'Double Growth' policy that can triple in value

NEW LIFE INSURANCE POLICY: A new life insurance policy that can triple in value over time, while premium payments remain constant, has been introduced by life insurance leader Ceylinco Life to counter the negative impact of inflation on life insurance investments.

The Life Cover and the Maturity Benefit both grow by 10 or 5 per cent per year in this new product, aptly branded 'Ceylinco Double Growth, enuring that the value of the policy grows with each year, holding its own against inflation and other investment options in the market.

The new product, which stakes a claim to be the best increasing endowment policy in the local life insurance sector, is expected to inject new interest in life insurance as an investment in a market where penetration is hovering around 10 per cent, the company said this week.

For example, a Ceylinco Double Growth policy of Rs. 1 million bought at the age of 30 for a 20 year term will pay a maturity benefit of Rs. 3 million plus annual bonuses to policyholders who chose the 10 per cent annual growth option.

The same policy with a 5 per cent growth option will pay Rs. 2 million plus bonuses at maturity. The life cover in both these instances also increases annually by the percentage chosen by the policyholder.

Described by its tagline as 'Life insurance that grows with you' Ceylinco Double Growth is available to persons between the ages of 18 and 60, can be bought for any term between five and 25 years with the minimum sum assured being Rs. 50,000. There is no upper limit on the sum assured.