An exclusive retirement plan designed specifically to enable teachers to save for their retirement has been launched by Ceylinco Life in recognition of the societal importance of this segment.
Branded ‘Guru Abhiman’ as a tribute to the demographic, the plan provides a means for teachers to receive monthly payments or a lump sum within 10 years of commencement or at the time of their retirement.
Starting at just Rs 1,500 a month, the Guru Abhiman Retirement Plan offers teachers the option of saving monthly, quarterly, half-yearly or annually for an agreed period.
It offers tax-free returns unlike other savings plans in the market, and provides adequate savings to experience a comfortable and independent retirement in the midst of rising living costs. The plan also offers higher returns at maturity by calculating interest on the accumulated account balance on a monthly basis.
Commenting on the launch of this unique retirement plan, Ceylinco Life Director/ Deputy CEO Mr Thushara Ranasinghe said: “The launch of Guru Abhiman aligns with our view that teaching is a valued profession and that it is important to uplift the lives of retired teachers financially, as a tribute to their dedicated service. We are aware of the problem of teachers having limited welfare facilities and social security despite the pivotal role they play shaping future generations. We hope this retirement plan will provide a safety net in their retirement.”
According to the Census and Statistics survey of 2016, there are more than 230,000 teachers working in public or private sector schools and educational institutes in Sri Lanka. Most struggle with balancing their finances after they retire owing to the fact that the pensions some of them receive are not adequate to cater to their needs unless they have additional financial support from family.
The Guru Abhiman plan takes into consideration that with life expectancy in Sri Lanka expected to rise to 78 years, retirement plans of this nature are needed to cater to periods of retirement of 18 years or more.
Ceylinco Life has created a range of Retirement Plans that offer a higher accumulation rate than the interest rates on most Fixed Deposit and savings accounts.
Sri Lanka’s life insurance market leader since 2004, Ceylinco life has close to a million lives covered by active policies. The company is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service, professional development and corporate social responsibility.