ComBank & Softlogic Life pioneer remittance-linked life insurance
Commercial Bank of Ceylon and Softlogic Life have collaborated to break new ground in Sri Lanka’s financial services sector with the launch of the first remittance-linked life insurance product in the market.
This new product branded ‘Softlogic Life Remit Guardian’ will provide comprehensive life cover to customers routing remittances to Sri Lanka.
In celebration of the launch of this timely product, Softlogic Life has announced that customers aged between 18 to 60 that send money to Sri Lanka through ‘ComBank RemitPlus’ to a Remittance account, will receive this service from Softlogic Life on a complimentary basis from 01st October to 31st December 2021, where the beneficiary will be eligible to receive the value of the remittance received during that month directly credited to the remittance account as the insurance amount, in case of the remitters untimely demise.
Commenting on the launch of the product, Commercial Bank Chief Operating Officer Mr. Sanath Manatunge said: “This is a significant value addition to the many benefits we offer our remittance customers, who are very important stakeholders in our economy, bringing foreign exchange into the country. We are therefore delighted to work with Softlogic Life to launch this ground-breaking product that reflects our commitment to this customer segment and will be a tribute to their contribution to the country’s economy.”
Softlogic Life Managing Director Mr Iftikar Ahamed said: “We are happy to offer this unique product to remitters. Remit Guardian is innovative in its simplicity, transparency and affordability. The protection it offers can be extended for as long as the remitter likes, where the terms of the pay-out are clearly established. Most importantly it offers peace of mind at a time when it is most needed and marks the first time that an insurance cover is offered to Sri Lankans who remit money to their families living here on a regular basis.”
One of the most active players in Sri Lanka in the field of remittances, Commercial Bank of Ceylon has pioneered many firsts in this sphere, including the launch of ‘RemitPlus’, the first remittance service to be launched by a local bank, the launch of the RemitPlus Remittance App that enables those who use the Bank’s remittance services to conveniently access remittance-related information and services, and Sri Lanka’s first Remittance Card, which introduced a new dimension in convenience to the process of transferring funds from overseas to local beneficiaries. Recipients of remittances sent to the Bank enjoy many benefits such as Holiday Banking Centres and supermarket counters, a dedicated customer support call centre for remittances and SMS alerts facilities once the remittance is received and is ready to be paid out.
Serving over 1.5 million customers across Sri Lanka, Softlogic Life enjoys a superior position in the country’s highly competitive insurance landscape as the fastest growing life insurer in the country. The fully home-grown company is well known locally and internationally to have led many industry-first initiatives in Sri Lanka. This includes the one-day claim payment process, the revolutionary postal and mobile insurance solutions, and more to traverse beyond the norms of the life insurance industry to ensure world-class service standards that secure the safety and wellbeing of their customers.
“We are delighted to offer a product that provides a better cover for our people employed overseas through a first-of-its-kind comprehensive solution that links life insurance to money transfer services. Through Softlogic Life Remit Guardian, we now have the opportunity to further our strategy of going beyond borders to improve the lives of many more Sri Lankans, wherever they may be,” Softlogic Life Chief Corporate Services Officer, Thilanka Kiriporuwa added.
Sri Lanka’s first fully carbon neutral bank, Commercial Bank was the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and is the only Sri Lankan bank to be so listed for 11 years consecutively. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognised as one of Sri Lanka’s most diversified and fastest-growing conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company include global investor Leapfrog Investments.
