Stock exchanges
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Max Life Insurance Announces 'First Ever Special Bonus' for its Policyholders
To distribute Rs. 130 crore

New Delhi, Delhi, India, Wednesday, December 26, 2012 -- (Business Wire India) -- Max Life Insurance, one of India's leading life insurance companies in India, today announced a "one-time" special bonus to all its active policyholders who have participating policies issued on or before 31st December 2005. The special bonus will be paid at the respective policy anniversaries commencing February 1, 2013. The special bonus would be calculated as a percentage of the annual premium paid. For the eligible policies, the longer the policyholder has been with the Company, the higher will be the percentage of the special bonus.

Commenting on the first ever special bonus declaration to its participating policyholders, Mr. Rajesh Sud, CEO & Managing Director, Max Life Insurance said, "Max Life Insurance has experienced robust and profitable growth. We wanted to share the result of this improved performance with our loyal policyholders in the form of special bonus. The older the eligible policy, the higher the special one-time bonus it will be eligible for. We will continue delivering true value to our policyholders by focusing on long-term savings and protection."

All the policies which were issued on or before 31st December 2005 and are active at the time of their policy anniversaries falling due in the 12-month period from 1st February 2013 and 31st January 2014, will be eligible for the special one-time bonus. During this period, if there is a reinstatement which causes the policy to become active, that policy would also be eligible for special one-time bonus. Policies that have been surrendered will not be eligible for this special bonus.

At A Glance

-- Over 2.6 lakh policyholders would receive payments ranging from 100% to 20% of their annual premiums, irrespective of the premium term or the policy term of the policy.

-- The total payout is estimated to be around Rs. 130 crore

-- Payment would be made at the policy anniversary falling due in the 12-month period from 1st February 2013 to 31st January 2014

-- Special one-time Bonus payment would be made through cheque irrespective of the bonus option chosen by policyholder


About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)

Max Life Insurance, one of India's leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection. A financially stable company with sound investment expertise, Max Life Insurance has a strong customer-centric approach focused on advice-based sales and quality service.

In the financial year 2011-12, Max Life Insurance had a market share of 8.6%. The Company has been one of the fastest growing life insurers, with total revenue of Rs. 6,391 crore and enterprise profit of Rs.733 crore for the Financial Year 2011-12. The Company's capital base of Rs. 2,127 crore, with a solvency margin of 534% is testimony of its financial strength and stability. As on 31st March 2012, Max Life Insurance had assets under management of Rs.17,215 crore.



CONTACT DETAILS
Chumki Sen, Max Life Insurance Co. Ltd. , +91 9811854303, chumki.sen@maxlifeinsurance.com

KEYWORDS
CONSUMER, ECONOMY, PEOPLE, BANKING, BUSINESS SERVICES, Financial Analyst, STOCK EXCHANGES

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