Ceylinco Life ignites interest in life insurance with new ‘Supreme’ policy

Tuesday, 28 July 2015 00:05 - - {{hitsCtrl.values.hits}}

Unique life policy cum investment pays lump sums every 4 years while retaining maturity value

An attractive new policy that will pay up to 50% of the basic sum assured in lump sums every four years without any diminution of the policyholder’s maturity entitlements has been launched by Ceylinco Life, sparking fresh interest in life insurance.

Branded ‘Ceylinco Life Supreme,’ the new policy offers comprehensive life cover, lump sum payments every four years, above average maturity value and optional rider covers for critical illness, hospitalisation or major surgery.

It differs from other life insurance plans as it guarantees to pay the sum assured or the accumulated fund balance, whichever is higher, at maturity or in the event of premature death, with no deductions in respect of the lump sum payments made.

“Life insurance just became a little more exciting as a result of this unique policy,” Ceylinco Life Managing Director and CEO R. Renganathan said. “With lump sum payments ranging from 10% to 20% of the sum assured being paid every four years, the policyholder earns a good return while enjoying the protection of the country’s life insurance leader.”

“Ceylinco Life Supreme is therefore a life insurance policy and an investment rolled into one product that offers protection and the opportunity to make aspirations a reality,” he said.

A Ceylinco Life Supreme policy of 12 years will pay 20% of the sum assured in the fourth and eighth years of the policy, and pay the full maturity value at the end of the 12th year. A 16 year policy will pay lump sums equivalent to 15% of the sum assured in the fourth, eighth and twelfth years, and still pay the maturity value, while a 20 year policy will make four payments of 12% each in the first 16 years of the policy.

On this basis, a 30 year old who obtains a 20-year policy with a basic cover of Rs. 500,000 will receive four payments of Rs. 60,000 each every four years – a total of Rs 240,000 in lump sum payments – in addition to the sum assured or the accumulated balance, which, assuming an annual dividend of 7% could be in the region of Rs 950,000.

Similarly, a 24 year policy will receive five payments, each 10% of the sum assured between the fourth and twentieth year, and receive the full maturity value at the end of the term, resulting in the policyholder recovering 50% of the sum assured in addition to the maturity benefit.

Additionally, policyholders have the option of increasing the value of their policies by adding any of the rider benefits available. These include the Ceylinco Life Family Protection benefit that enhances cover, the ‘Yugadivi’ benefit that extends cover to the spouse, Family Digasiri benefit that covers against 36 critical illnesses, Major Surgery benefit that provides cover for 526 major surgeries and many other similar benefits offered by the life insurance leader.

The market leader in Sri Lanka’s life insurance sector 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.