ICICI Prudential Life Insurance on Monday announced an annual bonus of Rs 867 crore, highest ever for its eligible policyholders for the financial year 2020-21. The bonus amount increase 10% year-on-year, the insurance company said in a statement. A total of 9.8 lakh participating policyholders will benefit from this, the insurer added.
Bonus is the share of profits generated by the company’s participating policyholder’s funds, which are added to their guaranteed maturity benefits, thus enhancing the corpus. All participating policies in force as of March 31, 2021, are eligible to receive this bonus and will be added to the policyholders’ benefits, said the insurer.
“We are delighted to announce that the annual bonus for FY2021 is the highest ever in the history of the company. What gives us special satisfaction is the fact that it coincides with the 20th anniversary of our operations. It demonstrates our customer focus, resilience and ability to navigate through the unprecedented challenges posed by the pandemic,” N S Kannan, managing director and chief executive, ICICI Prudential Life Insurance, said.
“What drives us in this challenging environment is the commitment to our vision of building an enduring institution that serves the protection and long-term saving needs of our customers with sensitivity,” he further added.
“This is the 15th consecutive year the Company has declared a bonus, underscoring its customer-centricity and long-term investment approach to deliver superior risk-adjusted returns to policyholders,” ICICI Prudential added.
“The stringent investment philosophy of the Company has ensured zero defaults in its portfolio since inception and across market cycles,” the insurer said. As of March 31, 2021, 96.8% of the fixed income portfolio is invested in sovereign or AAA rated paper.
ICICI Prudential’s entire range of long-term products provides customers with “safety of capital and steady returns and the life cover provides the much required financial security to the family,” the company said. Lakshya, an innovative participating product, caters to the diverse needs of customers ranging from long-term wealth creation to specific income requirements at different life stages, it added.
ICICI Prudential Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Started in 2001, the insurer has consistently been amongst the top private sector life insurance companies in India on a retail weighted received premium (RWRP) basis. On March 31, 2021, the Company had an AUM of Rs 214,218 crore and a total sum assured of Rs 20.30 lakh crore.
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