PremiumICICI Prudential Life Insurance on Monday declared its highest-ever annual bonus of ₹867 crore for the policyholders for FY21.
"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 per cent higher than the bonus announced in the last fiscal" it said in a release.
All participating policies in force, as of March 31, 2021 are eligible to receive this bonus and it will be added to the policyholders’ benefits, the insurer said.
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.
A total of 9.8 lakh participating policyholders will benefit from this, taking them closer to their long-term financial goals.
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 per cent of the fixed income portfolio is invested in sovereign or AAA-rated paper.
"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, MD and CEO, ICICI Prudential Life Insurance, said.
Shares of ICICI Prudential Life Insurance were trading up 0.65% at ₹581.95 on BSE during late trade period.
With inputs from PTI
