PNB MetLife India Insurance Company Limited (PNB MetLife) on Thursday announced a whopping bonus of Rs 532 crores for all eligible policyholders of participating products. At least 4.6 lakh customers will be eligible for bonus, the insurance said in a statement. PNB MetLife increased the bonus amount by 7 per cent compared to the previous year.
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. “PNB MetLife’s strong fund management capabilities coupled with robust risk management practices have enabled the company to reward policyholders with higher bonus payouts," the insurer said. All participating policies in force as of March 31, 2021, are eligible to receive this bonus and will be added to the policyholders’ benefits. The insurer believes that this will help their customers ever more amid coronavirus second wave.
Commenting on the bonus, Ashish Kumar Srivastava, managing director and chief executive officer, PNB MetLife, said, “Even in these unpredictable times, our focus remains firmly on the well-being of our customers. We are proud of our prudent management practices, despite these trying times we have delivered steady growth on our participating products over the years. The declaration of this Rs. 532 crore bonus reinforces our commitment to help our customers reach their financial aspirations through every stage of Life.”
PNB MetLife follows the ‘Circle of Life’ approach, which offers solutions for different life stages — Child Education, Family Protection, Long Term Savings and Retirement benefits, the company said in a statement.
“Participating life insurance plans offer customers an opportunity for wealth accumulation through dividend distribution, as well as guaranteed life protection," it added.
Introduced in 2021, PNB MetLife Century Plan, a participating life insurance plan provides customers a guaranteed income till 100 years along with a lifelong cover. It ensures a second income for your retirement years and build a legacy for future generations.
“Significant peer fund and benchmark index outperformance across key categories in a competitive market, makes PNB MetLife a preferred choice for our policy holders, in their journey for long term wealth creation," the company further added.
“PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders," the insurer said.
Earlier in June, ICICI Prudential Life Insurance announced an annual bonus of Rs 867 crore, highest ever for its eligible policyholders for the financial year 2020-21. A total of 9.8 lakh participating policyholders will benefit from this, the insurer added.