Kotak insurance policyholder? You could get a share of ₹1,178cr
What's the story
Kotak Mahindra Life Insurance Company has announced a bonus of ₹1,178 crore for the financial year 2024-25. The announcement will benefit more than 700,000 policyholders with participating insurance policies. The latest bonus marks a significant 17% increase over the previous year's figure. This is the company's 24th consecutive year of announcing bonuses on its participating products.
Policy details
Understanding participating policies and bonuses
Participating policies are traditional life insurance plans that enable policyholders to share the insurer's profits. Bonuses are usually paid from surplus generated by the insurer's participating fund and are paid out at maturity or exit, as per policy terms. Kotak Life Insurance is a wholly-owned subsidiary of Kotak Mahindra Bank. As of March 31, 2025, it has covered over five crore active lives and manages 323 branches across 152 cities.
Competitors
Bajaj Allianz Life Insurance also announces bonus
Earlier this month, Bajaj Allianz Life Insurance also announced an annual bonus of ₹1,833 crore for FY25. This is a 32% increase from last year's ₹1,383 crore. The payout will benefit over 1.17 million policyholders with traditional participating policies in-force as of March 31, 2025. Bajaj Allianz Life has also declared a special reversionary bonus of ₹206 crore for select equity-linked participating plans.