Representatives of the management of Ceylinco Life brief the sales team at the launch of the Pension Saver Plan
- Benefits include Ceylinco Life paying the premium on behalf of plan-holder, in the event of death or disability before retirement
A new Retirement cum Life Protection Plan that offers a Premium Assurance Benefit, Loyalty Rewards, and a monthly pension after maturity has been launched by Ceylinco Life to stimulate early investment in retirement.
The objective of this product branded ‘Pension Saver’ is to enable adults between the ages of 25 and 45 to build a strong retirement fund which will also function as a safety net against uncertainties and health challenges in the future, the Company said.
Managed by professional investment managers, ‘Pension Saver’ is a retirement fund that grows with monthly dividends declared by Ceylinco Life for the basic premium paid by customers. Monthly, quarterly, bi-annual or annual premium payments can be made towards this fund.
Commenting on the launch of this product, Ceylinco Life Managing Director and CEO Thushara Ranasinghe said: “Everyone desires to be able to live independently after retirement. Our new product not only makes this possible with affordable contributions over the years until the day of retirement, but also functions as a safety net for the family of the plan-holder, in case something untoward should happen.”
One of the defining features of ‘Pension Saver’ is its Premium Assurance Benefit. In the unfortunate event of the death of the plan-holder, this benefit ensures that Ceylinco Life continuously pays the basic premium of the retirement fund on behalf of the deceased until the date of his or her proposed retirement.
‘Pension Saver’ also comes with a life insurance cover with a purse-easy premium. If the demise of the plan-holder occurs before the set retirement date, the dependents will receive the insured amount in addition to the other benefits of the plan.
The Premium Assurance Benefit applies even in the event of permanent disability, with the life cover premium as well as the retirement fund premium paid by the Company. This is to make sure the dependents of plan-holders benefit even in their absence or impairment. ‘Pension Saver’ holders are also entitled to Loyalty Rewards when they make all premium payments on or before the due date. These will be credited to the holders’ retirement funds at intervals, further increasing the value of the funds.
At maturity, the retirement fund can be obtained as monthly pension payments, allowing plan-holders enjoy a steady income during their retirement, or as a lump-sum.
In case of emergency, holders whose plans have been active for three years or more can withdraw up to 10% of their Retirement Fund twice during the premium paying term of the policy. Furthermore, they are also entitled to other loyalty rewards schemes of Ceylinco Life such as the ‘Pranama Scholarships’ and ‘Family Savari’ promotion.
Customers obtaining this plan can opt to add a wide range of health and supplementary benefits from Ceylinco Life to it. These include Accidental Death Benefit, Total and Permanent Disability Benefit, Partial and Permanent Disability Benefit, Critical Illness Benefit, Hospital Cash Benefit, Major Surgery Benefit, and Medical Reimbursement Benefit.