Janashakthi Life, a prominent name in the insurance sector and a key brand of the Janashakthi Group (JXG), has made a significant advancement in life insurance by unveiling a new benefit that surpasses conventional age limitations. This innovation aims to enhance long-term financial security for customers in Sri Lanka.
In a groundbreaking move for the local insurance market, Janashakthi Life has now raised the eligibility age for life insurance coverage to 80 years, well above the current industry standard of 65 to 70 years. Furthermore, the policy offers life insurance and maturity benefits up to the age of 90, establishing a new standard for long-term financial protection and continuity.
This forward-thinking initiative responds to the changing demographics in Sri Lanka, characterized by increased life expectancy and a growing elderly population that are influencing financial planning requirements. The new policy addresses the critical need for financial security among older adults who seek stability and dignity in their later years.
Ravi Liyanage, the Director and CEO of Janashakthi Life, commented on the launch, saying, “As life expectancy continues to rise, our insurance offerings must adapt to reflect contemporary societal realities. At Janashakthi Life, our mission is to enhance lives and empower aspirations by providing substantial value to our stakeholders ethically and transparently, while serving as a dependable partner in safeguarding what is most important. We have consistently been at the forefront of the industry, introducing innovative solutions such as coverage for COVID-19, AIDS, and military-related incidents, demonstrating our commitment to addressing real and evolving needs.”
He further emphasized, “This new offering underscores our dedication to long-term security, accessibility, and meaningful protection for our clients. By extending eligibility to age 80 and providing life coverage and maturity benefits up to age 90, we ensure that financial protection persists into later life stages when it is most crucial.”
Data from the Department of Census and Statistics indicates a significant rise in Sri Lanka’s elderly population over the last decade. From 2012 to 2024, the number of individuals aged 70-79 surged by nearly 90%, while those aged 80-89 rose by over 63%. These statistics highlight a clear trend of increasing life expectancy and an ageing demographic, emphasizing the urgent demand for financial protection solutions that extend beyond traditional limits.
By expanding coverage and benefits into the later stages of life, Janashakthi Life reaffirms its commitment to making insurance more relevant, inclusive, and responsive to genuine societal needs, ensuring that protection is available when it is most necessary.
Founded with the aim of making insurance accessible to everyone, Janashakthi Life remains focused on providing long-term security, innovation, and personalized service throughout Sri Lanka. This latest product introduction further solidifies its position as a progressive insurer dedicated to evolving alongside the needs of its customers and the changing demographic landscape of the nation.
