New Delhi. There is good news for the policyholders of private life insurance company ICICI Prudential Life Insurance. The company has announced a bonus to its policyholders. This time the company has announced to give 12 percent more bonus than last year. The company will spend a total of Rs 968.8 crore on the bonus.
It is worth noting that the company has been giving bonus to the policyholders for 16 consecutive years. While announcing the bonus, the company said that all policies running till March 31, 2022 are entitled to get this annual bonus. About 10 lakh policyholders will benefit from this decision of the company. ICICI Prudential Life Insurance is a company promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
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Bonus over last year
Announcing the bonus, NS Kannan, Managing Director and CEO of ICICI Prudential Life Insurance said that the company will give Rs 968.8 crore as annual bonus in FY 2022. This is the highest bonus after the establishment of the company. Kannan said that this is 12 percent more than the bonus given in FY 2021. Kannan said that the company has strengthened its position due to strong fund management capabilities and risk management practices. This is the reason why the company has been able to offer a higher bonus to the policy holders than the bonus specified at the time of purchase of the policy.
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They are entitled to bonus
According to the company, the company will give bonus to about 10 lakh policyholders. This bonus will be given to those policies which were in force till 31 March 2022. Kannan said that the continuous offering of bonuses to policyholders shows the ability of our policies to help our customers succeed in achieving their financial goals. He said that the announcement of annual bonus also shows that the company has successfully faced challenges affecting the business like Kovid-19.
It is worth noting that in the fourth quarter of the financial year 2022, the net profit of the company increased on a quarterly basis to 185 crores. This has increased due to increase in new business. However, the net profit of the company for the entire financial year has decreased as compared to the previous financial year.
Tags: insurance, Life Insurance, Personal finance
FIRST PUBLISHED : June 21, 2022, 16:26 IST