ICICI Pru Life declares highest ever annual bonus of Rs 969 cr for FY22

ICICI Prudential Life Insurance on Monday announced a record bonus of Rs 969 crore for policyholders in FY2022, 12 per cent higher than the preceding fiscal.

This is the company's 16th consecutive annual bonus, and the highest ever to date, ICICI Prudential Life said in a release.

All participating policies in force as of March 31, 2022, are eligible to receive this annual bonus, which will be added to the policyholders' benefits. Almost a million participating policyholders will benefit from this, taking them closer to achieving their long-term financial goals, the company said.

The insurer said the range of innovative participating products offered by it gives its customers both comfort of capital guarantee and growth in the form of declared bonuses. It also provides financial security to the family by way of a life cover.

The annual bonus of Rs 968.8 crore for FY2022 is the highest ever declared by the company since inception, N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance, said.

"Besides, it is 12 per cent higher as compared to FY2021. Customers entrust us with their life's savings to achieve their long-term financial goals and we believe this bonus will enable our participating policyholders to move a step closer to their financial goals," Kannan added.

Despite COVID-19-related business impediments, the annual bonus declaration is a testament to the company's ability to successfully weather challenges and deliver on the promises made to the policyholders, ICICI Prudential Life said.