An innovative life insurance product that offers life cover which is a minimum of eight times the sum assured and guarantees a refund of the total premiums paid plus the sum assured at maturity, has been launched by Ceylinco Life.
The first of its kind in the local market, this life insurance policy branded ‘Smart Protection’ increases the life cover by 2.5% annually with no additional premium payment, and also doubles as a smart investment plan for long term savings.
Positioned as a product that provides unmatched protection to the policyholders’ dependents, the policy’s offer of life cover of eight times the sum assured is in just the first policy year. This means that a policy with a sum assured of Rs 500,000 will pay Rs 4 million in the event of the demise of the policyholders in the first year of the policy, Rs 4.4 million if death occurs in the fifth year, or Rs 4.9 million in the 10th year, the Company said.
Alternatively, policyholders will receive the premiums paid over the years as well as the sum assured at maturity, guaranteeing a return on their investment. For example, if a 30 year old obtains a Ceylinco Life Smart Protection plan with a basic sum assured of Rs 500,000/- for 15 years, his or her monthly premium would be around Rs 7,970/- which would make the total premium paid towards the policy at the end of the term Rs 1,434,600/- (Rs 7970 x 15 years). At this point, the maturity payment in respect of the policy would be Rs 1,934,600/-
“An important feature of this policy is its simplicity,” Ceylinco Life Managing Director/CEO Mr Thushara Ranasinghe said. “The terms are easily understood and the protection it offers is substantial. The policyholder pays a fixed premium, but his or her life cover keeps growing with each year, so there is an additional incentive to keep the policy active.”
Ceylinco Life Smart Protection can be obtained by persons between the ages of 18 and 60 for a period of 10, 15, 20, 25 or 30 years, who can opt to pay their premiums in monthly, quarterly, half-yearly or annual modes. Customers who purchase this plan will be eligible to be chosen for Ceylinco Life’s ‘Family Savari’ – the largest consumer promotion campaign and loyalty reward offered by any life insurance company in the country, and the ‘Pranama’ Scholarships programme which rewards policyholders’ high-achieving children in education and extracurricular activities.
Adjudged Sri Lanka’s Best Life Insurer in 2018 for the fifth consecutive year by World Finance, Ceylinco Life has been the market leader in Sri Lanka’s life insurance industry for 15 of the 31 years it has been in operation. The Company has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development and corporate social responsibility.