Union Assurance introduces Union Pension Advantage

As Sri Lanka’s largest private insurer, Union Assurance is constantly at the forefront of industry innovations and has succeeded in benchmarking customer service and satisfaction for the insurance sector in the country. In another leap forward, the insurance giant has introduced Union Pension Advantage, a new addition to the company’s wide-reaching portfolio of products. 
Retirement should be spent in peace and happiness. After having fulfilled obligations to family and friends over a lifetime of employment, everyone deserves the opportunity to enjoy his or her sunset years independent and carefree. 
Union Pension Advantage provides the opportunity for individuals in all stages of life to prepare and plan for a retirement that is free from worry and anxiety. This breakthrough product offers policyholders the peace of mind of knowing that the contributions they make to their policy over their working lives will fund their retirement and provide reassurance and support for those left behind in the event of a death. 
This retirement insurance plan provides lifetime insurance cover for the policyholder. In addition, the dependents of the policyholder will also be entitled to receive retirement benefits in the cause of the policyholder’s death. The basic sum assured (BSA) will be payable upon an event of death during the premium-paying term. 
At the inception, the policyholder will be given the option to choose between the ways of receiving the fund value at maturity. It can either be received as the lump sum at maturity or as monthly instalments for fixed period of 10, 15 or 20 years starting from the chosen retirement age. 
Another special benefit feature of this pension plan is the inclusion of waiver of premium benefit where the company will undertake the balance premium payments up until the end of the stipulated term, in case the policyholder’s death or becomes totally and permanently disable. This will ensure that the dependent is receiving the retirement benefit in case of the policyholder’s death. In the event of total permanent disability, the policyholder will still be able to enjoy the maturity proceeds under the policy, despite not being able to complete premium payments.  
To enhance the protection and health benefit the policyholder is also given the option to include rider covers such as Level Term Benefit (LTB) and Funeral Expense Benefit for additional protection while Union Smart Health (USH) and SuwaMaga Benefit (SMB) to secure his/her lifestyle at retirement.  
The company will offer guaranteed interim dividend at the start of each year and will declare the dividend rate applicable to the given calendar year at the end of the year. The investment account will be recalculated based on the yearend dividend. Further, Union Assurance guarantees that the dividend rate will not be less than the guaranteed rate given at the start of the year.