RNLIC Declares Rs 346 Cr Bonus, Unveils New Product RNL STAR
All eligible participating policies as of 31 March 2024, have benefited from this bonus declaration, the company says
Reliance Nippon Life Insurance Company has declared a total bonus of Rs 346 crore for its participating policyholders in FY24. The company demonstrated strong financial performance in FY24, achieving a 22 per cent increase in the number of new policies sold, a 10 per cent rise in individual new business premiums, a 16 per cent growth in assets under management (AUM), and an impressive 82.5 per cent 13th-month persistency rate.
The company declared a profit before tax of Rs. 198 crore, which represents 84 per cent growth over FY23.
According to the company's statement, all eligible participating policies as of 31 March 2024, have benefited from this bonus declaration. The company has been declaring bonuses consistently for the past 23 years, which incentivizes customers to regularly pay their premiums and remain invested throughout the policy term. The robust performance of the Participating Fund can be attributed to a well-strategized asset allocation in equities, which yielded significantly higher performance compared to the broader market. Additionally, robust performance is also visible in our flagship ULIP Equity Fund 3, which has delivered returns of 26.4%, outperforming the NIFTY 50 benchmark.
Commenting on the bonus announcement, Mr. Ashish Vohra, ED and CEO of Reliance Nippon Life Insurance, said, "We have focused on creating value for our customers through consistent performance, robust investment management, and a laser-sharp focus on operating efficiencies. Over the last few years, the company has been focusing on customer delight, distributor satisfaction, and employee engagement through digital transformation. The initiatives have helped augment last-mile reach, allowing us to penetrate deeper into our existing markets with a continued focus on quality, leading to healthy performance outcomes.”
With a focus on offering customer value, the company recently launched a new participating product, Reliance Nippon Life Smart Total Advantage Return (RNL STAR), which aims to solve a host of life-stage solutions such as a second stream of income, a child's education, retirement, or legacy creation.
