A simple, easy to understand life insurance product has been introduced by life insurance market leader Ceylinco Life to mark the companyâ€™s 25th anniversary, which was celebrated on 14th January 2013.
Designed to address a segment that can be protected with an uncomplicated packaged policy with pre-set benefits, â€˜Ceylinco Life Five Benefitsâ€™ is also intended push penetration of life insurance beyond the prevailing 11.5 per cent of the population, the company said.
The new policy will pay seven times the basic sum assured (BSA) in the event of accidental death, five times the BSA for death, double the BSA for critical illness, and double the BSA for permanent and partial disability. At maturity, the policyholder will receive the basic sum assured and bonuses.
Options to cover the policyholderâ€™s spouse, who will receive the same benefits except the maturity benefit; and to obtain critical illness cover for the policyholderâ€™s children, are also included in the new policy.
â€œThis is a product that can easily be explained to a prospective customer. The benefits are all pre-determined and completely transparent,â€ said Thushara Ranasinghe, Ceylinco Lifeâ€™s Director/Deputy CEO .
He said the product was developed as a response to two challenges facing the life insurance industry. These are low penetration (11.5 per cent of the population and 29.2 per cent of the labour force) due to inadequate awareness in customer segments, which have difficulty in understanding policy conditions and computation of benefits.
Independently rated as one of Sri Lankaâ€™s most valuable brands, Ceylinco Life has maintained its leadership of the countryâ€™s long term insurance sector from 2004 onwards. The company operates the largest branch network among local life insurance companies, and has won multiple international and local awards for its commitment to the community and success in brand equity building.
In December 2012, Ceylinco Life became the first life insurer in Sri Lanka to achieve Rs 10 billion in premium income in less than a year.
Ceylinco Lifeâ€™s Director/Deputy CEO Thushara Ranasinghe at the launch of the â€˜Ceylinco Life Five Benefitsâ€™ policy.