SLIC gets contract to reimplement ‘Suraksha’ student insurance coverage for three years

The Cabinet of Ministers on Monday approved awarding ‘Suraksha’ student insurance coverage contract to Sri Lanka Insurance Corporation General Ltd., (SLIC) for three years.

After evaluating the bidding proposal submitted by SLIC, the negotiation committee appointed by the Cabinet of Ministers recommended executing the insurance coverage for the years 2024-2027. The total cost for this period is Rs. 6.027 billion (excluding VAT).

Additionally, the Cabinet approved extending the death benefit under the life insurance policy to the parents of students from families with an annual income of less than Rs. 180,000. This benefit will also cover students whose families are part of the ‘Aswasuma’ program. 

On 6 May 2024, the Cabinet approved the reimplementation of the Suraksha Student Insurance Coverage program. The decision includes calling for quotations from the SLIC for the program’s execution. 

The Suraksha Student Insurance Coverage aims to provide comprehensive insurance benefits to students, ensuring their well-being and supporting families in need during challenging times.

The joint proposal by President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister, along with the Education Minister Susil Premajayantha was approved by the Cabinet of Ministers.