Introducing PrivilegedLife

If you are looking for a comprehensive fall back plan which allows enough flexibility to accommodate any unexpected circumstances and also secure your future in terms of retirement, PrivilegedLife is your ultimate solution.

It is a universal fund-based lifestyle product which covers the full spectrum from health to savings to retirement needs. The policy is unique and flexible in accommodating your bespoke requirements as it allows you to protect the fund’s value over time by opting for a ‘Top-Up Premium Option’ to it, whilst enjoying attractive dividends annually.

With PrivilegedLife, you are not only rewarded but it also ensures that you are well equipped in emergencies by offering you partial fund withdrawal options or loans against your policy. PrivilegedLife goes well beyond the norm by offering you the ability to convert the policy to a health fund at maturity, if you require ongoing medical bills to be met without having to make physical payments.  Members are also offered the ability to complement the policy with various rider covers and completely customise their requirements as per needs.

In a nutshell, PrivilegedLife is that all encompassing package which ensures that you are not only taken care of at your retirement but also is a well trusted partner throughout life.

Check out the key policy features below and get in touch with us for more details and to get onboard with PrivilegedLife (Click for explainer video).

Policy Features

Age at Entry

  • Minimum age at entry - 18 years

  • Maximum age at entry - 65 years

Maximum age at Expiry

  • Basic Benefit - 80 years

  • Rider Benefits - 70 years

Policy Term

  • Policy Term - between 10 to 40 years

Premium Paying Term

  • Minimum 5 years, maximum 40 years

  • Should be less than or equal to policy term

Payment Mode:

  • Regular premiums - Single premium, Monthly, Quarterly, Semi-annually and Annually

Minimum Basic Premium

  • Regular - LKR 5,000, Quarterly - LKR 15,000, Semi-annually - LKR 30,000, Annually - LKR 60,000

  • Single - LKR 500,000.00

Product Benefits:

  • Death Benefit - Death Benefit will be the Sum Assured or Fund Value, whichever is higher at the date of intimation of death.

Maturity Benefit Options

  • 100% maturity as lump sum

  • Health Fund Option - Withdraw up to 50% of the Fund Value at Maturity and allocate the balance for the Health Fund and subsequently claim for health needs.

Retirement Options - Annuity option

  • Withdraw up to 50% of the fund at maturity and allocate the balance for retirement. The Fund Value will be paid as an annuity, for retirement need based policies.

Annuity categories are as follows:

  • 10 years certain

  • 20 years certain

  • 10 years certain and until the demise of the Life Assured

Top-up of Premiums:

  • Top-up of premiums are allowed after the completion of one year. The minimum top-up limit is LKR 10,000.00 and there is no maximum limit

  • Only 4 premium top ups are allowed per year

Partial Withdrawal:

  • Partial withdrawal is allowed after the completion of five years on the following basis:

  • 25% of the Fund Value can be withdrawn every 3 years within the Premium Payment Term.

  • 25% of the Fund Value can be withdrawn up to a maximum of 2 times for every 3 years after the Premium Payment Term

  • 25% of the Fund Value can be withdrawn up to a maximum of 2 times, every 3 years for Single Premium Policies.

Policy Loans:

  • Policy Loans are allowed for Regular Premium Policies during the Premium Paying Term after completion of 3 years. The loan amount will be 90% of the Surrender Value.

Applicable Riders are as follows:

  • Additional Life Benefit

  • Accidental Death Benefit

  • Total Permanent Disability Benefit due to accident or sickness

  • Partial Permanent Disability Benefit

  • Critical Illness Benefit covering 29 illnesses

  • Hospitalization Benefit

  • Supreme Health Benefit

  • Surgery Benefit

  • Monthly Income Benefit

  • Cancer Rider Benefit

  • All riders for spouse

  • HB, CI, Supreme Health and Surgery Benefit for 4 children

Waiver of Premium:

  • Waiver of premium due to death

  • Waiver of premium due to total permanent disability

Annual Dividends:

  • Attractive annual dividends to policyholders

Loyalty Dividends:

  • One Basic Annual Premium will be added to the fund value at the end of every 10th policy anniversary within the premium paying term of the policy

  • This is applicable only for Regular Premium Policies

Terms and Conditions Apply*

Get in touch with us today to get your very own PrivilegedLife cover to enjoy these amazing benefits.

More information can be obtained from the nearest HNB Assurance Branch or from our helpline on 0114 384 384.

Click here to download the brochure.

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