Page 16 - Insurance Times July 2021

Private Life Insurance News

ICICI Prudential Life partnershipslastfiscal, whichitbelieves will get a share of the surplus
will help distribution and spur growth. generated in the participating fund
Insurance optimistic about and their benefit amount will increase
In terms of bancassurance
growth in FY22 partnerships, it tied upwith IndusInd with declaration of bonuses every year,
HDFC Life said in a statement.
ICICI Prudential Life Insurance is quite Bank, AU Small Finance Bank, IDFC
optimistic about growth opportunities First Bank, RBL Bank and NSDL It exceeds the previous year's bonus by
this fiscal. Payments Bank. It also tied up with 44 per cent. A total of 15.49 lakh
"Our aspiration of doubling the valueof distributors including PhonePe and policyholders are eligible for this bonus,
newbusiness (VNB) growth by 2020-23 Wealth India Financial Services as well it said.
is guided by APE growth or overall as insurance broking entities -BSE EBIX Out of the total amount, Rs 1,438
topline premium growth. We need to and Magnum Insurance Broking. crore will be payable to policies in this
typically grow at 25 per cent to 28 per "These partnerships have enabled us to financial year as bonus on maturing
cent on VNB annually for next two increase our distribution footprint. policies or as cash bonuses, said the
years," said Amit Palta, Chief Specifically, our 23 bancassurance insurer.
Distribution Officer, ICICI Prudential partnerships have enabled us to The remaining bonus amount would be
Life Insurance, adding that margin expand ourreach to 16.2 crore bank payable in the future when policies exit
expansion now has limited scope for customers with a footprint of about on maturity, death or surrender.
growth. 12,000 branches," Palta said. HDFC Life MD and CEO Vibha Padalkar
According to IRDAI data, ICICI said the company remains committed
Prudential Life Insurance registered a HDFC Life announces Rs to its policyholders in delivering the
38.55 per cent growth in first year 2,180-cr bonus for best in terms of products and services.
premium in the first two months of the
fiscal upto May 31, 2021 though it insurance plan subscribers Max Life Insurance ranks
declined by 3.93 per cent for the HDFC Life announced a bonus of Rs
monthof May2021. 2,180 crore to its policyholders 18th amongst 'India's Best
subscribing to participating insurance Companies to Work For'
Palta said he expects growth to
continue based on the additional width plans. in 2021
in distribution the insurer has set up, a Under a participating plan, a The Company has been bestowed
positive environment and the policyholder is eligible to get a share
upon this honour for the tenth time in
momentum in insurance sales that was in the profits of company in the form
the most comprehensive employee
seen from the second half of 2020-21. of bonus.
survey of workplace culture conducted
The insurer added over 100 The eligible participating policyholders by the Great Place to Work Institute.

16 The Insurance Times, July 2021