Wednesday Sep 18, 2024
Wednesday Sep 18, 2024
Friday, 25 July 2014 00:00 - - {{hitsCtrl.values.hits}}
The insurance cover is designed and developed by Colombo Re-Insurance Brokers.
According to Asian Alliance, the aim of the policy is to empower the senior citizens with the strength to face the challenges and sicknesses that may occur during their retired life.
Currently the total pensioner population is around 536,000 where 25,000 enter the database annually.
The policy is available under three insurance plans and ranges from Rs. 125,000 to Rs. 500,000. While the pensioners will chose from one of the three plans depending on their financial capabilities, the maximum premium for the cover is of only Rs. 400 per month including taxes.
The product also allows policy holders to upgrade their plan to Rs. 100,000 that will help cover medical expenses for 10 specified diseases and illnesses for an annual premium of Rs. 750.
Highlighting features of the product at the launch event, Asian Alliance Director/Chief Executive Officer Ramal Jasinghe noted that the policy was devised for the pensioners as a way of appreciating them for a lifetime of untiring contribution to society.
“Our senior citizens have played an integral role in the development of Sri Lanka and we are today reaping the benefits of their many years of hard work. It’s imperative we give back to them and this is a one way we can help,” expressed Jasinghe.
Keen on serving the entire retired population, he stated that depending on the success of Buhuman Asian Alliance will consider devising a similar scheme for the private sector though the Employees’ Provident Fund (EPF).
Retirees can obtain the policy by filling out the Buhuman form available in the official website of the Pensions Department and all the Divisional Secretariat Offices. Asian Alliance Insurance PLC is a Composite Insurer rated BBB+ by Fitch Ratings and is one of the few companies in the industry to have obtained an international rating. The shareholders of the company include DEG and FMO that are internationally-reputed AAA DFI institutions.
Asian Alliance operates through a network of 53 locations that are positioned in all provinces of the country and is part of the fast growing Softlogic Group that has interests in healthcare, retail, financial services, ICT, leisure, automobiles and restaurants.
