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| Tuesday, 18 May 2004 |
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Ceylinco Life launches home loans for policyholders Top insurer Ceylinco Life will reward loyal policyholders with a low interest housing loans scheme. Policyholders who have been with the company for five years or more can borrow up to Rs 2 million at an interest rate that will be 1 per cent less than lowest prevailing market rate, the company said. The 'Ceylinco Home Loans' scheme will be implemented in collaboration with the Seylan Bank, following a Memorandum of Understanding (MoU) ratified by the two companies recently. The scheme is offered to any Ceylinco Life policyholder whose policy has completed five years. This concessionary rate of interest will be applicable for an amount which is equal to double the sum assured subject to a maximum limit of Rs 2 million. "Life insurance entails a long term relationship between policyholder and insurer," Ceylinco Life Director/General Manager R. Renganathan said. "It is logical that the wellbeing of the policyholder becomes an important concern of the insurer. This is the driving force behind the Ceylinco Life Rewards portfolio, which has just been expanded to include this exciting new housing loans scheme." Pegging the interest rate to 1 per cent less than the prevailing market rate would guarantee Ceylinco Life policyholders the lowest rates in the market, Renganathan said. He said this home loan scheme would also be available through the Ceylinco Savings Bank. Application forms for Ceylinco Home Loans would be available at each of the company's 90 branches, and would be channelled to the nearest Seylan Bank branch via a Loans Coordinator at Ceylinco Life's head office in Colombo. Loans would be granted subject to the normal credit evaluation of the bank, and would be secured by a mortgage of immovable property. "The Ceylinco Home Loans scheme will add one more good reason to the long list of incentives that the Rewards portfolio offers," Ceylinco Life Director Thushara Ranasinghe said. The Rewards portfolio, widely regarded as the most comprehensive package of voluntary benefits in the local insurance sector, includes the Ceylinco Pranama Scholarships scheme, the Ceylinco 'Aloka' fund that supports the education of bereaved children of policyholders, the '65-plus' free critical illness cover for elderly policyholders, cash bonuses to loyal policyholders and free health checks. |
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