AIA Insurance signs MoU with Commercial Bank, IFC

Wednesday, 20 April 2022 00:00 - - {{hitsCtrl.values.hits}}

Initiative to ensure financial security for women in Sri Lanka

AIA Insurance’s Women’s Program, (Aya Surakina AIA) marks yet another milestone in collaboration with the Commercial Bank of Ceylon (CBC) and International Finance Corporation (IFC) to empower Sri Lankan women across the island by enhancing their financial stability with life insurance protection.

This initiative with CBC and IFC under the latter’s IFC-DFAT Women in Work program, offers an array of affordable life insurance solutions and wellness solutions for CBC’s ‘Anagi’ women account holders and their loved ones with an aim of empowering women and improving their long-term financial stability which will significantly contribute to the Sri Lankan economy in the long run.

Under the terms of the Memorandum of Understanding (MoU), AIA Insurance will offer tailor-made life insurance solutions worth LKR one million to five million starting from as very low as Rs. 1,100 annually for all ‘Anagi’ women customers and their spouses.

The life insurance plan covers both natural and accidental death of the life insured. Additionally, all customers who purchase AIA’s life insurance solution will be eligible for 12 free online fitness classes every month via the Fitzky app from the safety and comfort of their homes and will also be eligible to avail of a 15% discount on dental consultations at any ‘My Dentist’ clinic island wide.

AIA’s Chief Executive Officer Nikhil Advani said: “AIA is proud to partner with Commercial Bank of Ceylon, one of the leading private banks in Sri Lanka to jointly increase financial security and protection for their women customers. The partnership with Commercial Bank exemplifies how two strong organisations can collaborate to make a huge difference in society. We are also grateful to IFC for their support and partnership in developing AIA’s gender inclusion strategy for its employees, distribution, and customers.”

Commercial Bank’s Managing Director/Group Chief Executive Officer S. Renganathan commented: “Women are one of our key focus groups and we are extremely pleased to add this unique benefit to our Anagi Women’s Banking portfolio. I believe this collaboration between the Bank, IFC, and AIA will offer a secure financial future for women, who are the livewire behind the economic growth of our country.”

Remarking on this latest initiative under the IFC-DFAT Women in Work program, IFC Country Manager for Sri Lanka and Maldives Lisa Kaestner said: “Realising the untapped potential of the women’s insurance market is significant in helping build resilience to shocks, grow businesses, and increase the economic participation of Sri Lankan women. The Commercial Bank of Ceylon and AIA Insurance are longstanding partners of IFC, and we are delighted to collaborate with them to raise awareness about the insurance needs so they can better serve Sri Lankan women, helping them secure a financially stable future.”