Ceylinco Life launches ‘Future Saver’ – a wealth accumulation product with life cover
View(s):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 saving for a short period during which their financial stability is at its peak, the company said in a media release.
“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,” it said.
“Life insurance products must adapt in response to changing socio-economic dynamics,” said Ceylinco Life General Manager Marketing Samitha Hemachandra. “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.”
The release said 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.