Ceylinco Life policyholders to receive Rs. 3.8 bln in bonuses this year
View(s):A mammoth Rs. 3.8 billion in annual bonuses will reach some 300,000 policyholders of Ceylinco Life in April and May this year, the life insurance leader announced this week in a media statement.
The highest bonus pay-out in the history of the company, this year’s payment is an increase of Rs. 900 million or 31 per cent over that of 2016, reflecting the sector-leading growth recorded by Ceylinco Life in the past year, the company said.
Additionally, Ceylinco Life will help enhance the ‘Avurudu’ cheer of more than 15,000 policyholders with cash bonuses totalling Rs. 92 million in the form of immediately encashable cheques that will arrive in the post during the Sinhala and Tamil New Year.
The Avurudu Cash Bonus – a feature unique to Ceylinco Life – to be paid this year is 39 per cent higher than the cash bonuses paid by the company in 2016. With this year’s cash bonus payments, the cumulative value of cash bonuses paid by Ceylinco Life thus far will exceed Rs 500 million, the statement added.
Said the company’s Managing Director and CEO, R. Renganathan: “We recorded excellent growth in 2016, and believe that our policyholders should share in our success.”
In the case of annual bonuses, even policyholders who purchased their policies in December 2016 will be eligible to receive a bonus, in line with Ceylinco Life’s policy of declaring bonuses from the very first year of issue of a policy.
Ceylinco Life’s 2017 annual bonus payout is based on the surplus generated by the company’s Life Fund in 2016. The Fund stood at Rs. 78 billion at the end of the year, following a transfer of Rs. 9.91 billion in 2016.