Reliance Nippon Life Gives Rs 344 Crore Bonus For FY23

Reliance Nippon Life Insurance Company Limited has announced a total bonus of Rs 344 crores for its participating policyholders in FY23. The life insurance company registered a strong financial performance in FY23 delivering a growth of 65% to Rs 108 crores as profits after tax over the previous year.

As per the company announcement, all participating policies with reversionary bonuses in force as of March 31, 2023, have been credited with bonus declared, PTI reported. For policies with reversionary bonuses, this will increase the guaranteed benefits on Death and Maturity.

The bonus announced is paid out of the profits generated by the company's participating policyholders' funds for the year FY23. This bonus issuance will give an advantage to 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, Ashish Vohra, ED & CEO of 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.

He further added, "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 fulfill 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 Rs 30,609 crores and a total sum assured of Rs 85,950 crore. as on March 31, 2023.