Vinivida provides for your:
- Higher Education
- Vocational Training
- Career Development
- Business Investment
- House and Vehicle
- Child Birth
- Children’s Future
- And much more…..
Vinivida is the first policy of its kind in Sri Lanka that caters to all of your own and your family’s needs.
It also offers:
- Investment Protection Account (IPA) provides maximum benefits for your investment and savings
- Additional Premium Payment Option
- Maturity Settlement Options
- Lump sum payment
- Extended Investment
- Flexibility on the maturity date of the policy
Extra Optional Covers:
- A lump sum of money for critical illness (covering 24 illnesses)(CIC-Critical Illness Cover)
- The sum insured could be double or trebled in the event of accidental death(ADB)
- Payment of annual instalmentsin the event of an accident (TPD) or disability caused due to an accident or sickness(ASD)
- Financial cover that pays a percentage of the sum insured for loss of limbs (EPD)
- Payment of premium wavered due to disability (WOP)
- Life cover and extra covers for the spouse with minimal premium(SPB)
- Hospital Cash Benefits(HCB)for you and your family
(These additional insurance covers can be obtained for a small payment in additiontonal to your premium)
Select your “Mode of Premium Payment” to suit your requirement
- Half Yearly)
- Oras a special “Single Premium”)
All these and many more benefits come to you with maximum flexibility and the strength of the MBSL Group
This unique product has been introduced with the best possible features, which are flexible, to cater to almost all Life Insurance needs (protection) of a person, providing maximum possible returns on your investments (savings) with a high level of transparency while safeguarding the interest of all company stakeholders. This Policy combines some of the desirable features of both Conventional and Universal Life Insurance products popular in many countries, which are tailor-made to suit virtually any situation.
The Basic Structure
The Policy is written as a long-term assurance which can be obtained for specified terms. For example, 10, 15, 20, 25, 30 or 40years, subjectto the maximum maturity age of 70 years
This Plan is basically divided into two parts:
- First Five Years
- The Balance Period
During the first five years, the policy has been designed as a non-participatory Endowment Policy with guaranteed (Death, Surrender, Paid-up) benefits. At the end of the 5th year, a Transfer Value (TV) is calculated for each and every Policy in force, and the Policy will automatically be converted to an Investment and Protection Account (IPA) with an opening balance of the above-mentioned Transfer Value. After the conversion, the investment, expense and insurance elements of the Policy are separately identifiable. This provides for transparency, flexibility in frequency of premium payments as well as the changing level of coverage during the policy term. The Accumulated Fund Value (Cash Value of the Policy) changes in accordance with the premium payments, additional payments if any, assessed expenses, mortality charges and (interest) dividend credited.
Maturity Settlement Options
- Lump Sum Payment Option Policyholder may elect to receive the amount in the Investment and Protection Account in a lump sum
- Extended Investment Option As an alternative to receiving payment as a one off lump sum on the date of maturity, the Policyholder may elect to leave the Policy proceeds with the Company. On the death of the policyholder, the amount in the Investment and Protection Account asof the date of death will become payable to the beneficiary.
- Pension Option On the date of expiry in lieu of the maturity value (Accumulated Fund Value) of the policy, the policyholder can select a pension starting at the age of 55, 60 or 65. Rider Benefits that provide extra benefits can be chosen at the outset of the policy or can be added later to the policy, subject to payment of relevant additional premiums and insurability.