9 December 2016 12:00 am
Union Assurance has introduced a number of solutions in place to propel individuals towards fulfilling their needs and to achieve success.
With a clear understanding of the key needs and wants of the society, Union Assurance creates awareness on how UA’s insurance solutions can fulfil key needs such as health and protection, education, investment and retirement through ‘Sarthakathwaye Piyawara’ island-wide campaign.
In another leap forward, the insurance giant is proud to put in the spotlight Union Life Advantage – a power packed product from the company’s wide reaching portfolio.
Union Life Advantage is an endowment type life insurance policy focused on investment benefit, in addition to the provision of a comprehensive life cover. The product is designed to provide a solid starting point for families and individuals with aspirations and goals for the future. Specially designed for the prudent investor, the product is also a fail-safe to guarantee that dependents and loved ones are taken care of in the case of unforeseen and unfortunate circumstances.
Policies issued under Union Life Advantage are assigned individual investment accounts, which will be maintained by the company, and based on a dividend rate decided by the Company at the beginning of the year, the individual account will proceed to accrue funds throughout the year. Union Assurance guarantees this interim dividend rate as the minimum dividend rate for a given year – which means if the investment account performs well and the actual dividend rate decided at the end of the year is higher than the interim dividend rate, you as the policyholder will benefit the fund accumulation on the actual dividend rate for that year.
Any individual between the ages of 18 and 65 are eligible to sign up for this policy while the minimum term is 10 years. In the event of death of the insured, the company undertakes to pay the sum insured or the value of the investment account, whichever is higher, to his or her dependents.
All of Union Assurance solutions and products are developed keeping in line with its vast knowledge and understanding of the needs of the community and individuals. With changing times and needs, the Company is constantly updating its portfolio to stay relevant in a fast-pace environment.