Amãna Takaful (ATL) – A Change for the Future

Amãna Takaful PLC the only fully-fledged Takaful operator in the country and  flag bearer of the Takaful way of insurance in Sri Lanka recently announced the transfer of its Life insurance business to Amãna Takaful Life Limited. This was in compliance with the statutory provisions of section 53 of the Regulation of Insurance Industry (amendment), Act no. 3 of 2011 stipulating all composite insurance providers to segregate long-term and general insurance businesses. Amãna Takaful Life will be a fully-owned subsidiary of Amãna Takaful PLC with a paid up capital of Rs. 500 million, offering Life Takaful solutions and in keeping with regulations. With the transfer of the Life business, all Life insurance policies held by policyholders of Amãna Takaful PLC will be transferred to Amãna Takaful Life.

In an official communiqué to its customers, the management of Amãna Takaful stated, “The transfer will not affect any of the obligations and responsibilities under the policy conditions and we will continuously strive to deliver the pristine purity of Takaful as promised.” Following the segregation and in keeping with the true spirit of Takaful, the company will continue to provide high quality Takaful solutions to all Sri Lankans.

As part of this effort, Amãna Takaful  has also embarked on a rebranding initiative titled ‘Open to all’, which re-emphasizes and reiterates that the company has throughout the years stood with all Sri Lankan communities, and has served the entire nation and people from all walks of life with dedication and enthusiasm.

Having pioneered the Takaful concept in Sri Lanka, Amãna Takaful also expanded its footprint offshore and successfully established the concept of Takaful in the Republic of Maldives.

Insurance that’s apart from the rest, put it to the test:

As opposed to the conventional approach to risk transfers in insurance, the Takaful concept is built on the principles of mutual well-being, trust and transparency. The Takaful concept of insurance operates on co-operation and the principle of separation between the funds and company operations, where the policyholders come together and contribute to a pool of funds and in the event of a calamity, claims can be compensated from the fund and given to the policyholder. The Takaful concept is unique because it not only benefits claimants but also provides protection and benefits for non-claimant policyholders. Non-claimant policyholders receive a proportionate share of the SURPLUS from the risk fund at the end of a defined period.

Amãna Takaful is the only insurer in Sri Lanka who shares a part of the SURPLUS with non-claimant policyholders. The company has delivered policyholders a SURPLUS of 12.5% in 2013 and 15% in 2014.

In an effort to cater to the rising demand for mobility and solutions on the move, Amãna Takaful recently introduced a new mobile application for iPhones and Android devices. The innovative app can be downloaded for free and enables customers to check their insurance policy details quickly and easily, regardless of where they are. It provides online access to a comprehensive range of services including third-party motor policy subscriptions, motor policy renewal, travel insurance quotations and online payments.  The app also offers additional convenience with motor accident notification, motor claims status updates, policy endorsement requests and online quotations.

Life. Quality Life, it’s your move:

ATL offers a complete range of Life and General insurance solutions which are designed to improve people’s quality of life and provide peace of mind in the face of sudden calamities. The company offers tailor-made health insurance policies to suit the overall health needs of diverse segments of society.

Health insurance policies included in the company’s portfolio include ‘Suwa Siri’, a health policy for Rs. 2222/- per year that protects individuals in the event of unexpected illnesses and medical emergencies. ‘Suwa Siri’ is the most affordable health insurance product available in the market and was specifically designed to provide affordable health care to school teachers and Government employees.  ‘Suwa Siri’ provides a comprehensive cover of medical administration fees, consultations, medication costs, hospitalization, surgery and medical treatments.

‘KruthaGuna’ is another innovative insurance cover which was designed specifically to take care of the hospitalization needs of those over 55 years of age.  This policy provides hospitalization cover for hospital medical bills, home nursing care, cost of cataract operations, concessions on wheelchairs and many more benefits. Catering to the specific needs of women in society, ATL’s ‘Crystalline’ policy provides a comprehensive cover that supports the health and well-being of women in Sri Lanka. The cover provides protection against critical illnesses, loss of income and costly cosmetic surgery and is designed to give women a sense of added security.

A community is nice, when everyone’s in it:

Amãna Takaful has always committed itself to cater to Sri Lankans of all walks of life across the country. ‘Navodaya’ its micro insurance solution provides affordable insurance that covers the cost of hospitalization and Life cover, cost of tests whilst in Government hospital. The policy also ensures the comforts of financial planning and care, further reiterating the notion that Amãna Takaful is ‘Open to all’.

Amãna Takaful has been recognized for its innovation and quality of service for over 15 years and caters to a vast variety of customers. The company was recently upgraded by the Lanka Rating Agency to a rating of BBB/P3/Stable and recently achieved ISO 9001:2008 re-certification.