Policy holders have the option to pay the premium monthly, quarterly, half yearly or annually
HNB Assurance, Srilanka, has introduced its insurance product ‘mylife’, specifically designed for youngsters of the country – reported Daily Mirror.
Any person between 18 to 40 years could go for HNB Assurance’s ‘mylife’ policy, that matures after a period of 15 years. Policy holders have the option to pay the premium monthly, quarterly, half yearly or annually.
The new ‘mylife’ policy allows 15% of the assured sum for special life situations such as marriage, child birth, at the time of a child’s school admission and when the policy holder wishes to purchase a vehicle.
Manjula de Silva, Managing Director, HNB Assurance, said: “We realised that none of the insurance companies have targetted the needs of our youth. The insurance for people of the ages between 18 to 40 years is a significant target market for the industry. We have about 32% people above 40 years and another 6% people above 65 years. You have only 62% of the market as a whole.”