A session bundle allocation capability enables dynamic allocation of bundles of sessions being handled by a network element to modules of the network element (e.g., modules such as processing modules configured to perform one or more of traffic processing, traffic switching, and like functions). A bundle of sessions may be allocated by associating a plurality of sessions to form thereby a bundle of sessions, and assigning the bundle of sessions to a processing module group including one or more processing modules configured for processing traffic for the sessions of the bundle of sessions. A bundle of sessions may have a bundle identifier associated therewith and may be migrated from a first processing module group to a second processing module group by changing a mapping of the bundle identifier from being associated with the first processing module group to being associated with the second processing module group.