Life insurance – why it's so important
People are used to purchasing different insurance products such as home or car insurance. The purpose of each insurance type is pretty clear and doesn't even require much thinking, as the benefits of having certain pricey objects insured are evident. Yet, when it comes to the most expensive thing a person can have – his or her life – people start having doubts about giving their money for the type of insurance they cannot benefit from themselves. Reading further into the purpose of life insurance most people get turned off by the mentioning of things like death and can't imagine why would they want to insure their life. Let's take a closer look and answer the question why life insurance is needed. Life insurance is designed to pay out a specified sum of money to persons that you indicate in your policy in case you die, become terminally ill or disabled. It is intended to replace a person's income to people that actually depend on it. Eventually the beneficiaries of life insurance are in most cases the family of the policyholder. In other words, when you buy life insurance for yourself you're actually securing your family or dependents from the financial impact that will follow your death. So we can certainly say that this type of insurance is the most altruistic of all insurance services. Who and why would need life insurance? The largest group of life insurance buyers are people with a good career, married, with children and steady income. These people are the main income earners in the household and are responsible towards in their financial obligations towards their loved ones. They are rational and clearly understand that if anything happens to them their families will suffer a great financial loss and will have to change their lifestyle drastically because they won't be able to afford all the things they did before. It is especially important when there are certain financial obligations in force such as mortgage that have to be paid. When there's life insurance the people you love are protected financially from most hardships once you are gone. Life insurance will certainly look like a waste of money for single people with no family or dependents. Or to selfish people who don't care what will happen to their family in an unforeseen situation. But if you're a responsible person who really cares about their family then getting life insurance is really a good choice for you.

http://youtu.be/kxjqPut4b9M

Sri Lanka Insurance Bee from Nazafi on Vimeo.

BREAF HISTORY OF SRI LANKA INSURANCE


Sri Lanka Insurance

From Wikipedia, the free encyclopedia

Jump to: navigation, search

Sri Lanka Insurance Corporation

Type	Government-owned corporation
Industry	Financial services
Founded	1961
Headquarters	Colombo, Sri Lanka
Products	Insurance, asset management
Website	Official Website

Sri Lanka Insurance Corporation Limited, also known as Sri Lanka Insurance is the largest and strongest composite insurance provider in Sri Lanka. It is the first and only insurance company in Sri Lanka to be assigned a prime AA- rating for Insurance Financial Strength from the global rating agency Fitch Ratings London. The company now manages assets worth over US$ 500 Million.

[edit] 

Sri Lanka Insurance was incorporated by a special act of Parliament in 1961. It was formed by nationalizing the insurance industry which was run by various local and foreign private companies. It maintained the monopoly in the insurance industry until the establishment of the National Insurance Corporation in 1980. In 1988, the insurance field was liberalized by permitting private companies to enter the industry. In 1993 with the objective of providing greater autonomy to operate in this environment, the corporation was converted to a fully government-owned limited liability corporate entity. It was subsequently sold to the "Distilleries-Spence Consortium" under the Government Privatization Plan in April 2003. As such, it became a subsidiary of Distilleries Company of Sri Lanka PLC.
In November 2006, Sri Lanka Insurance acquired Lanka Hospitals Corporation PLC, which owns and operates Apollo Hospitals Colombo, a 350 bed state of art health care facility.^[1]
The Sri Lankan Parliament's Committee on Public Enterprises (COPE) revealed that the privatization process of Sri Lanka Insurance Corporation was irregular.^[2] In 2007, a case was filed in the Supreme Court challenging the privatization of Sri Lanka Insurance Corporation citing the revelations of this report.^[3] On 4 June 2009, the Supreme Court of Sri Lanka annulled the sale of Sri Lanka Insurance Corporation in 2003. As such Distilleries Company of Sri Lanka PLC was ordered to return its stake in Sri Lanka Insurance to the government treasury. The treausry was ordered to pay the purchase consideration back to Distilleries Consortium.^[4]

INVEST WISELY WITH SRILANKA INSURANCE

Life Insurance Minimuthu - Children's Plan Freedom - Retirement Plan Divi Thilina - Protection Plan Praguna - High Returns Plan Yasa Isuru - Advance Benefit Plan Yasas - Single Premium Life Plan Mortgage Protection Plan Jana Diri - Two Year Relief Plan Swarna Dhaja                                                                                                                                                                                                                                Motor Insurance Non Motor Insurance
 Sri lanka insurance life Sri Lanka Insurance Life offers a range of life insurance plans to suit your income and life style.

 With the largest life fund- Rs. 50 billion in the insurance industry and the largest managed asset base of Rs. 88 billion Sri Lanka Insurance Life offers guaranteed bonus on your life insurance plan from the very first year of policy commencement.

What Happens If We Are Over 85 In Age And Living Without Life Insurance? Filed in What You Need To Know People get life insurance for many different reasons. There are those who invest for the sake of their loved ones rather than for themselves. For instance, one would want to get a life insurance policy just to make sure that should anything happen to them, their loved ones would not be left helpless. It is tough enough to lose someone dear. Having to worry about financial obligations, burial and wake details and the like could triple the burden. That is exactly what life insurance is all about. It ensures the policy holder that their loved ones are free to grieve and will not be left with more problems. Senior citizens are recognizing that and so even though they really did not invest in one in their youth, as the saying goes, it is better late than never. Realizing the risks of living without one, they invest on it even at an old age. It is a good thing that such insurance policies are now available. So what can happen if a person who is over 85 years old is living without life insurance? As much as I don’t want to sound grim, the truth is that at that age, the end is getting nearer and nearer. In fact, it is a good thing that at that age, a senior is still able to think clearly and decide on what to do. Then again, that does not eliminate the fact that they are no longer at their prime. What is good about having one at that age is that should they pass away, they have prepared for it and their family does not have to worry about anything? All the financial obligations will be handled by the insurance company. The loved ones can really grieve and not have to deal with other obligations. Without one, bothering your family and friends in death becomes a real possibility. Good thing it can be avoided. Another thing that can happen if you are living without life insurance and you are far from being young is that you do not have peace of mind. At that age, you really just want to lounge around and enjoy life. You can throw your worries out of the window and just smile and enjoy whatever is left of your life. Otherwise, it is just not possible. You will be overly cautious knowing that you have no preparation for the future whatsoever. The truth is; it is not just the senior citizen who is robbed of peace of mind if he or she is living without life insurance if he is over the age of 85. The family members and friends are also well aware of the situation and they too will worry. That is something that everyone wants to avoid. So why live without life insurance if you have an option to get one? Get the peace of mind that you deserve by preparing while you can.

What Is An Insurance Premium? Filed in Understanding The Terms If you have availed of insurance in the past, then you are probably aware of what an insurance premium is. For those who are still wondering what it is, let us provide you with the definition. Simply to put, an insurance premium is the amount that you have to pay the insurance company in order to make sure that you are still covered by insurance. Consider this as your basics when it comes to insurance and the financial obligations involved in getting one. As mentioned above, it is the amount that you have to pay your insurance company. Again, the cost is not the same for all people. It depends greatly on several factors. Firstly is the amount of coverage that you desire, secondly is your health and thirdly is your age. Let us discuss these one by one. Insurance companies offer many packages for their clients. Along with the different packages comes with different rates. The more comprehensive the package, the higher the rate will be. The simpler and more basic the package, the less expensive the premium will be. Now what does our health have to do with it? A healthy person tends to get lower insurance rates for the simple reason that they are considered to be low risk by the insurance company. Let’s say if you are getting a health insurance. A sick person is bound to get higher rates because there is also a higher chance for that person to end up in a hospital. The last factor is age. Age and health are greatly intertwined. An older person is more likely to be sickly than one who is young and in his or her prime. The insurance premium amount should be clearly stated in the insurance policy where the client and the insurance company signed. That means that the insurance policy holder agrees to the policy and is thus liable to pay for the premium regularly. It is important to note that one must not miss out on paying for it. You might have paid for your premiums for years now but if you miss one deadline (including the grace period), that could mean that you will lose your insurance forever and the money that you have paid for in the past goes down the drain. In short, failing to pay for your insurance period will cost you a lot of money. If you are talking to an insurance agent and you are worried because you think that the premium is too high, do not fret. You can always negotiate with the price. This could mean that some benefits will be removed from the package but at the end of the day, the important thing is that you have the policy that fits your lifestyle, your needs and the budget that you have.

What Is A Life Insurance? Filed in Understanding The Terms When we turn on the TV, read the newspaper or just browse for ads, it is most likely that you will bump into an advertisement of life insurance. What is a life insurance? Is it the same or different from a medical insurance? We all have pretty much an idea of what the word insurance means. In a nutshell, we can put our hearts at rest and our minds no longer need to worry about the future because we have the assurance that we will get help when we need it most. That is exactly what life insurance offers and that is precisely why it is still in business after all these years. So what exactly is a life insurance? Do not confuse it for a medical insurance wherein medical bills will be paid by the insurance company when the owner gets sick. A life insurance ensures the beneficiary of help and monetary compensation should anything happen to the holder of the insurance policy. In case of death, the family member and loved on no longer has to worry about financial obligations, interment and the like. The insurance company will take care of that, leaving the loved one to grieve in peace. There are several reasons why people opt to get a life insurance rather than to just worry about death when it gets there. First is that they love their family and so the insurance holders do not want to add extra burden to their spouse and kids should anything happen to him or her. That means that the family members or the beneficiaries will get money as well as help for the cost of the funeral and the like. Once again, money problems will not prevent them from fully grieving because the insurance company has it all covered. There are also companies that offer life insurance to their employees. This is called group life insurance. The good news is that employees do not have to pay extra for it. However, if they want additional insurance benefits, they have to pay for it on their own but at a relatively lower rate. There are many factors that determine the cost of insurance. Once again, when a company approves to insure you; that means that they are taking a risk at you. Of course, those that they consider to be low risk will have a lower premium. Low risk would mean you are healthy, a non smoker and lives a very good lifestyle. Now if you have been to a series of car accidents, you smoke day and night and you are known to have high blood pressure, high sugar, high cholesterol and the like, be prepared for a higher premium than your average healthy guy. There are several kinds of life insurance for you to choose from in order to get one that best fits your lifestyle. There’s whole life insurance, variable life and term life. The coverage and fees would vary accordingly.