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Insurance
23-Jun-23
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Shriram Life Insurance announces Rs 149 crore bonus
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Sriram Life Insurance on Friday announced a bonus of Rs 149 crore for FY23. It is the highest-ever bonus announced by Sriram Life Insurance, according to a statement from the company.
This is an increase by 25% on the previous year's bonus declared. The bonus, issued on participating plans, will benefit around 3.3 lakh individuals and their families.
“The bonus comes on the back of record profits and robust growth in its individual non-single premiums,” the statement said. In FY2023, the company sold 2,90,156 policies.
Casparus J H Kromhout, MD and CEO, Shriram Life Insurance, said, "Considering the uniqueness of the rural customer segment that we predominantly operate in, this bonus declaration would have a positive impact on rural families.”
Shriram Life provided life cover to over 53 lakh new lives last year, which sources 45% of its retail business from the rural sector.
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