Ceylinco Life policy to support continued education of children
An insurance plan designed exclusively for the purpose of ensuring the continued education of children has been launched by Ceylinco Life in response to one of society’s most pressing concerns, the company said this week in a media release. Ceylinco Life ‘ Education Protector’ enables a parent to, with just a single onetime premium payment, secure the future education prospects of a child in the event of his or her (parent’s) inability to do so due to death or total and permanent disability. Conceptualised as a safety net to ensure a child will continue to be able to afford education through uninterrupted funding, ‘ Education Protector’ is one of the simplest and most affordable products of its kind, the life insurance leader said. “Sad stories of children’s education being interrupted due to the untimely demise of a breadwinner are becoming all too common,” said Ceylinco Life Managing Director T hushara Ranasinghe. “Our credo has always been de-risking the future of our policyholders and their loved ones, and this policy provides an excellent example of how we can do just that and support future generations of Sri Lankans.” Parents who want to secure the future education of their children with Ceylinco Life Education Protector can choose a monthly benefit cover ranging from Rs. 5,000 to Rs. 50,000 that will be provided to the child continuously for a period of two to 12 years to meet education expenses including school fees, tuition fees, books and stationery costs, in case of the demise or total and permanent disability of the policyholder. Anyone between the ages of 18 and 60 can purchase this simple single premium policy with a one-time payment. Using a hypothetical example to elaborate on the policy, Ceylinco Life said a 30- year- old can purchase an Education Protector policy which provides a monthly benefit of Rs. 25,000 for a term of 12 years for a child, for a one-time payment of Rs. 50,160 in the case of a male policyholder and Rs. 39,970 in the case of a female policyholder. Ceylinco Life has made education one of its primary focus areas and has built and donated classrooms to 83 rural schools to date, and has disbursed Rs 166 million in ‘Pranama’ scholarships to 2,887 bright and talented young Sri Lankans.