Ceylinco Life takes onto Retirement Planning

Retirement Planning, a relatively under-developed sphere in Sri Lanka, has become the latest area of focus for Ceylinco life.

Following the success of its 'Life Insurance Week' programme in February this year, the company has now announced an initiative to declare a 'Retirement Planning Month' (RPM) to promote retirement planning in the country.

Scheduled to be observed from May 1-31, the 'Retirement Planning Month' will be preceded by mass media campaigns focusing on the need for retirement planning, targeting existing policyholders as well as all working people in general, the company said.

Explaining the reasons for the company's decision to launch this initiative, Ceylinco Life's Chief Executive Director R. Renganathan said: "The penetration of retirement planning in Sri Lanka is even lower than that of life insurance, even though the population is ageing. We believe greater public awareness about the need for retirement planning is urgently needed."

During the Retirement Planning Month, nearly 4,000 Ceylinco Life personnel will be deployed islandwide to discuss retirement planning with people of all walks of life. "The company has developed a new module to conduct need analyses for retirement planning and has set itself the target of completing 400,000 need analyses during the month," Renganathan said.

The company will also distribute leaflets that will help people understand retirement planning and the need for it, conduct street promotions and give every person who obtains a retirement plan in this period an attractive gift.

The initiative will be supported by outdoor banners, pennants and interactions at branch level, across the island.

Ceylinco Life ended 2007 with premium income of Rs 6.8 billion, an increase of more than Rs 1.1 billion over the previous year. The company's Life Fund exceeded Rs 16.8 billion as at December 31, 2007.