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 has announced.
The highest bonus pay-out in the history of the company, this year’s payment is an increase of Rs. 900 million or 31 percent 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.
“Everything we do is centred on adding value on behalf of our policyholders, and unstinted generosity is a key word at Ceylinco Life,” the company’s Managing Director and CEO R. Renganathan said, “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.
Cash bonuses are presented to Life policyholders who have completed their 10th, 15th, 20thand 25thpolicy years as at 31st December 2016. These bonuses are computed at Rs 100 for every Rs 1,000 of the sum assured for policyholders who have completed 25 years, while policyholders who have completed 20 years are eligible to receive a cash bonus computed at Rs. 75 per Rs. 1,000 sum assured, those who have completed 15 years Rs 50 per Rs 1000 sum assured and those who have completed 10 years Rs 25 per Rs 1000 sum assured.
This year, recipients of annual bonuses from Ceylinco Life who are under the age of 55 will also be made a limited-time offer – an opportunity to invest in a ‘Platinum Plan’ devised by the company. It combines a new life cover and a fund, offering policyholders extra protection through a life cover as well as an attractivesavings fund. The Platinum Plan will be available till 30th June only, the company said.
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.