Sunday, June 16, 2024

Reliance Nippon Life’s Participating Policyholders Receive ₹344 Crore Bonus For FY23

Mr. Ashish Vohra, ED & CEO, Reliance Nippon Life Insurance

Mumbai (Maharashtra) [India], June 14: Reliance Nippon Life Insurance Company Limited announced a total bonus of ₹344 Cr. for its participating policyholders in FY23. The Company registered a strong financial performance in FY23 delivering ₹108 Cr. as profits after tax (65% growth over FY22). 

As per this announcement, all participating policies with reversionary bonus in-force as of March 31, 2023, have been credited with bonus declared. For policies with reversionary bonuses, this will increase the guaranteed benefits on Death and Maturity. This bonus is paid out of the profits generated by the company’s participating policyholders’ funds for the year FY23. This bonus issuance will advantage over 5,69,000 participating policyholders of Reliance Nippon Life. The company has been regularly declaring bonuses over the last 22 years as these bonuses serve as an incentive for customers to regularly pay their premiums and stay invested for the entire policy term.

Commenting on this bonus announcement, Mr. Ashish Vohra, ED & CEO, Reliance Nippon Life Insurance said, “We are purposed to deliver prosperity and peace of mind to all our customers. We are delighted to announce this bonus which will benefit over 5.6 Lakh customers. The bonus rate declared for various participating policies is a testimony of our consistent endeavours to deliver superior value to customers. In the last few years, we have launched very competitive Participating plans such as the Milestone Plan and the Smart Zindagi Plus plan, and we hope to continue delivering value on these products.”

Bonuses announced under participating policies help in wealth creation, allowing customers to fulfil their long-term life goals. In addition, the guaranteed benefit offered on policy maturity or in the unfortunate event of the demise of the policyholder, provides financial security for both the policyholder and their loved ones, ensuring a stable future.

Reliance Nippon Life Insurance is India’s leading and one of the most trusted private life insurance companies, with total Assets Under Management (AUM) of ₹30,609 Cr. and a Total Sum Assured of ₹85,950 Cr. as on March 31, 2023. 

About Reliance Nippon Life Insurance

Reliance Nippon Life Insurance Company Limited is amongst the leading private sector life insurance companies in India in terms of individual WRP (weighted received premium) and new business WRP. The company is one of the largest non-banks-supported private life insurers with over 10 million policyholders*, a strong distribution network of 713 offices and 54,013 advisors as on March 31, 2023. The company holds a Claim Settlement Ratio of 98.6% as on March 31, 2023. In 2022, Brand Finance recognized the company as India’s 5th Most Valuable Insurance Brand.

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