ICICI Prudential Life Insurance has announced a bonus totaling ` 788 crore for its bouquet of participating products. A bonus is the share of profits generated by the Company’s participating policyholder's funds. All participating policies in force as of March 31, 2020 are eligible to receive this bonus, which will be added to their guaranteed maturity or death benefit.
This is the 14th consecutive year the Company has declared a bonus and delivered long term value to policyholders. The bonus declared for FY2020 is 15% higher than the last fiscal enabling ~9 lakh policyholder to get one step closer to achieving their financial goals.
Participating products offer safety of capital while helping build a savings pool to achieve one’s financial goals. During the last fiscal, the Company had launched one such product, Lakshya, which preserves capital while facilitating creation of a savings pool. This feature rich product further incentivises policyholders who embark early on their savings journey, remain invested over the long term and commit a larger amount towards savings. Besides, it provides additional incentives to women encouraging them to save for their long term financial goals.
N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance said, “Policyholders depend on us to ensure the fruition of their long term financial goals and the bonus of ` 788 crore declared for FY2020 will take them a step closer to it. The mantra to build a long term savings pool is staying committed to the regular contributions for the tenure of the product. Participating savings products offer smoothened returns while providing insulation from market variations. Lakshya, which we launched last year, is well-suited for customers with a low risk appetite”.
About ICICI Prudential Life Insurance
ICICI Prudential Life is promoted by ICICI Bank Ltd. and Prudential Corporation Holdings Ltd., headquartered in United Kingdom. The Company began operations in fiscal 2001 and has consistently been amongst the top private sector life insurance companies in India on a Retail Weighted Received Premium (RWRP) basis. The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.
The digital platform of the Company provides a paperless on-boarding experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments for purchasing and making renewal premium payments, facilitates a hassle free claims settlement process etc. For FY2020, the Company had a claims settlement ratio of 97.8%, took approximately 1.59 days to settle genuine claims and 99% of claims were settled electronically.
ICICI Prudential Life is the first private life insurance company to cross the Rs 1 trillion mark for Assets under Management (AUM). On March 31, 2020, the Company had an AUM of Rs 1,529.68 billion and a Total Sum Assured of approx. Rs 14.80 trillion. ICICI Prudential Life is listed on both National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).