Life insurance leader Ceylinco Life has launched an enhanced version of its popular ‘Saubhagya’ policy for women, taking into account the evolving needs of and the increased pressures faced by this important customer segment.
The unique Saubhagya (Prosperity) policy is an investment-oriented life insurance plan exclusively for females, offering comprehensive life cover, lump sum payments every four years, attractive maturity value and optional rider covers for critical illness, hospitalisation and major surgery.
Enhancements introduced include an increase in the number of critical illnesses covered from 15 to 36, an increase in the upper age limit from 45 to 58 years, an annual draw at which five gold sovereigns, five supermarket vouchers of Rs 5,000 each and 10 vouchers of Rs 3,000 each from a fashion retailer will be presented to policyholders and a ‘Saubhagya’ Loyalty Card that entitles policyholders to a 10 % discount from the Ceylinco Healthcare Center for cancer screening tests such as mammograms, breast scans and pap smear tests and a 10 % discount from a leading Salon.
“Ceylinco Life has always recognised women as a central and distinct customer segment that requires special attention,” the company’s Managing Director/CEO Mr R. Renganathan said. “A woman plays multiple challenging roles in her life, and we believe, needs customised extra protection.”
According to statistics, females numbered 2.9 million or 34.7% of Sri Lanka’s work force of 8.4 million in 2013, and 51.48% of the total population of the country in 2012, This increase in the female population, higher representation in the work force, improved life expectancy and the increasing incidence of cancer related deaths among women were among the factors that prompted the development of the Saubhagya policy, Mr Renganathan said.
The policy seeks among others, to address the need to provide protection for the family or dependants of working women, to promote financial independence of women, facilitate saving for their future and retirement, and provide assistance in the event of hospitalisation for critical illness or major surgery.
The insurance plan can be extended to the husband and children of the policyholder. For a nominal additional premium the policyholder is provided with the opportunity to add extra benefits which will further strengthen the value of the policy. These include the Ceylinco Life Family Protection benefit, Yugadivi benefit, Family Digasiri Plus benefit, Jeewa Yathra benefit, Hospital Cash Plus benefit, Major Surgery Plus benefit, Extra Cover benefit and Family Income benefit.
Independently rated one of Sri Lanka’s most valuable brands, Ceylinco Life has been the market leader in the country’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.