ICICI Prudential Life Insurance on Monday introduced an annual bonus of Rs 867 crore, highest ever for its eligible policyholders for the monetary yr 2020-21. The bonus quantity improve 10% year-on-year, the insurance coverage firm stated in a press release. A complete of 9.8 lakh collaborating policyholders will profit from this, the insurer added.
Bonus is the share of earnings generated by the corporate’s collaborating policyholder’s funds, that are added to their assured maturity advantages, thus enhancing the corpus. All collaborating insurance policies in pressure as of March 31, 2021, are eligible to obtain this bonus and will probably be added to the policyholders’ advantages, stated the insurer.
“We are delighted to announce that the annual bonus for FY2021 is the very best ever within the historical past of the corporate. What provides us particular satisfaction is the truth that it coincides with the twentieth anniversary of our operations. It demonstrates our buyer focus, resilience and skill to navigate by the unprecedented challenges posed by the pandemic,” N S Kannan, managing director and chief govt, ICICI Prudential Life Insurance, stated.
“What drives us on this difficult setting is the dedication to our imaginative and prescient of constructing an everlasting establishment that serves the safety and long-term saving wants of our prospects with sensitivity,” he additional added.
“This is the fifteenth consecutive yr the Company has declared a bonus, underscoring its customer-centricity and long-term funding method to ship superior risk-adjusted returns to policyholders,” ICICI Prudential added.
“The stringent funding philosophy of the Company has ensured zero defaults in its portfolio since inception and throughout market cycles,” the insurer stated. As of March 31, 2021, 96.8% of the fastened revenue portfolio is invested in sovereign or AAA rated paper.
ICICI Prudential’s complete vary of long-term merchandise offers prospects with “security of capital and regular returns and the life cowl offers the a lot required monetary safety to the household,” the corporate stated. Lakshya, an revolutionary collaborating product, caters to the various wants of shoppers starting from long-term wealth creation to particular revenue necessities at totally different life levels, it added.
ICICI Prudential Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Started in 2001, the insurer has constantly been amongst the highest non-public sector life insurance coverage corporations in India on a retail weighted obtained premium (RWRP) foundation. On March 31, 2021, the Company had an AUM of Rs 214,218 crore and a complete sum assured of Rs 20.30 lakh crore.
Read all of the Latest News, Breaking News and Coronavirus News right here