The Sunday Leader

Cash Bonus For 10,000 Ceylinco Life Policyholders

Festive cheer will be extended into May for Ceylinco Life policyholders when the life insurance leader distributes Rs 32 million in cash bonuses to them, continuing a practice it introduced to the industry in 2004.
Members of Ceylinco Life’s 5000 strong sales team will home deliver these bonuses to more than 10,000 policyholders. The bonuses will be in the form of immediately encashable cheques, the company said.
A feature this year is that a new segment of policyholders — those who have completed 20 years with the company — will be among the recipients of cash bonuses. In previous years beneficiaries were those who had completed 10 or 15 years.
“The fact that these bonuses are paid in respect of a year that was one of the most challenging ever, demonstrates the strength of the company,” Ceylinco Life Deputy Chairman R. Renganathan said, pointing out that these loyalty-based cash bonuses are in addition to the Rs 1.39 billion in annual bonus already paid out by Ceylinco Life this year.
Policyholders who have completed 20 years will be eligible to receive cash bonus equal to Rs 75 per Rs 1,000 sum assured.  As in previous years, the cash bonus for those who have completed 10 years will be computed at Rs 25 per Rs 1000 sum assured while those who completed 15 years will receive Rs 50 per Rs 1000 sum assured.
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, Rs 50,000 on completion of 15 years and Rs 75,000 on completion of 20 years.
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.
Ceylinco Life retained its position as the market leader in Sri Lanka’s long term insurance sector in 2009, with Gross Written Premium exceeding Rs 7.5 billion.  The company’s Life Fund grew 20.3 per cent to Rs 25.6 billion, an increase of Rs 4,321 million during the year, while Investment Income grew 28.4 per cent to Rs 3,350 million.
The company sold more than 159,000 new life policies in the year at an average of 13,250 per month, despite the adverse socioeconomic environment, and paid Rs 2,756 million in customer benefits, inclusive of Rs 485 million paid as claims.

3 Comments for “Cash Bonus For 10,000 Ceylinco Life Policyholders”

  1. Reality

    Trying every trick in the book to retain the fast losing market share of the Ceylinco Group enterprises. Better return the monies swindled by the Chairman and his Directors if Ceylinco needs to regain the confidence of the Sri Lankan public.

  2. Che

    CEYLINCO IS A HAVEN FOR CHEATS,MONEY LAUNDERERS, CROOKS,AND THE MOST CORRUPT BUNCH

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