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| Sunday, 16 June 2002 |
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Business |  |
| News Business Features Editorial
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Rs. 300m in bonuses, child insurance plan from Ceylinco Life Ceylinco Life has announced the disbursement of more than Rs. 300 million in bonuses to policyholders for 2001, following a 40 per cent growth of the company's Life Fund to Rs. 5.2 billion during the year. All active policyholders who have paid at least one year's premium would be eligible to receive bonuses, the company said. The company's ability to declare bonus payments in excess of Rs. 300 million, reflects consistent yields across all categories of policies marketed by the company, in a year of general economic downturn, Ceylinco Insurance's Director and General Manager (Life), R. Renganathan said. "All thee bonuses have been declared after meeting the solvency margin requirements proposed in impending regulations", he stressed. "In fact, Ceylinco Life has solvency cover of more than three times the minimum requirement". He also pointed out that over and above the annual bonus payments, special loyalty cash bonuses in the form of pension plans were awarded to more than 10,000 policyholders, to celebrate the company's achievement of a decade of leadership in its sector. Dividend payments made on Ceylinco's 'Supreme Life' policies had also shown a noteworthy trend of consistency, Renganathan said. Ceylinco Life has also reported a healthy 11.29 per cent growth of premium income in the first quarter of 2002 to Rs. 471 million. A total of Rs. 58.8 million has been paid - as advance payments in addition to Rs. 10.4 million in maturities and Rs. 17.8 million claims during the quarter. Meanwhile, Ceylinco Life has launched a new child insurance plan under the popular brand name of Ceylinco Ran Daru, offering 10 times the basic value of the policy. The life cover of the policy increases 10-fold immediately with no added extra premium in the event of a claim. The policy will also offer attractive maturity benefits with bonuses. Ceylinco Ran Daru seeks to address two of the dominant needs of a parent - the education of his or her child and saving for the child's future - and ensures that these needs will be met in the event of the untimely death of a parent or guardian. Education is the main focus of 'Ceylinco Ran Daru' scheme, which pays up to 10 times the value of the policy in two instalments, the first for the basic education of the child, and the second for higher education, in case of the guardian's sudden demise. The scheme also promotes saving, Ceylinco Life will open a 'Tikiri' savings account in the name of the policyholder's child, and make regular contributions to the account during the term of the policy. The policy also carries an optional health cover, enabling the policyholder as well as the beneficiary to be covered against 20 critical illnesses as well as 500 types of surgery, Ceylinco Life's Director Ms Thushara Ranasinghe said. Total or partial disability cover to the policyholder during the term of the policy has also been provided for by the 'Ceylinco Ran Daru' policy. The child of the policyholder will be entitled to both the 'Ceylinco Pranama Scholarship' scheme and 'Seylan Tikiri Fund'. Under these two schemes, the child may receive scholarships or grants depending on his or her achievements. |
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