"The world’s population is ageing at an accelerated rate. In a few decades people aged 65 and over will comprise a greater share of the world’s population. This is especially true in the case of Sri Lanka where under 5 %of the population will have a retirement cover. We have one the fastest growing ageing populations in the world .It’s a major crisis looming and we at Janashakthi felt morally bound to really reinvent this market. We have we believe now produced one of the most flexible, customer centric retirement products in the world. Its substantial life cover is better by a long chalk than any other Pension plan locally and it doubles up with a pensions pot concept of pay anywhere, anytime, any amount in a unique concept of never lapsing after the first year ",Deputy Chairman and product architect Chandra Schaffter said. Often Referred to as the father of Insurance in Sri Lanka the Iconic Asian Insurance lifetime award winner said he had put his heart and soul to ensure that this product was the game changer in every way reinventing the accountable, caring face of Insurance. to a new high.
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"It takes a huge impending crisis like we have looming to push us to really try harder at a solution that is of national interest . As a responsible and a pioneering insurer we have introduced a retirement plan that allows the policyholders to secure a regular income for as long as they live, and even provide for spouse if he or she survives, while acquiring a life insurance policy to provide an additional safety net for their dependants, stated, Managing Director Prakash Schaffter added .
There are many inbuilt special features in the Janashakthi LifeSaver retirement plan which ensures maximum benefits and flexibility in investing to the policyholders. There is NO AGE LIMIT to commence the plan, which means that it is possible to start investing in this scheme at any time depending on each individual’s requirement. Janashakthi LifeSaver allows the policyholders to invest any amount of money at any time subjected to a minimum of Rs. 1000/=. Thus, by regularly putting aside an affordable amount from their earning during the working years, Janashakthi LifeSaver policyholders will be able to enjoy a steady income stream for the rest of their lives.
Further the policy will never lapse upon completion of 12 months which safeguards policy holders’ investments and guarantees a secure future. Joint lifetime pension for the policy holder and his or her spouse is yet another unique benefit of this retirement plan. Janashakthi LifeSaver retirement plan comes with a substantial life cover that includes protection from total permanent disability due to accident or sickness. Tax free maturity benefits of the Janashakthi LifeSaver retirement plan enables the policyholders to fully reap the benefits of their investments.
Janashakthi LifeSaver is simply a personal pension plan that offers a way of building up a private pension that is not affected by where the policyholders work or whom they work for. The retirement plan offers a chance to receive the benefits in several ways, depending on the policyholder’s preference. The money they invest builds up into a pot, which grows each year. The flexible nature of the investment permits the policy holders to top up their investments whenever they receive an additional income which in turn will increase the value of the pension upon retirement.
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By GlobalDataWhen a policyholder retires, the pot is used to pay a tax-free lump-sum, or pay a regular tax-free income – either for a fixed period of choice or for life. The policyholder can opt for an income for a fixed term of 10, 15 or 20 years, or for the entire lifetime. The monthly payment will increase every year, to help counter the effects of inflation on their income.
"Our retirement plan advisors will ensure that each policyholder opt for a plan that suits their individual requirements. As a first step clients can talk to one of our pension plan advisors, who will help them to calculate how much income they are likely to need in the retirement years, and how much they will need to save in order to receive the level of income they would like from this plan during retirement; whether it is to cover basic expenses, or to supplement the income they may have from other sources so that they will be able to spend more on things they enjoy.
More importantly we have locked in features based on research of market needs that make this the most unique market centric pension plan in the history of local and possibly global Insurance It is liquid,It saves and protects and it never lapses- We are extremely proud to have this as a lasting contribution to the market dynamics of insurance marketing in Sri Lanka.-concluded Shehara De Silva, General Manager – Sales & Marketing.
Janashakthi Insurance has an exceptional record of financial stability and claim settlement. It has the highest stated capital of Rs. 1.49 billion among quoted insurance companies in Sri Lanka, with Rs. 12.7 billion in assets and over Rs. 7 billion in annual gross written premiums. Janashakthi has paid over 20 billion in claims to its policy holders, and is backed by global A-rated re-insurers.
