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Allianz Bajaj declares bonus for policyholders |
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Pune, 15th March, Allianz Bajaj Life Insurance Company Limited, a joint venture between Allianz AG of Germany and Bajaj Auto and also the fastest growing private life insurance company, announced the compounded reversionary bonus on the Sum Assured upto March 2003-04 for the second continuous year. The Board of Directors of the company also approved a "special bonus" for the policyholders. Bonuses once declared by the company are fully guaranteed.
The compounded bonus is different from simple bonus as in a compounded bonus, the bonuses already attached to the policy also earn through bonuses declared every year. If this declaration of bonus were repeated every year, then at the current level i.e. at 2.3%, the policyholder would receive a return on investment of up to 5.7% on premiums paid in the long term, in addition to the valuable life protection benefits.
The compounded reversionary bonus would be applicable to all regular premium with-profits policies in-force as on 31.03.2004.The total compounded reversionary bonus rate for the main line of regular premium products like InvestGain and Cash Gain will be a total 2.3% p.a. of the Sum Assured of which 1.8% p.a. will be compounded reversionary bonus and 0.5% p.a. will be the "special bonus".
Announcing the bonus rates, Sam Ghosh, Country Manager, Allianz and CEO, Allianz Bajaj Life Insurance said "The total bonus of 2.3% on the mainline products this year compares favorably with the 2.5% declared last year in the current market conditions. This is significantly better if one takes into account that the drop in 10-year gilt rates from 6% to 5% during the course of the year and also the benchmark interest rates dropped significantly during 2003-04. This has put a downward pressure on the bonuses. We are using the process of smoothing our bonus rates for participating policies to provide better bonuses to policyholders."
The bonus rate for all other types of regular premium policies like Save Care, Cash Care, Lifetime Care and Child Care would be a total of 1.2% of the Sum Assured (inclusive of the special bonus).
Allianz Bajaj Life Insurance Company has developed insurance solutions that cater to every segment and age-income profiles. Its products include InvestGain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain (Children's plan), Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with return of premium), Swarna Vishranti (Retirement Plan), Protector (Mortgage term insurance plan), UnitGain (Unit Linked Whole of Life Plan) and UnitGain Single Premium.
Allianz Bajaj is poised for an accelerated growth in the market and has already become the fastest growing private life insurance company in India. Allianz Bajaj has a wide pan India presence of office network in 56 cities of the country and is aided with a strong and trained Agency network of over 27,000 agents. Allianz Bajaj has also forged strong Bancassurance and Corporate Agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration.
Allianz Bajaj has launched a slew of need-based products to cater to each varied needs of the customer. Currently Allianz Bajaj has a product portfolio of 18 products and more need-based products are in the pipeline.
For further information, please contact:
Santosh Balan on Tel: +91- 20 - 4026603
or Cell - 9823167599 or fax - 402 6667 |
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