 "ICICI Pru announces Rs 867 cr annual bonus for participating policyholders")
Private sector life insurer ICICI Prudential Life Insurance has announced an annual bonus of Rs 867 crore, up 10 per cent from last financial year, for all eligible participating policyholders for FY21, the highest ever bonus declared by the insurer.
“All participating policies in force as of March 31, 2021, are eligible to receive this bonus and will be added to the policyholders’ benefits,” the company said in a release.
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.
Around 980,000 participating holders are likely to benefit from this bonus.
“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”, the company said in its statement.
The insurer has been declaring a bonus for 15 straight years, underlining the customer-centricity and long-term investment approach to deliver superior risk-adjusted returns to policyholders.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%