Sri Lanka Insurance declares a staggering Rs. 11.2Bn bonus for Life policyholders

Wednesday, 10 July 2024 00:00 -     - {{hitsCtrl.values.hits}}

The SLIC Life management team symbolically presents bonus declaration letter to Nuwara Eliya Assistant District Secretary G.S.D. Gamlath


Sri Lanka Insurance Life Chairman President’s Counsel Ronald C. Perera addressing gathering

Sri Lanka Insurance Life Group CEO Chandana L. Aluthgama officially declaring bonus value for year 2023


Highest Life Insurance bonus year-on-year in the industry, cumulating to a massive 

Rs. 104 Billion since 2006

The nation’s Life insurer, Sri Lanka Insurance Life (SLICLL) yet again outshines its own record to declare the largest Life Insurance bonus in the industry amounting to a staggering Rs. 11.2 Billion for 2023 to its policyholders.

Since 2006 SLIC has triumphed in declaring the highest Life Insurance bonuses year on year in the industry which is now more than a massive Rs. 104 Billion making the SLIC bonus declaration unmatchable. 

By declaring the highest and largest ever Life Insurance Bonus in the country, Sri Lanka Insurance Life has upheld the trust placed by the policyholders as the strongest insurance provider in Sri Lanka. Despite internal changes and the economic and social impact felt by the company, Sri Lanka Insurance Life was able to increase its asset base to Rs. 221 Billion and the life fund to Rs. 180.8 Billion, to further strengthen its position as the largest and strongest local insurer. Furthermore, the monthly average Life Insurance claim settlement exceeds Rs. 1 Billion amounting to around Rs. 12 Billion annually in addition to the annual bonus declaration. This affirms the prudent investment management strategies of the company and further emphasis on Sri Lanka Insurance’s commitment towards its policyholders and their well-being. 

Special event 

The official bonus deceleration event was held at a special event at Nuwara Eliya in the presence of the corporate management, regional management, sales team and customers on the 6th of July 2024. The Group Chief Executive Officer of Sri Lanka Insurance Life Mr. Chandana L Aluthgama officially announced bonus value for the year 2023, which was followed by the launch of the communication campaign of the bonus declaration. 

Reflecting on this significant milestone, Chandana L Aluthgama Group Chief Executive Officer of Sri Lanka Insurance Life stated, ‘we are a company with a legacy of 60 years and we have stood by our customers at all times and kept our promise. Despite various challenges, we have remained steadfast in our mission to prioritize the well-being of our customers. The company’s prudent management strategies and positive approach towards the growth of the business has earned us great results for the year 2023. Our commitment towards our policyholders have always been our priority and Rs. 11.2 Billion bonus declaration is a result this very commitment.’ he said.

Chairman of Sri Lanka Insurance Life President Counsel Ronald C Perera stated, ‘Our ability to declare an enormous Rs. 11.2 Billion bonus for our policyholders underscores SLIC Life’s financial strength and resilience as a company.’  He also emphasised on the fact that this is the largest sum of money an individual company has declared as bonus in the country for its customers and no organisation in the country has been able to achieve such a milestone. This achievement sets Sri Lanka Insurance Life apart in the corporate sector, demonstrating its unwavering commitment to delivering on our promises and standing strong as a leader in the industry.

Customer centricity

Customer centricity is one of the key strategic pillars of SLIC’s business drive and therefore the organsiation is determined to look at identifying new market segment and understanding the needs of its customers to develop affordable and suitable products.  ‘Wealth Plus’, a short-term investment plan with long-term protection, now enhanced with flexible payment term options was launched for greater customer convenience. In addition to engaging in product and process innovations the organisation also looks at numerous ways of value additions to its customers. As a result, Sri Lanka Insurance has continuously upgraded its Life Loyalty Rewards scheme enabling SLIC Life customers to enjoy a range of offers and benefits to provide higher value for its loyal customers throughout the policy term.

Furthermore, Educating the Sri Lankan people about the importance of Life Insurance is an aspect Sri Lanka Insurance Life holds close to its heart from the inception of its existence. The national Life insurer is at the forefront of propagating the concept of Life Insurance to every corner of the country ensuring the protection for all Sri Lankans.

As the pioneering insurer in the country, Sri Lanka Insurance believes in embracing technology to transform the insurance landscape of the country and expedite the digital integration of insurance products and processes to create value for customers by taking steps to further strengthen digital capabilities and introducing numerous services to deliver a superior customer experience and to ensure customer convenience. SLICLL introduced its first online life insurance product, Early Cash Online, which offers an end-to-end digital experience, allowing customers to customize their policies conveniently and transparently affirming its commitment to putting customers first.  

Recently Sri Lanka Insurance Life was also awarded the ‘The Most Loved Life Insurance Brand’ by LMD for the seventh consecutive year. This validate the impact Sri Lanka Insurance as a brand has on the people of this country, its strong presence in the market and the brands ability to demonstrate greater empathy towards the people of this country. 

New opportunities 

The recent segregation of Sri Lanka Insurance as Sri Lanka Insurance Corporation Life Limited (SLICLL)and Sri Lanka Insurance Corporation General Limited (SLICGL) foresee new opportunities for growth and success. The legal segregation has allowed for a more focused execution of Sri Lanka Insurance Life’s business strategies, ensuring enhanced efficiency and effectiveness in serving its customers. SLICLL remains steadfast in their commitment to superior customer service. The essence of its business drive for 2024, ‘Customer centricity through focused specialisation,’ remains unchanged.

 SLIC Life continues to explore avenues to provide protection to communities, segments and age groups and different affinity groups through product and market development initiatives, through practical and affordable insurance solutions. The strength of its wide-spread branch network of 190 branches and customer service locations together with an extensive Advisor network serves beyond the mandate of insurance to provide protection to the people of this nation.