A new Retirement cum Life Protection Plan that offers a Premium Assurance Benefit, Loyalty Rewards, and a monthly pension after maturity has been launched by Ceylinco Life to stimulate early investment in retirement.
The objective of this product branded ‘Pension Saver’ is to enable adults between the ages of 25 and 45 to build a strong retirement fund which will also function as a safety net against uncertainties and health challenges in the future, a company official said.
‘Pension Saver’ is a retirement fund that grows with monthly dividends declared by Ceylinco Life for the basic premium paid by customers. Monthly, quarterly, bi-annual or annual premium payments can be made towards this fund.
Ceylinco Life Managing Director and CEO Thushara Ranasinghe said, “Everyone desires to be able to live independently after retirement. Our new product makes this possible with affordable contributions over the years until the day of retirement”
One of the defining features of ‘Pension Saver’ is its Premium Assurance Benefit. In the unfortunate event of the death of the plan-holder, it has also a life insurance cover.
At maturity, the retirement fund can be obtained as monthly pension payments or as a lump-sum. In case of emergency, holders whose plans have been active for three years or more can withdraw up to 10 per cent of their Retirement Fund twice during the premium paying term of the policy.