Friday, Aug 12, 2022
Outlook Money

ICICI Prudential Life Insurance Declares Annual Bonus Of Rs 968 Crore For FY22

12% Higher Than FY21 and highest since inception. Almost a million participating holders to benefit.

ICICI Prudential Life

ICICI Prudential Life Insurance has declared an annual bonus of Rs 968.8 crore for FY2022 to all eligible participating policyholders. According to the company, almost a million participating policyholders will benefit from this.  

The insurance company announced in a press release that this is the 16th consecutive year of bonus payment and also the highest-ever by them till date, since inception. It is 12 per cent higher than the FY2021 bonus, the company said in the press release.

The insurer said that all participating policies in force as of March 31, 2022 will be eligible to receive this annual bonus, which will be added to the policyholders’ benefits. This would help the policyholders add to their long-term wealth creation.

N S Kannan, managing director & CEO, ICICI Prudential Life Insurance, said: “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 per cent higher as compared to FY2021.” 

He said strong fund management and robust risk management practices have enabled them to consistently reward participating policyholders with a higher bonus than that depicted in the benefit illustration at the time of purchase. This was evident during the COVID-19 pandemic too, which saw widespread business disruptions and volatility. However, their long-term fund management philosophy and stringent investment and risk management policies ensured zero non-performing assets market cycles, thus delivering better returns to policyholders. The annual bonus declaration is a testament of the company’s ability to successfully deliver on the promises made to the participating policyholders across different market cycles, he said. 

“Customers entrust us with their life’s savings to achieve their long-term financial goals, and we believe this bonus will enable our participating policyholders to move a step closer to their financial goals. This showcases the efficacy of participating products in enabling customers to achieve their financial goals,” he added. 

“It will offer them the comfort of capital guarantee and growth in the form of declared bonuses, while also providing financial security to the family of the insured by way of a life cover,” he further said.