Janashakthi launches unique retirement plan

Janashakthi Insurance launched a retirement plan this week which offers a secure pension for the policyholder and spouse for rest of their lives. The company said that the Janashakthi LifeSaver retirement plan offers a sensible, flexible and tax effective way to save for retirement.

“As a responsible and a pioneering insurer, we have introduced a retirement plan that allows policyholders to secure a regular income for as long as they live, and even provide for the spouse if he or she survives, while acquiring a life insurance policy to provide an additional safety net for their dependants,” stated Shehara De Silva, General Manager – Sales and Marketing.  

There are many inbuilt special features in the Janashakthi LifeSaver retirement plan which ensures maximum benefits and flexibility in investing to the policyholders. The unique aspect of this policy is that any professional of any age looking for a comprehensive retirement plan can invest in this scheme.

There is no age limit to commence the plan, which means that it is possible to start investing in this scheme at any time depending on each individual’s requirement. Janashakthi LifeSaver allows the policyholders to invest any amount of money at any time subjected to a minimum of Rs. 1,000. Thus, by regularly putting aside an affordable amount from their earnings during the working years, Janashakthi LifeSaver policyholders will be able to enjoy a steady income stream for the rest of their lives.  

Further, the policy will never lapse upon completion of 12 months which safeguards policyholders’ investments and guarantees a secure future. Joint lifetime pension for the policyholder and his or her spouse is yet another unique benefit of this retirement plan. The Janashakthi LifeSaver retirement plan comes with a substantial life cover that includes protection from total permanent disability due to accident or sickness. Tax free maturity benefits of the Janashakthi LifeSaver retirement plan enables the policyholders to fully reap the benefits of their investments.

Janashakthi LifeSaver is simply a personal pension plan that offers a way of building up a private pension that is not affected by where the policyholders work or whom they work for. The retirement plan offers a chance to receive the benefits in several ways, depending on the policyholder’s preference. The money they invest builds up into a pot, which grows each year. The flexible nature of the investment permits policyholders to top up their investments whenever they receive an additional income which in turn will increase the value of the pension upon retirement.

When a policyholder retires, the pot is used to pay a tax-free lump sum, or pay a regular tax-free income – either for a fixed period of choice or for life. The policyholder can opt for an income for a fixed term of 10, 15 or 20 years, or for the entire lifetime. The monthly payment will increase every year, to help counter the effects of inflation on their income.

Janashakthi Insurance has an exceptional record of financial stability and claim settlement. It has the highest stated capital of Rs. 1.49 billion among quoted insurance companies in Sri Lanka, with Rs. 12.7 billion in assets and over Rs. 7 billion in annual gross written premiums. Janashakthi has paid over 20 billion in claims to its policyholders, and is backed by global A-rated re-insurers.