The Commercial Bank of Ceylon announced that it has partnered with several insurance companies to offer special life and general insurance products with unrivaled low premium rates exclusively for female customers, as part of the “Anagi Women’s Banking” of the Bank.
Extending the scope of the Bank’s services to support this segment, insurance coverage includes options for life insurance, commercial insurance and home insurance, the Bank said.
In addition to the special premium rates that apply, coverage can be obtained through an extremely simplified process and can be extended to clients’ spouses. The Bank said the program is expected to promote financial inclusion, one of the main objectives of the Anagi Women’s Banking portfolio, through insurance protection.
The value of the life insurance policy provided under this scheme ranges from Rs 1 million to Rs 5 million and covers contingencies of ‘natural and accidental death’ of the insured life during the policy period.
Under this life insurance facility, a female Commercial Bank customer between the ages of 18 and 45 can take out a Rs 1 million policy by simply paying an annual premium of Rs 1,100. Spouse can get the same policy for Rs 1,500. Women aged 46 to 65 can opt for the same sum insured with an annual premium of Rs 2,200, if the policy is taken for themselves, or Rs 2,750 , if the policy is taken out to cover the spouse. Cover can be purchased at multiples of unit rates of Rs 1,100 or Rs 2,200.
Citing the 2020 report of the Insurance Regulatory Commission of Sri Lanka (IRCSL), the Bank said that these are incredibly affordable life insurance policies for women, considering that the average sum insured in Sri Lanka is only 1.4 million rupees that long-term policyholders pay for. an average annual bonus of Rs 28,655.
Commercial Bank customers who become life policyholders under this program are also entitled to value-added services such as access to free fitness classes from the leading online fitness provider Fitzky, and a 15% discount on consultations at any My Dentist clinic, the largest chain of dental clinics in Sri Lanka.
In addition to life cover, business women can also benefit from commercial insurance under “Anagi”. It offers protection against fire or lightning, explosions, malicious or aerial damage, a series of natural disasters, burglaries, acts of terrorism and disturbances, among other incidents. The policy covers damage to buildings, including permanent fixtures, fittings, machinery, inventory, cash and personal property of the policyholder as well as the cost of accidents at work, hospitalization, loss rent, debris removal, architect’s, surveyor’s and engineer’s fees due to damage or accidents, and damage to service lines, to name a few. It also includes Individual Accident cover for employers and employees in the event of death or permanent disability, as well as civil liability cover.