ICICI Prudential Life announces Rs 867 crore bonus for policyholders for FY21
All participating policies in-force as of March 31, 2021 are eligible to receive this bonus and will be added to the policyholders’ benefits. A total of 9.8 lakh participating policyholders will benefit from this,
June 07, 2021 / 04:56 PM IST
Private life insurer ICICI Prudential Life Insurance has announced an annual bonus of Rs 867 crore for all eligible participating policyholders for FY21.
The insurer said in a statement that this is the highest ever by the company till date and is also 10 percent higher than the bonus announced in the last fiscal.
All participating policies in-force as of March 31, 2021 are eligible to receive this bonus and will be added to the policyholders’ benefits. This means that a total of 9,80,000 participating policyholders will benefit from this.
N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance, said, "We are delighted to announce that the annual bonus for FY21 is the highest ever in the history of the Company. It demonstrates our customer focus, resilience and ability to navigate through the unprecedented challenges posed by the pandemic."
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.
This is the 15th consecutive year that the insurer has declared a bonus. As of March 31, 2021, 96.8 percent of the fixed income portfolio is invested in sovereign or AAA rated paper.