Sri Lanka Insurance launches country’s first online life insurance plan

Sri Lanka Insurance (SLIC) has announced the launch of the country’s first ever life insurance plan available online for purchase. 

SLIC continues to evolve through innovation and adopting new technologies to cater to today’s digital customer. The company has been continuously investing its time and money to understand customer behaviours and their needs to develop products and services to ensure customer convenience. 

‘Sri Lanka Insurance Life Early Cash’ was a result of extensive market research where SLIC understood the modern and vibrant lifestyle of the young generations who look for early returns while they have a comprehensive protection cover. Today’s customer also looks for value for money and convenience which is offered through the ‘Early Cash’ Life Insurance policy by introducing it as an online product, which allows the customers to purchase the insurance plan at their convenience. This will also be a stepping stone for Sri Lanka Insurance to look at the possibilities of enabling their other Life Insurance plans as online products.

‘Early Cash’, is a long term plan in which pays up to 50% of the policy value in two advance payments before the end of policy period based on the policy term. Furthermore, policyholders will receive unmatchable bonus calculated based on the total policy value even if advance payments have been obtained, making it an unparalleled insurance solution in the market. The insurance solution can be further customised according to the specific insurance needs of policyholders with additional covers such as Critical Illness Cover, Hospitalisation Cover, Additional Life Cover, Permanent Disability Benefit, Accidental Death Cover and Spouse Cover etc. for enhanced protection.

In the event of unexpected demise of the policyholder during the policy period the entire sum assured with accumulated bonus will be paid to the dependants immediately, regardless of any previous advance payments made.

The insurance policy is open for anyone within the age of 18-60 years and policyholders can choose the policy period from 10, 15 and 20 years. Also, premium payments can be made annually, bi annually, quarterly and monthly as per the convenience of the customer.

As a company that drives digital transformation, SLIC is in a journey to expand its digital footprint in the insurance market by adopting new technology and digital initiatives which will result in customer convenience and of empowering customers to select the most suitable Issuance plan for themselves. Sri Lanka Insurance has been continuously introducing numerous digital initiatives to enhance customer convenience and satisfaction.