TATA AIA Life Insurance to give bonus of Rs861 crore to qualified participating policy holders

30 Aug 2022 , 03:01 PM

One of the fastest-growing private life insurers, Tata AIA Life Insurance Co. Ltd. (Tata AIA), has announced a bonus of INR 861 crores for FY2022 to all qualified participating policyholders. This is the fifth year in a row that bonuses have been given out, which are 20% higher than in FY2021.

This annual bonus will be added to the benefits of all participating policies still in effect as of March 31st, 2022. The effectiveness of participating products in assisting customers in reaching their financial objectives is demonstrated by the Company’s consistent awarding of higher bonuses to participating policyholders. This has been made possible by the Company’s strong fund management capabilities combined with effective risk management procedures.

Samit Upadhyay, Chief Financial Officer, Tata AIA Life, stated in a statement about the event that “at Tata AIA, the long-term financial welfare of our clients is at the center of all we do, and it is our goal to guarantee that they are financially secure.”We have been able to provide our customers a sizeable incentive because of our long-term fund management philosophy and responsible investing and risk management practices. We are certain that this will significantly help them with their needs for security and long-term savings. We are still dedicated to providing our customers with great value through our highly regarded and user-friendly insurance products.

As of March 31st, 2022, 99.83% of Tata AIA’s rated AUM has received a 4- or 5-star rating from Morningstar Ratings. Individual Weighted New Business Premium (IWNBP) revenue for all Funds combined increased by 30% to Rs4,455 Cr. for the fiscal year 2021—22 from Rs3,416 Cr. for the same period.