A total of 9.8 lakh participating policyholders will benefit from bonus of Rs 867 crore
ICICI Prudential Life Insurance on Monday announced its highest-ever annual bonus of Rs 867 crore for the policyholders for 2020-21. This is the company's 15th consecutive year of declaring a bonus.
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.
"ICICI Prudential Life Insurance has announced an annual bonus of Rs 867 crore for all eligible participating policyholders for 2020-21. 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 will be added to the policyholders' benefits, said the insurer.
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.
“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.