Sri Lanka Insurance Corporation (SLIC) yesterday announced it has declared the largest-ever life insurance bonus in the country amounting to a staggering Rs. 8.6 billion for the year 2020 to its life insurance policyholders.
It said the amount is the largest life insurance bonus ever to be declared in the insurance industry of Sri Lanka and brings the total of life insurance bonuses declared to policyholders since 2005 to Rs. 73.2 billion.
“With the outstanding declaration Sri Lanka Insurance has upheld the trust placed by the policyholders as the strongest insurance provider in Sri Lanka despite the difficulties the country is experiencing due to the COVID-19 pandemic,” SLIC said in a statement.
It said Sri Lanka Insurance life insurance offers an array of life insurance solutions to suit the needs for every walk of life in today’s competitive market environment.
Recording the largest life insurance fund of Rs. 138 billion, the company’s prudent investment management strategies and accumulating life fund have enabled the company to give higher returns to its policyholders.
The nations trusted insurer, has achieved this extraordinary performance while reporting a significant growth in its assets base to Rs. 243 billion, which is again the largest in the insurance industry. In the year of 2020 Sri Lanka Insurance reported 29.9% growth in life insurance premium increasing to Rs. 19.2 billion from Rs. 14.8 billion in 2019.
Focus towards customer convenience took centre stage in the company strategies in the year 2020, with the introduction of online payment gateways, 0% interest easy payment schemes and online proposal submission.
Educating the Sri Lankan people of the importance of a life insurance is an aspect Sri Lanka Insurance holds close to its heart from the inception of its existence. The national insurer is in the forefront propagating the concept of life insurance to every corner of the country ensuring the protection for all Sri Lankans.
The trust Sri Lanka Insurance has earned from people of Sri Lanka is evident by the accolades it received. SLIC is ranked as ‘The Most Loved Insurance Brand’ for the fourth consecutive year by Brand Finance. Sri Lanka Insurance also recorded the highest growth in the life insurance sector in terms of brand value making it the fastest growing life insurance brand in Sri Lanka.
The national insurer is on a mission of being a customer focused company which constantly innovates in providing insurance services to customers and is striving to increase dynamism and expertise of the overall operation of the company. Also, the company is focused on expansion of the branch network which currently stands at 158 branches located island-wide to provide a convenient service to customers.
(FT)