With reference to the various queries received by the Company on taxation of income from non-linked life insurance policies issued on or after April 1, 2023 and having premium of above ? 500,000 per annum, as announced in the Finance Bill - 2023. As disclosed in its financial results for 9M-FY2023, the Annualised Premium Equivalent (APE) product mix was well diversified at 41.4% unit linked, 19.7% protection, 6.3% annuity, 4.0% group funds and 28.6% non-unit linked. ICICI Prudential Life Insurance Company has clarified that the share of business of non-unit linked policies with annual premium of above ? 500,000 is approximately 6% of the total APE for 9M-FY2023. This disclosure is meant to facilitate information symmetry for all of its stakeholders until further clarifications are received on Finance Bill -2023.
The above information is a part of company’s filings submitted to BSE.
