New Delhi: 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 14thconsecutive 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 policyholders 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.
Mr. 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 FY 2020 will take them a step closer to.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.”