Avurudu bonanza for Ceylinco Life policyholders

Just days after they received their annual bonus certificates, long-standing policyholders of Ceylinco Life had an extra reason to celebrate this Avurudu season when the life insurance leader distributed Rs. 34 million in cash bonuses.

Over 9,500 policyholders received cash bonuses this year, the eighth time the company has paid these bonuses.

As in previous years, these cash bonuses, which were in the form of immediately encashable cheques, were home-delivered by Ceylinco Life's 5,000 strong sales team from April 9 - 10, the company said.

These bonuses are paid in addition to the Rs. 1.59 billion in annual bonuses declared by the company to active policyholders, and form part of the company's 'Life Rewards' portfolio of exclusive benefits.

Policyholders who have completed 20 years were eligible to receive a cash bonus computed at Rs. 75 per Rs. 1,000 sum assured. Cash bonuses for those who had completed 15 years were computed at Rs. 50 per Rs. 1,000 sum assured while those who completed 10 years received Rs. 25 per Rs 1,000 sum assured.

Accordingly, a participating policy with Rs. 1 million was entitled to a cash bonus of Rs. 25,000 on completion of 10 years, Rs 50,000 on completion of 15 years and Rs. 75,000 on completion of 20 years.

"The trust and loyalty of our policyholders have earned them these rewards," Ceylinco Life Managing Director and CEO R. Renganathan said that the company has distributed cash bonuses worth nearly Rs. 193 million over the last eight years.

"We hope this enabled them to celebrate the National New Year, and comes at a time when expenses are high," he said.

Ceylinco Life's cash bonuses are structured to ensure that bonus rates increase with loyalty, so that the longer the policy stays active the higher the bonus received.

Ceylinco Life has retained market leadership in the industry for the seventh consecutive year.