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by Shirajiv Sirimane

Varuna Investments Ltd last week launched its fifth product, 'Birth plus', an insurance scheme for children.

Chairman, Managing Director Varuna Investments, Sunil Piyawardene said that 'Birth plus' launched with the prime objective of raising funds to build a plant to assemble computers in Sri Lanka. "We are planning to manufacture most of the computer accessories in Sri Lanka and we have a potential investor from China for this project", he said.

Mr. Piyawardene said that the company is hoping to raise Rs. 3 million for the new Birth Plus insurance scheme. "This is the only insurance policy for children's education and welfare in Sri Lanka which will give a total return of 550% at maturity including the monthly dividend", he said.

The Chairman said that initially a parent could deposit a minimum of Rs. 25 000 and during the first five years the Company would pay them Rs. 250 each month. "In the next five years we would increase this monthly bonus to Rs. 375 and every five years the monthly bonus will be increased. When the child is between 16 and 18 years he would receive Rs. 1,250 a month. In other words we will pay an interest rate of 12% in the first five years, 18% in the next five and 30% in the next six years and 60% in the last two years, he said.

At maturity (18 years) the child would get a lump sum of Rs. 50 000. He said that if the initial deposit is more, the interest and monthly bonus too would increase. "In addition the child would automatically qualify for an insurance cover of Rs. 50,000 per annum to cover accidents and medical expenses".

Mr. Piyawardene said that his Company was set up two years ago and their core areas of business were property development, land sales, personal loans and hire purchasing. A subsidiary company of Sunil Piyawardene Holding (Pvt.) Ltd, they have launched four key products Land Club, Investment Club, Business Club and Money Club in the last two years.

The Chairman is a member of the Chartered Accountants of Sri Lanka and has a 15 years experience in the professional field of accounting, auditing taxation and business consultancy.

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