Launches hassle-free, self-structured retirement schemes starting at Rs 1,000 a month
Saving for retirement with the click of a few buttons has become a possibility with the launch of an on-line retirement plan by Ceylinco Life, Sri Lankaâ€™s leading life insurer.
Virtually anybody under retirement age can now set aside upwards of Rs 1,000 a month for retirement by applying and paying for a Ceylinco Life Retirement Plan on-line, by simply visiting www.ceylincolife.com
The fast, secure and user-friendly facility allows the visitor to choose his or her retirement age, how much is to be set aside monthly, calculate the fund balance on the basis of the investment and payment frequency, purchase the retirement plan and pay instalments on-line, any time of the day or night and from anywhere.
Payments can be made monthly, quarterly, half yearly, annually or as a lump sum. Besides calculating the fund balance according to three possible rates of interest on the basis of the instalments pledged, the customer is also offered the option of specifying a desired fund balance at retirement and having the portal calculate what his or her instalments should be.
â€œRetirement planning is still alarmingly inadequate in Sri Lanka,â€ Ceylinco Lifeâ€™s Managing Director/CEO R. Renganathan said. â€œWhile shrinking disposable income is one of the principal causes of this, another is the hassle of meeting investment advisors, analysing available schemes and making uninterrupted payments. The on-line product is a solution for all of this, enabling customers to structure their own retirement plans and payments.â€
He said returns on retirement plans are tax exempt. Additionally all holders of Ceylinco Life Retirement Plans receive free life insurance cover and they as well as their family members are eligible to benefit from the Ceylinco Life Pranama Scholarships Programme as well as the Ceylinco Life Family Savari promotion, both of which take place annually.
In the event of the demise of the holder of the retirement plan, his or her nominee will receive 100 per cent of the premiums paid if the event occurs within 12 months of beginning the plan. If the event occurs more than 12 months after the plan was begun, the nominee receives 125 per cent of the premiumspaid or the accumulated fund balance, whichever is higher.
Interest rates are disclosed in the month before they are effective, and interest earned is deposited at the end of each respective month in the Ceylinco Life Retirement Plan account.
Independently rated 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. Total income for the first eight months of 2013 was Rs 11.3 billion, and the companyâ€™s Life Fund stood at Rs 50 billion at the end of August this year. Ceylinco Life 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.