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More than 10,000 policyholders of Ceylinco Life will receive complimentary pension accounts with substantial start-up contributions from the company as a special reward for their loyalty.

The first ever cash bonus in the industry, the pension plans will be opened for policyholders who have kept their policies active for at least 10 years, the company said. The start up contribution from Ceylinco Life will be based on an investment calculated on the value of Rs. 25 per Rs. 1000 sum assured.

"This special loyalty bonus will be paid in addition to the normal bonuses that would accrue to these policyholders," Ceylinco Life Director Amali Seneviratne said adding that some policyholders would receive as much as Rs. 62,500 as a loyalty bonus in the form of pension plans.

Recipients of these loyalty bonuses may either maintain their pensions accounts by making periodic contributions to them or withdraw the credited amounts, she said.

This unique scheme was designed to celebrate Ceylinco Life's achievement of a decade of leadership in its sector and to popularise retirement planning which is becoming an imperative in Sri Lanka, Ceylinco Insurance's Director/General Manager (Life) R. Renganthan said.

He said the company had allocated Rs. 17.5 million for this special loyalty bonus as an investment for the future security of the company's policyholders. "It is estimated that the population of retired people in Sri Lanka will double by the year 2020 and the country is ill equipped to ensure the well-being of these people. Private sector run pension schemes are going to be critical in the years ahead," he said.

The despatch of Ceylinco Life's special loyalty bonuses to more than 10,000 eligible policyholders beings on May 15, the company said.

Ceylinco Life was the first private sector life insurer in Sri Lanka to cross the Rs. 2 billion threshold in life premium income, ending 2001 with premium income of Rs. 2.157 billion, a growth of 30 per cent. This record-breaking feat also enabled Ceylinco Insurance to reach Rs. 4 billion in its total insurance premium, which includes the General Division's premium income.

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