Ceylinco Life thrills policyholders with ‘Avurudu’ Cash

Some 7,500 people will be smiling all the way to the bank this ‘Avurudu’ season, thanks to Ceylinco Life.

Sri Lanka’s life insurance leader will distribute a whopping Rs.19 million in ‘Avurudu Cash Bonuses’ to these loyal policyholders, continuing an auspicious tradition it introduced to the industry in 2004.

These cash bonuses, which will come in the form of immediately encashable cheques, will be home–delivered for the fifth year running by Ceylinco Life personnel on and between the 4th and 7th of April, generously rewarding some loyal policyholders by as much as Rs 125,000. This will bring the total value of Ceylinco Life’s Avurudu Cash bonuses over the last five years to more than Rs. 100 million.

These bonuses are offered in addition to the annual bonuses paid by Ceylinco Life to active policyholders and form part of the company’s ‘Life Rewards’ portfolio of exclusive benefits.

“With this year’s payment of cash bonuses, Ceylinco Life has given 61,750 policyholders an additional reason to celebrate” the company’s Director Ms Amali Seneviratne said. “The trust they have placed in us and their loyalty have earned them these rewards.”

Ceylinco Life’s cash bonuses are structured to ensure that the bonus rates increase with loyalty, so that the longer the policy stays active the higher the bonus received.

The Special Cash Bonus will be equal to Rs. 25 per Rs.1000 sum assured for those who complete 10 years and Rs. 50 per Rs. 1000 sum assured for those who complete 15 years. Accordingly, a participating policy with a sum assured of Rs.1 million will be entitled to a cash bonus of Rs 25,000 on completion of 10 years and Rs. 50,000 on completion of 15 years.

“As a result of our attractive bonuses, Ceylinco Life has been able to deliver more than it has promised to policyholders,” Ms Seneviratne said.

“For an example, a policy maturing after 15 years in 2007, with a guaranteed sum assured at maturity of Rs. 100,000 under an endowment assurance, would be paid a maturity value of Rs. 171,500 reflecting a 71.5 per cent growth over the promised value,” she explained.

Sri Lanka’s largest and most successful life insurer, Ceylinco Life is the local insurance sector benchmark for innovation, product development, customer service and professional development. The company’s islandwide branch network represents the widest presence in the local insurance industry. The company has won international and local awards for good corporate citizenship and brand image building. Ceylinco Life ended 2007 with premium income of Rs 6.8 billion, an increase of more than Rs 1.1 billion over the previous year. The company’s Life Fund exceeded Rs 16.8 billion as at December 31, 2007.