Life pension from LIC Lanka

Hathoon Sheriffdeen

PENSION PLAN: LIC Lanka unveiled a new life pension plan and a new corporate identity in the life insurance market of Sri Lanka yesterday.

The life pension plan is named Niranthara. The ‘Niranthara’ pension for life policy assures policy holders of financial stability and freedom to pursue a life-style of their choice during their retirement.

The plan aims at providing funds, on a regular monthly or quarterly basis that helps policyholders enjoy a post-retirement lifestyle that gives them the best things in life,” General Manager LIC Lanka S. S. Mathiaparanan said.

LIC Lanka is aiming to tap the 25 percent of the population of Sri Lanka on its pension life plan in five years’ time, Ravishankar Prasad, Chief Executive Officer LIC Lanka said. “Insurance sold is 1.5 percent of the total Gross Domestic Product of Sri Lanka and has tapped 7 per cent of the total population of the country,” Chairman, Insurance Board of Sri Lanka, Eraj Wijesinghe said.

“This data gives a picture of a massive increase in the country’s domestic production in five years’ time. Since the LIC India is a giant insurance policy provider in India LIC Lanka’s stability and trustworthiness is ensured,” CEO, Bartleet Trans Capital Indrajith Fernando said.