An innovative life insurance product that guarantees a refund of the total premiums paid plus the sum assured at maturity while offering life cover which is a minimum of eight times the sum assured, has been launched by Ceylinco Life.
The first of its kind in the local market, this life insurance policy branded ‘Smart Protection’ increases the life cover by 2.5% annually with no additional premium payment, and also acts as a smart investment plan for long term savings.
Positioned as a product that provides unmatched protection to the policyholders’ dependents, the policy’s offer of life cover of eight times the sum assured is in just the first policy year. This means that a policy with a sum assured of Rs 500,000 will pay Rs 4 million in the event of the demise of the policyholders in the first year of the policy, Rs 4.4 million if death occurs in the fifth year, or Rs 4.9 million in the 10th year, the Company said.
Alternatively, policyholders will receive the premiums paid over the years as well as the sum assured at maturity, guaranteeing that they will receive a higher return through this policy.
“An important feature of this policy is its simplicity,” Ceylinco Life Managing Director and CEO Thushara Ranasinghe said. “The terms are easily understood and the protection it offers is substantial. The policyholder pays a fixed premium, but his or her life cover keeps growing with each year, so there is an additional incentive to keep the policy active.”
Ceylinco Life Smart Protection can be obtained by persons between the ages of 18 and 60 for a period of 10, 15, 20, 25 or 30 years, who can opt to pay their premiums in monthly, quarterly, half-yearly or annual modes.
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