Ceylinco Life will pay annual bonuses totalling Rs. 5 billion to 300,000 policyholders from the surplus generated by the Company’s Life Fund in 2018, significantly enhancing the value of their life policies.
An increase of Rs. 600 million or 13.6 percent over the bonuses declared last year.
Many of the recipients of these annual bonuses will also receive an additional windfall in the form of Rs. 74 million in cash bonuses, a benefit exclusive to Ceylinco Life, which has been rewarding loyal policyholders with such cash bonuses for the past 15 years.
These cash bonuses are in the form of immediately-encashable cheques and are computed on the basis of the number of years each policy has been active. With this year’s cash bonus payments, the cumulative value of cash bonuses paid by Ceylinco Life thus far will reach Rs. 674 million.
Ceylinco Life Managing Director/CEO Thushara Ranasinghe said, “Ceylinco Life outperformed industry averages in 2018 and increased its market share despite the intense competition in the market and dampened economic outlook. The trust and confidence of our policyholders is a key element of this performance, and as always Ceylinco Life is generous in acknowledging its appreciation of the Company’s loyal policyholders.”
Even policyholders who purchased their policies in December 2018 are eligible to receive a bonus, in line with the Company’s policy of declaring bonuses from the first year of issue of a policy. The bonus certificates will be posted this month.