Ceylinco Life raises bar with ‘Future Saver’

Ceylinco Life senior management and staff participating in the virtual launch of ‘Future Saver’

A new paradigm life insurance product that offers protection as well as wealth accumulation with an emphasis on the latter has been launched by Ceylinco Life, raising the bar for investment options in Sri Lanka’s financial services sector.

Positioned as the best wealth accumulation product in the market, ‘Ceylinco Life Future Saver’ is designed to enable policyholders to plan for long-term goals by passionately saving for a short period during which their financial stability is at its peak.

This unique concept of long-term protection for a short-term commitment makes Ceylinco Life Future Saver a standout product, offering protection for up to 25 years or more, for premium payments over five or 10 years, based on the policyholder’s capacity and wealth accumulation aspirations. “Life insurance products must adapt in response to changing socio-economic dynamics,” Ceylinco Life General Manager Marketing Samitha Hemachandra commented.  “Future Saver is an excellent example of a product that meets the aspirations of key demographics of the present, especially millennials, young adults aged 25 – 45 years, customers segmented as SEC A, executives and managers in the private and public sectors, professionals, businessmen and self-entrepreneurs. It also advances the Ceylinco Life credo of de-risking the ambitions of its customers with financial security that goes beyond life cover.”

Ceylinco Life Future Saver creates a Wealth Accumulation Fund built on monthly dividend rates declared by the company for the Basic Premium paid by the policyholder, part of which funds a life insurance policy, while the balance accumulates in the fund. 

The Wealth Fund component is carefully managed by professional investment managers who will ensure that it grows each month, enabling policyholders to develop an attractive saving at maturity to achieve future goals such as retirement or children’s education, while enjoying the protection offered by the life policy.

A noteworthy feature of the new product is a Premium Assurance Benefit that guarantees that Ceylinco Life will continue the payment of the basic premium for a policyholder’s Wealth Fund until the end of the premium paying term in the event of the premature death of the policyholder, and will build the Fund for his or her loved ones. In the event of total and permanent disability, the company will continue the payment of basic premium as well as the premium for life cover until the end of the premium paying term.

This feature ensures that in the event of the death of the policyholder during the term of the policy, the beneficiaries would receive not just the life cover but the Premium Assurance Benefit and the accumulated sum in the Wealth Fund at the maturity date. Furthermore, Loyalty Rewards will be provided as additional credits at specified internals only to the Wealth Funds of policyholders who have paid their premiums on time, increasing the balance further. This is the most attractive feature of the Future Saver plan which ensures a rewarding maturity value at the end, the Company said.

Adding to the attraction of the Future Saver policy, policyholders are entitled to withdraw up to 10 per cent of the accumulated Wealth Fund twice during the policy term after the third policy year, in case of an emergency.
It also offers a provision to maintain an emergency fund for future needs such as medical expenses, or expenses during retirement, by continuing the Wealth Fund for up to 20 years after the policy matures, by choosing the Lifeline Payout benefit without obtaining the maturity value. In such instances, Ceylinco Life will allow unlimited withdrawals during the extended period, but will continue to credit the dividends to the Fund. Providing all the benefits available with Ceylinco Life’s standard life insurance products, Future Saver also offers the option of adding supplementary benefits such as accidental death benefit, total and permanent disability benefit, critical illness benefit and cover for the policyholder’s spouse and children.