Janashakthi launches insurance product

Janashakthi Insurance launched the 'Janashakthi LifeSaver' retirement plan which offers a pension for policyholders to meet funding needs of the elderly.

"The world's population is ageing at an accelerated rate. A greater share of the world population will comprise people aged 65 and over in a few decades," Janashakthi Insurance PLC Deputy Chairman C.T.A. Schaffter said.

"This is true in the case of Sri Lanka where under five percent of the population will have retirement cover. We have one of the fastest growing ageing populations in the world. A major crisis is looming and Janashakthi felt morally bound to reinvent this market," he said.

The Janashakthi LifeSaver insurance cover will be a flexible, customer-centric retirement product, he said at the launch in Colombo last week.

"Living a longer life is a burden on families and society and therefore a retirement plan is necessary in today's context.

Our culture has changed and it is important to inculcate the savings habit among the working population. For this we need to change the mindset," a spokesman for company said.

"The pension cover has unique features and many advantages while the policyholder has no age limit.

The insurance policy is attached with a pension plan with an interest element to benefit holders. We are confident that today's youth will become our policy holders," he said.

According to statistics, 11.5 percent of Sri Lanka's population and 29.2 percent of the labour force is protected with life insurance. There are over 2.5 million policies at present.