ICICI Prudential Life Insurance on Monday declared its highest-ever annual bonus of Rs 867 crore for the policyholders for FY2021. Notably, the bonus announced is the highest ever by the Company till date and is also 10 percent higher than the bonus announced in the last fiscal, the company said.

All participating policies in-force as of March 31, 2021 are entitled to receive this bonus and will be added to the policyholders' benefits. A total of 9.8 lakh participating policyholders are expected to benefit from this, taking them closer to their long-term financial goals, especially at the time of the pandemic,  read the order issued on Saturday.

Bonus is the share of profits generated by the Company's participating policyholder's funds which are added to their guaranteed maturity benefits, thus enhancing the corpus.

This is the 15th consecutive year the ICICI Prudential has declared a bonus, underscoring its customer-centricity and long-term investment approach to deliver superior risk-adjusted returns to policy holders.

The stringent investment philosophy of the company has ensured zero defaults in its portfolio since inception and across market cycles. As of March 31, 2021, 96.8 percent of the fixed income portfolio is invested in sovereign or AAA-rated paper, said the company.

Kotak Mahindra announces introduction of a Pandemic Benevolent Policy for its Employees

Emami product prices hike by 4 pc; Company starts project Khoj

Govt challenges Panna-Mukta Gas field (RIL) arbitration before UK High Court