Friday, 7 March 2014 04:25
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Providing peace of mind to women everywhere, Janashakthi Insurance’s unique ‘LifeSaver’ retirement plan provides a secure pension for a policyholder and her spouse for their entire lifetime upon retirement.
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.
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 five, 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.
The flexibility of the LifeSaver plan is such that it is possible to sign up for a policy at any time, and at any age. Policy holders can also top up their investments whenever they receive an additional income which in turn will increase the value of the pension upon retirement.
“Every woman needs to feel able to face an unexpected crisis even in her retirement years. At Janashakthi Insurance, we wanted to fill this need. This pension plan is unique in its flexibility- allowing our customers to tailor their retirement plans according to their needs. It’s never too late to sign up for a life insurance policy with this LifeSaver plan- and any amount of money can be invested, subject to a minimum amount of Rs. 2,000,” Deputy Chairman and product architect, Chandra Schaffter said.
Often referred to as the ‘Father of Insurance’ in Sri Lanka, the iconic Asian Insurance lifetime award winner said he had put his heart and soul into ensuring that this product was catered for women as well, allowing them to put aside money for their own tailored pension plan.
By regularly putting aside an affordable amount from their earnings, Janashakthi LifeSaver policyholders can enjoy a steady income stream, allowing for a “safety net” in times of trouble.
The LifeSaver policy provides life cover, including protection from total permanent disability due to accidents or sickness.
Other benefits of the policy include that it will never lapse upon the completion of 12 months, safeguarding the policyholder’s investment. Protection for the policyholder’s spouse is also possible, and tax free maturity benefits ensures that the policyholders can truly reap the full benefits of their investment.
“As a responsible insurer, we aimed to provide our policyholders with the ability to provide security for themselves for as long as they live, and even provide for their spouses, giving them a sense of freedom and peace of mind. This is our attempt to look after our customers,” Managing Director Prakash Schaffter added.
“Our unique LifeSaver plan has been constructed following intensive market research, and is catered towards the customer, with our retirement plan advisors ensuring that each policyholder opt for a plan that suits their individual requirements. LifeSaver’s flexibility and customer focus makes it ideal for women looking to save for a rainy day-pension plan advisers are on hand to provide detailed calculations on how much to save in order to live comfortably even during retirement or in times of trouble, allowing them to spend more on things they enjoy,” said Shehara De Silva, General Manager – Sales & Marketing.
“LifeSaver is liquid. It saves, protects and never lapses. As such, it is ideal for women to make use of thanks to its flexibility,” she added.
