Private sector life insurer ICICI Prudential has announced a bonus payout of Rs.788 crore for policyholders of its participating products for the fiscal year 2020.
Participating products are those where a portion of the returns on investment for insured are linked to the performance of the company.
ICICI Pru said that the bonus in FY20 is 15% more than FY19. All participating policies inforce as of March 31, 2020 and are eligible to receive this bonus, which will be added to their guaranteed maturity or death benefit, the company 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,” said MD and CEO, N S Kannan. “Participating savings products offer smoothened returns while providing insulation from market variations.”