Canara HSBC Life Insurance Declares INR 232 Crore Bonus for FY23-24

Mumbai, June 17: Canara HSBC Life Insurance today announced the customer bonus of INR 232 crores for more than 2.18 lac policyholders for the financial year 2023-2024.

In participating policies or with profit plans, life insurance companies share the profits in the form of bonuses with policyholders, reflecting a shared partnership between the insurer and policyholders. Bonuses declared in each financial year are accumulated and distributed upon policy maturity, death or surrender. Additionally, cash bonuses are paid out on specific policy events in accordance with policy conditions. All participating policies in force as on March 31, 2024, are eligible to receive the bonus amount.­

Anuj Mathur, MD & CEO, Canara HSBC Life Insurance on the announcement said, "At Canara HSBC Life Insurance, customer loyalty stands paramount. We believe in building trust by keeping the promises we make to our customers and their families. The bonus declared reflects our commitment to that philosophy of keeping our promises intact now and beyond. Our continuous growth and strong financial management ensure we deliver on these promises, year after year."

Total bonus declared/distributed in FY2024 has grown by 6.8% as compared to FY2023. Bonus declaration underscores Canara HSBC Life Insurance’s dedication to providing reliable financial solutions and enhancing customer satisfaction.