The impact of inflation on long-term savings, the principal bugbear in pensions computing, provides the theme for a month-long, country-wide campaign by Ceylinco Life this May to promote retirement planning.
“How much is enough?” is the question the life insurance leader will pose in its communications as well as its engagement with thousands of Sri Lankans, as a 4,000 plus sales team takes to the streets for the company’s eighth annual Retirement Planning Month exercise.
May has been the company’s designated Retirement Planning Month since 2008, and every year, the sales team is tasked with focussing on this segment of business during the month.
This year, a special consumer promotion supports the door-to-door interaction of the sales force with target consumers, offering them a chance to receive a valuable gift from Ceylinco Life when they purchase a retirement plan or top up an existing retirement plan in order to combat the effects of inflation.
“The rising cost of living necessitates a periodic evaluation of one’s current level of savings to ascertain whether it is enough to sustain future expenses and to live comfortably in retirement,” Ceylinco Life Managing Director/CEO R. Renganathan said.
“As a professional and ethical promoter of life insurance and retirement plans, it is our duty to educate customers about this aspect and the importance of studying the rates of return offered by the different products in the market.”
Ceylinco Life Retirement Plans provide a higher return than most fixed deposit and savings accounts, he said. Proceeds from retirement plans are exempt from tax.
Ceylinco Life Retirement Plans can even be purchased online by visiting the company’ website www.ceylincolife.com.
In April last year, the company made saving for retirement even easier by adding three new flexible retirement plans to its portfolio of retirement planning products. This made it possible for saving to be commenced with as little as Rs.1,000, with payments made monthly, quarterly, half-yearly or annually for a term of five years.
Ceylinco life has close to a million lives covered by active policies. The company is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service, professional development and corporate social responsibility.
Independently rated one of Sri Lanka’s most valuable brands, Ceylinco Life has maintained its leadership of the country’s long-term insurance sector from 2004 onwards. The company operates the largest branch network among local life insurance companies and has won multiple international and local awards for its commitment to the community and success in brand equity building.