Mumbai:
PNB MetLife India and Kotak Life have declared bonus for their policyholdes.
PNB MetLife India Insurance has announced a bonus of Rs 532 crores for all eligible policyholders of participating products. PNB MetLife has been consistently declaring bonus on participating products every year.
Kotak Mahindra Life Insurance has announced a bonus of Rs. 591 crore to eligible participating policyholders for FY 2020-21. This is an increase of 41% over the bonus declared for FY 2019-20.
Mahesh Balasubramanian, Managing Director, Kotak Mahindra Life Insurance Company Ltd. said, "As a life insurance company, our promise to our customers is to be there for them always. We are pleased to announce an increase in the bonus declared and help support our customers during these incredibly tough times. Our customers, in turn, have demonstrated their loyalty – which can be seen in the high persistency ratios of the company.''.
For PNB MetLife, this year’s bonus amount exceeds the previous year’s bonus by 7 percent and 4.6 lakh customers, whose policies are in force/in effect as of March 31, 2021, will be benefitting for this bonus amount.
Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said, "We believe in our purpose to help customers build a more confident future. 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.”
Kotak Life has achieved 13th month persistency ratio (i.e. the first renewal premium) of 89.61% on a premium basis, which is a growth of 4.70% over FY2019-20. On number of policy basis, Kotak Life achieved a persistency ratio of 83.42%, a y-o-y growth of 2.68%.
“Our persistency ratio is reflective of our regular engagements with our customers across various stages of the policy lifecycle. During the pandemic, we have strengthened our customer engagement initiatives through enhanced digital,'' said Balasubramanian.