Ceylinco Life declares Rs 1,866 m in annual cash bonuses

More than 348,000 policyholders of Ceylinco Life will receive bonuses totalling Rs 1.866 million in April 2012, as annual bonus certificates and rewards long-standing customers with cash bonuses.

Of these recipients, 339,368 policyholders will receive Rs 1.834 million in the form of bonus certificates which will be mailed by Ceylinco Life from April 2 onwards. Another 9,088 policyholders, who complete 10, 15 and 20 years with the company will receive Rs 31.9 million in cash bonuses before the Sinhala and Tamil New Year, the company said.

The annual bonuses are in respect of the surplus generated by Ceylinco Life's Life Fund in FY 2011, while the 'Avurudu' cash bonuses represent a practice begun by the company in 2004 to reward loyalty.

"As usual, April will be a month of celebration for policyholders of Ceylinco Life," the company's Director/Deputy CEO Thushara Ranasinghe said. "We had an exceptionally successful 2011, and this will be reflected in the bonus payout, which once again exceeds our promise to policyholders."

This year's annual bonus declaration exceeds that of 2011 by Rs 244 million or 15.3 percent, while the number of recipients has increased by 29,368, Ranasinghe said.

The company's policy of declaring bonuses from the very first year of issue of a policy, enables even a policyholder who obtained a policy in December 2011 to receive a bonus allotment as at December31 of the same year.