- Any healthy citizen of the age 18 and above are eligible for a Life Insurance Policy in Sri Lanka.
- There is a simple misconception of the society in Sri Lanka that one needs a Life Insurance Policy when they get older probably after marriage and when responsibilities are greater than when they are younger. This may not be true since the risk one could face such as Death, Disability and Disease is not lesser in a person being in their 20's and single although it multiplies whenever they are married with children.
- The younger you are, risk factors especially medical is considered less and the premium is much lesser which increases with age. The returns on maturity is highest for the policyholders between ages 18-35.
- With the increase in age, commitments increase and there would be lesser periods for maturity resulting premiums to be expensive as well as giving lesser returns on the paid premium.
- Generally an investment would cost you a large capital initially but an insurance policy would only limit to its agreed monthly premium but the benefits of the agreed capital on maturity known as Sum Assured is eligible during any unforeseen event during the policy period. This financial backup provided by an insurance policy is never possible to be accomplished by any other form of investment. An insurance policy provides you the money when you are in a crisis such as during an unexpected death or a hospitalization of a family member.
- A Life Insurance policy is an investment which is affordable to any person who has a limited income but needs to safeguard their limited assets and savings from unexpected financial setbacks in various stages in their lives.
- During a personal crisis, the first preference of liquefying to cash option would be one's Fixed deposits, other assets such as lands and vehicles which are generally purchased on agendas of income generation of their own. This sacrifice of saving or investment is shielded by having an effective personal insurance plan to ensure retaining these hard-earned savings and assets.
Many professionals today assume that their employer's medical insurance plan is totally sufficient to cover their entire family's risk. This is highly unlikely since many forget that it becomes invalid on termination or retirement by the ages of 55-60.
A personal insurance plan from Softlogic Life can be obtained until the age of 70 with a range of other benefits such as :
- An immediate Lump Some payment in a crisis such as Natural / Accidental Death.
- A direct hospitalization bill settlement by Softlogic Life rather than a reimbursement method.
- Coverage of the Pandemic of Co-vid 19 related hospitalization.
- Critical Illnesses Cover - A lump some payment on diagnosis of 36 major illnesses such as Cancer, Stroke, Heart Disease, Chronic Liver failure, Major Organ Transplantation etc.
- A Corporate Plan may generally eliminate dental and optical cover for the entire family, check-ups on a biennial basis.
- Continuation option for the policy without any premium payment (premium wave-off) in case of a Total Permanent Disablement, to ensure the continuation of all defined benefits for the period.
- An income support limit of your choice paid on a monthly basis as an option in case of Total Permanent Disablement and/or death.
- A guaranteed Lump some amount paid back on policy maturity regardless of all claims paid for the period.
