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| Sunday, 5 December 2004 |
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SLI launch Child Insurance Plan The launch of latest product of Sri Lanka Insurance 'Mini Muthu' - Child Insurance Plan - took place at Colombo Plaza on Thursday. 'Mini Muthu' is a special Child Insurance Plan where both parents are covered under one policy. The Mini Muthu plan of assurance guarantees a fund for the child at maturity. Even after an untimely demise of a parent the above fund will be available for the child. Mr. Damien Fernando, Director Sri Lanka Insurance said that after an untimely demise of one of the parents the surviving parent or the child will receive double the life cover immediately. According to the Sri Lanka Insurance, only a single premium will be charged to insure both parents and if one parent is not insurable (Deceased, Medically unfit, Divorced, Separated) or even if both parents are not around, the legal guardian can sign up for this plan on behalf of the child. The plan of assurance provides greater flexibility.. Parents can choose a plan to suit their child's age. Parents who have children between one month and 15 years of age can benefit from this plan of assurance. Suresh Paranavitana, DGM Life, SLI said that parents can buy this plan for a 6-year term for a child aged 2 years and the child will receive the funds from age 8 onwards. The guaranteed fund for the child will be provided in four equal instalments spreading through 4 years. The child will receive 35 per cent of the sum assured on each instalment and the bonuses also will be added to the first payment. Therefore he or she is guaranteed to receive 140 per cent of the sum assured and the bonus. At an untimely demise of one of the parents during the benefit paying period the balance payment will be doubled thus making it a 70 per cent payment of the sum assured. Under the Mini Muthu Plan, the child can receive 'Arogya' hospital cash benefit and 'Jeewaka' critical illness cover. The child can enjoy these benefits up to age 20 or the maturity of the policy whichever occurs first. |
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