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

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 Mr. Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka 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 USD and go up to a maximum of 100,000 USD 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 2 Mn Sri Lankans living beyond borders while giving an opportunity to bring in more dollars to Sri Lanka,” remarked Mr. Ashok Pathirage, Chairman of Softlogic Holdings PLC.

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 5 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 Mr. Iftikar Ahamed, Managing Director of Softlogic Life Insurance PLC.

Innovation, agility and a strong passion to protect the best interests of Sri Lankans have always lead the agenda for success within Softlogic Life. These traits have helped the company forge even through the pandemic-induced volatile business environment resiliently because every industry-first initiative Softlogic Life launched was able to truly elevate the lives of many Sri Lankans from various backgrounds. This includes the one-day claim payment process, the disruptive 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.

Softlogic Life is currently ranked third in the life insurance market, known for overtaking much older players with their strong and sustainable growth momentum. Keeping alive its commitment towards enhancing life insurance penetration and quality of lives within the country, the company currently extends their protection to over 1.5 million Sri Lankan lives.

About Softlogic Life Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognized 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.