Business
Ceylinco Life launches ‘Medical Saver’ plan to cover medical expenses of senior citizens
A timely medical cum life insurance plan that enables a policyholder to build up a medical fund that can pay for medical needs for up to 20 years after the original plan matures, has been launched by Ceylinco Life in response to the evolving needs of the market.
‘Ceylinco Life Medical Saver’ is positioned as the first health insurance plan in the country to cover medical needs of today, tomorrow, and beyond policy maturity. It offers local and global hospitalisation cover for reimbursement of medical and surgical expenses; life cover with supplementary benefits for the term of the policy; and saving for future medical expenses after policy maturity, creating a backup health fund for medical needs during retirement.
“One of the biggest concerns today is meeting medical costs of people in their seventies and eighties, when insurance policies are no longer in force and when the earning capacity of the majority is impaired,” Ceylinco Life’s Chief Operating Officer Mr Ranga Abeynayake explained. “Ceylinco Life Medical Saver has been designed expressly to address this concern. We are extending our commitment to our policyholders well beyond the term of their policies with a policy that protects and helps save for the future.”
When the policy comes to an end, the Ceylinco Life Medical Saver Plan offers the policyholder the option of receiving the accumulated medical fund as a lump sum, or the continued maintenance of the fund for an extended period with two payout options – periodic withdrawals for emergencies as and when required, or a fixed monthly payout for medical expenses.
Ceylinco Life also has a Retirement cum Life Protection Plan branded ‘Pension Saver’ that offers a Premium Assurance Benefit, Loyalty Rewards, and a monthly pension after maturity, to enable adults between the ages of 25 and 45 to build a strong retirement fund which will also function as a safety net against uncertainties and health challenges.
Managed by professional investment managers, both Medical Saver and Pension Saver have a fund component that grows with monthly dividends declared by Ceylinco Life for the basic premium paid by customers.
Adjudged Sri Lanka’s Brand of the Year for the second successive year in 2023, Ceylinco Life was also named one of the 10 Most Admired Companies in Sri Lanka in 2023 by the International Chamber of Commerce Sri Lanka (ICCSL) and the Chartered Institute of Management Accountants (CIMA), and was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories in 2023 by Brand Finance.
Ceylinco Life has been the country’s leading life insurer for 20 of the 36 years it has been in existence and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
Two books written based on parliamentary legacy presented to PM
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