Softlogic Life launches ‘Dollar Saver’: SL’s first foreign currency insurance solution

Central Bank Governor Ajith Nivard Cabraal

Softlogic Holdings Chairman Ashok Pathirage

Softlogic Life Insurance MD Iftikar Ahamed

Softlogic Life Insurance Chief Distribution Officer – Alternate Channel Piyumal Wickramasinghe

Affirming its indelible reputation as Sri Lanka’s fastest growing life insurer, Softlogic Life goes beyond borders with the introduction of a powerful new USD savings life insurance solution, ‘Dollar Saver’ that will be offered to Sri Lankans working and living overseas.

Setting yet another benchmark in the country’s highly competitive insurance sector, the two-year savings plan enables Sri Lankans residing overseas to enjoy a 6.5% guaranteed annual return on their savings in dollars, while also benefiting from a life insurance cover equal to the maturity benefit. Softlogic Life’s Dollar Saver makes its mark in Sri Lanka as a first of its kind solution offered by a life insurance company within the nation. The product will be offered in full accordance with Sri Lanka’s Forex Regulations. 

Dollar Saver was launched in a virtual setting signifying the tech-based approach that has been adopted to ensure anytime anywhere take up of this policy. Highlighting the significance of the launch, Chief Guest Central Bank Governor Ajith Nivard Cabraal stated, “To keep Sri Lanka’s growth momentum, it is vital to attract foreign investments and one such key method in which savings can be generated is in the form of insurance and innovative financial instruments. The penetration of the insurance market is important and significant towards driving the country’s economy. I congratulate Softlogic Life on designing this innovative product which will now create a way for Sri Lankans who are working and living overseas to be part of a savings community in Sri Lanka.”

Softlogic Life’s Dollar Saver addresses both the protection and investment needs of Sri Lankans domiciled overseas with a foreign income. The product is open for dual citizens as well as Sri Lankan residents who earn income from an overseas source. Customers can start with a minimum of $ 5,000 and go up to a maximum of $ 100,000 with just a one-time premium payment. 

“In today’s context, with the competition and what’s going around the world, it is best for companies to evolve. Especially with the pandemic, it is key to evolve with technological advancements. Softlogic Life has always been an early adopter of technology even before the pandemic which has helped the company grow by 43% in the first half of 2021 amidst everything. With a clear advantage over the competition, we were ready to move forward and extend our insurance services to over two million Sri Lankans living beyond borders while giving an opportunity to bring in more dollars to Sri Lanka,” remarked Softlogic Holdings PLC Chairman Ashok Pathirage.

Customers can sign up to the Dollar Saver Plan through Softlogic Life’s highly secure, 100% paperless, digital onboarding process. They are also offered the convenient options of making their premium payments through any credit or debit card that are subject to limits, or fund transfers. 

“As Sri Lanka’s fastest growing insurance company with a revenue growth (GWP) of 43% in the first half of 2021 and a five-year CAGR of 30% which is almost double the industry, we are proud to have launched Sri Lanka’s first ever foreign currency insurance product that combines the elements of protection and investment returns in a meaningful manner. While this product is fully in accordance with the Central Bank forex and other regulatory requirements, the proceeds will be invested in government securities and similar risk instruments avoiding currency exposure to maintain all the liquidity on behalf of our policyholders. We extend a very warm welcome to all Sri Lankans earning a foreign income to join us online with a Dollar Saver policy so that you can earn a guaranteed return on your dollar savings and we can protect everything that is precious to you,” commented Softlogic Life Insurance PLC Managing Director Iftikar Ahamed.