Pan Asia Bank offers free medical insurance cover for ‘Suwasavi’ deposit holders

Sri Lanka’s fastest growing commercial bank, Pan Asia Banking Corporation PLC re-launched its unique value added fixed deposit product, ‘Suwasavi’ which comes with a free medical cover and a host of other benefits.  

Under Suwasavi the bank will offer a free medical cover up to 15% of the value of the fixed deposit which enables the deposit holder to reimburse the medical cost.    

This value addition is offered in addition to the attractive interest rate offered on the Suwasavi fixed deposit. Hence Suwasavi enables the account holder to meet unforeseen medical expenses while enjoying a high interest on his/her fixed deposit. 

This value added benefit is designed to offer much sought after relief to customers who need protection against ever rising costs of hospitalisation which otherwise may jeopardise one’s future financial plans.. 

Suwasavi Fixed Deposits are offered for a period of one year with a minimum investment of Rs.100,000 and customers have the option to receive interest monthly or at maturity.

While the deposit holders between the age group 18 to 65 can claim their medical bills up to 15% of the fixed deposit value, for the elderly group between the age 65 to 75 could claim up to 10% of the deposit value. 

For instance, a Suwasavi deposit holder belonging to the first age category who has a Rs. 1 million fixed deposit will receive a free medical cover of Rs.150,000 during the deposit period of one year.

Making the product further attractive the medical coverage will also extend to the immediate family of the deposit holder i.e. husband or wife and two unemployed and unmarried children under 21 years. 

In the case of an unmarried Suwasavi fixed deposit holder, he or she can obtain the free medical cover to include his/her parents below the age of 75 years.

Medical insurance cover provided with Suwasavi fixed deposit allows customers to receive treatment from any private hospital and the insurance services for this special scheme is provided by the Asian Alliance General Insurance Limited. (AAGI)  which is one of the leading insurance providers in the market.