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| Sunday, 12 May 2002 |
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| News Business Features Editorial
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Free
pension plans for loyal policyholders
More than, 10,000 policyholders of Ceylinco Life will receive complimentary pension accounts with substantial start-up contributions from the company as a reward for their loyalty. The first cash bonus in the industry, the pension plans will be opened for policyholders who have kept their policies active for at least 10 years, the company said. The start-up contribution from Ceylinco Life will be based on an investment calculated on the value of Rs. 25 per Rs. 1000 sum assured. "This special loyalty bonus will be paid in addition to the normal bonuses that would accrue to these policyholders," Ceylinco Life Director Amali Seneviratne said, disclosing that some policyholders would receive as much as rs. 62,500 as a loyalty bonus in the form of pension plans. Recipients of these loyalty bonuses may either maintain their pension accounts by making periodic contributions to them or withdraw the credited amounts, she said. This scheme was designed to celebrate Ceylinco Life's achievement of a decade of leadership in its sector, and to popularise retirement planning which is becoming an imperative in Sri Lanka, Ceylinco Insurance's Director and General Manager (Life) R. Renganathan said. He said the company had allocated Rs. 17.5 million for this loyalty bonus as an investment for the future security of its policyholders. "It is estimated that the population of retired people in Sri Lanka will double by 2020, and the country is ill-equipped to ensure the well-being of these people. Private sector-run pension schemes are going to be critical in the years ahead," he explained. The dispatch of Ceylinco Life's special loyalty bonuses to more than 10,000 eligible policyholders begins on May 15, the company said. Ceylinco Life was the first private sector Life insurer in Sri Lanka to cross the Rs. 2 billion threshold in Life premium income, ending 2001 with a premium income of Rs. 2.157 billion a growth of 30 per cent. This feat also enabled Ceylinco Insurance to reach Rs. 4 billion in its total insurance premium, which includes the General Division's premium income. |
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| Editorial | Security Produced by Lake House |
