ICICI Prudential Life announces record Rs 968.8 crore bonus for policyholders

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Private life insurer ICICI Prudential Life Insurance on June 20 announced its highest-ever annual bonus of Rs 968.8 crore for FY2022 for eligible policyholders, the 16th consecutive year that the company paid a bonus.

The “annual bonus for FY2022 is 12 percent higher than that of the previous year.” ICICI Prudential said in a statement. "All participating policies in-force as of March 31, 2022 are eligible to receive this annual bonus, which will be added to the policyholders’ benefits."

The decision will benefit nearly one million policyholders.

"We are delighted to announce the annual bonus of Rs 968.8 crore for FY2022, the highest ever declared by the company since inception. Besides, it is 12 percent higher as compared to FY2021,"  NS Kannan, Managing Director & CEO, ICICI Prudential Life Insurance, said.

Strong fund management capabilities coupled with robust risk management practices enabled the company to reward participating policyholders with a higher bonus than what was shown in the benefit illustration at the time of purchase, the company said.

"This showcases the efficacy of participating products in enabling customers to achieve their financial goals,” the insurer said.

ICICI Prudential Life, promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited, said the annual bonus declaration was “a testament to the company’s ability to successfully weather challenges” such as the COVID-19 pandemic that disrupted businesses.