Sri Lanka Insurance launches ‘Tele-Life’

The two State blue chips, Sri Lanka Insurance and Sri Lanka Telecom (SLT), entered into a historical agreement yesterday, launching ‘Tele Life,’ an affordable life insurance solution for SLT customers.

This unique new partnership will unfold an affordable insurance premium for all new and existing SLT megaline customers. All SLT megaline customers who obtain a ‘Tele-Life’ insurance policy will be eligible for a life insurance cover and a permanent disability cover due to accident of Rs. 100,000 for a monthly premium of Rs. 60 plus relevant taxes, which is as low as Rs. 2 per day. This premium will be added to their telephone bill in the event they opt to make use of this unique offer.

Sri Lanka Insurance CEO and Managing Director Mohan de Alwis said: “We are committed to taking insurance to every Sri Lankan household whilst making them aware of the benefits insurance offers. The partnership with SLT is yet another step towards reaching this milestone. Sri Lanka Insurance has always been in the forefront to innovate and implement flexible policy systems which enables customers to select from a wide range of options which can be adapted according to their individual requirements.”

SLT Chief Executive Officer Greg Young said: “SLT is pleased to partner with Sri Lanka Insurance Corporation, to provide an insurance policy from a trusted and reliable organisation at affordable monthly premiums. With this monthly premium added directly to SLT phone bill customers will have the convenience of paying only a single bill. We are interested in providing all-rounded services that provide a better overall experience to our customers.”

Sri Lanka Insurance is the largest and strongest composite insurance provider in Sri Lanka, with a managed asset base that stands at Rs. 88 billion, over Rs. 6 billion in capital and a Life fund of approximately Rs. 50 billion SLIC. It is backed with very strong re-insurance arrangements, highly experienced technical knowledge and the widest network across the country.

Sri Lanka Insurance is the only insurance to be rated AAA by RAM Ratings for its long term ability and is the first insurer to be assigned a global rating AA-(Ika) by Fitch rating London. The company has also been awarded ISO 9001:2008 certification for correct governing and operational procedures in line with accepted global standards.

At the recently-concluded World Finance Awards held in London, Sri Lanka Insurance was awarded ‘The Insurance Company of the Year 2010 in Sri Lanka,’ competing and winning against the best in the insurance industry in Sri Lanka.

Today Sri Lanka Insurance is the benchmark for service excellence in the industry. It also recorded incremental revenue of Rs. 1.3 billion at year end 2010 and recently invested US$ 63 million in acquiring the shares of Shell Gas Lanka Ltd. and Shell Terminals, which has now been rebranded as Litro Gas.

Sri Lanka Telecom is one of the country’s most valuable blue chip companies with an annual group turnover in excess of Rs. 45 billion. The SLT Group has a customer base of over 5.5 million.