Sri Lanka Insurance launches Freedom Lifestyle Plan

Who will look after us in our old age? Will we become a burden to our children? How will we tackle the health-related issues that crop up as we age? Will our retirement be a pleasant experience or will we continue to face the same problems that we currently face or worse still, will we have new and unexpected problems? Would we able to maintain the same lifestyle that we enjoy at present?

These are worries that we all face as we pass our youth and reach middle age. A retirement which is free from unnecessary worries and burdens is something most people dream about. However, this has been a luxury that only a few can afford due to financial and other difficulties. As they enter retirement and their financial resources start to dwindle, various difficulties may start to hamper their normal lifestyle. 

These impediments will be a thing of the past with the ‘Freedom Lifestyle Plan’ introduced by Sri Lanka Insurance. The scheme will ensure a monthly income for policyholders, enabling them to enjoy the same lifestyle they had always enjoyed. Peace of mind will be the biggest bonus which comes with it. 

A unique feature of the plan is that the policyholder is free to decide to pay the premium as a single, one-time payment or as monthly, quarterly or bi-annual or annual instalments. The single premium enables the policyholder to enjoy life without having to worry about making their monthly payments on time. However, those who cannot afford to pay the premium in one instalment would find the other modes of payment more convenient. Flexibility is one of the biggest advantages of this policy.

The Freedom Lifestyle Plan is open for anyone between the ages of 18 and 65 and gives one the option of receiving the monthly income from an age as early as 45 until one is 75. There is a fixed five per cent increase on the monthly income on compound interest basis every year.

Healthcare benefits can also be added to this scheme as an additional rider cover.Rider covers which can be added to this policy include Family Protection Benefit, Extended Permanent Disability Benefit due to accidents or sicknesses, Critical Illness Cover for 25 illnesses, Arogya Hospitalisation Benefit and other SLI plans such as the Hospital Cash Plan, Surgical Plan, Comprehensive Plan and Overseas Comprehensive Plan. 

Sri Lanka Insurance Freedom Lifestyle Plan will be especially beneficial for those who are employed in the private sector, business people and/or those who won’t be entitled to a monthly pension upon retirement. For those with pensions, this Plan will bring an additional income at retirement.The scheme will give them the independence they seek and the ability to maintain their lifestyle without becoming a burden to anyone in their retirement.