Ceylinco Life Launches Campaign to Revive Lapsed Policies

Ceylinco Life Insurance has launched a two-month campaign to encourage policyholders to revive lapsed policies and is offering to waive 50 percent of the late payment fee for those who respond before end August 2019.

A lapsed policy can be revived by paying the missed premiums and the discounted late payment fee. If the policy has lapsed for more than six months, policyholders also have the option of paying one or two months’ premiums and extending their policy term further, after submitting a health declaration.

As part of the initiative, the life insurer has commenced a communications campaign to educate policyholders about the disadvantages and potential pitfalls of having inactive policies. Ceylinco Life’s sales team has also been tasked with door-to-door calls on lapsed policyholders to facilitate re-activation. Members of Company’s sales team will approach lapsed policyholders island-wide with tools such as informative videos and real life examples, to convince them to revive their policies.

“There is inadequate awareness in the market of the consequences of having a lapsed life policy. In many instances, the policyholders’ beneficiaries are unaware that their policies have lapsed and have a false sense of security. This campaign will help improve awareness about the negatives of this situation, and serve as a catalyst to reviving many lapsed policies.” – Ceylinco Life Managing Director Mr Thushara Ranasinghe.