Ceylinco introduces 'Five Benefits' policy
A simple, easy to understand life insurance product has been
introduced by Ceylinco Life to mark the company's 25th anniversary,
which was celebrated recently.
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Ceylinco Life’s Director/Deputy CEO
Thushara Ranasinghe at the launch of the ‘Ceylinco Life Five
Benefits’ policy. |
Designed to address a segment that can be protected with an
uncomplicated packaged policy with pre-set benefits, 'Ceylinco Life Five
Benefits' intends to push life insurance beyond the prevailing 11.5 per
cent of the population, the company said.
The new policy will pay seven times the basic sum assured (BSA) for
accidental death, five times the BSA for death, double the BSA for
critical illness, and double the BSA for permanent and partial
disability. At maturity, the policyholder will receive the basic sum
assured and bonuses.
Options to cover the policyholder's spouse, who will receive the same
benefits except the maturity benefit; and to obtain critical illness
cover for the policyholder's children, are also included in the new
policy.
"The benefits are all pre-determined and completely transparent,"
said Thushara Ranasinghe, Ceylinco Life's Director/Deputy CEO .
He said the product was developed as a response to two challenges
facing the life insurance industry. These are low penetration (11.5 per
cent of the population and 29.2 per cent of the labour force) due to
inadequate awareness in customer segments, which have difficulty in
understanding policy conditions and computation of benefits.
Independently rated as one of Sri Lanka's most valuable brands,
Ceylinco Life has maintained its leadership of the country's long term
insurance sector from 2004 onwards. The company operates the largest
branch network among local life insurance companies, and has won
multiple international and local awards for its commitment to the
community and success in brand equity building.
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