ICICI Prudential Life Insurance has announced an annual bonus of ` 867 crore for all eligible participating policyholders for FY2021. The bonus declared is the highest ever by the Company till date and is also 10% 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. A total of 9.8 lakh participating policyholders will benefit from this, taking them closer to their long-term financial goals. 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 the Company has declared a bonus, underscoring its customer-centricity and long-term investment approach to deliver superior risk-adjusted returns to policyholders. The stringent investment philosophy of the Company has ensured zero defaults in its portfolio since inception and across market cycles. As of March 31, 2021, 96.8% of the fixed income portfolio is invested in sovereign or AAA rated paper.
Mr. N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance, said, “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. 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.”
The Company’s entire range of traditional 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. Lakshya, the Company’s innovative participating product, caters to the diverse needs of customers ranging from long-term wealth creation to specific income requirements at different life stages.
About ICICI Prudential Life Insurance Company
ICICI Prudential Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The Company began operations in fiscal 2001 and has consistently been amongst the top private sector life insurance companies in India on a Retail Weighted Received Premium (RWRP) basis. The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless onboarding experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments for purchasing and making renewal premium payments, and facilitates a hassle-free claims settlement process. On March 31, 2021, the Company had an AUM of ₹ 2,142.18 billion and a Total Sum Assured of ₹ 20.30 trillion. ICICI Prudential Life is listed on both the National Stock Exchange (NSE) Limited and the BSE Limited.