Sri Lanka Insurance Corporation Limited is the Legal Successor of the Insurance Corporation of Sri Lanka, which was established by Act No. 2 of 1961 as a state owned venture.
S.L.I.C. Ltd., was incorporated on 3rd of February 1993 as a Public Company under the Peoplisation Scheme. The objective of this conversion is to provide a better service to the insuring public at a time when this Corporation has to face stiff competition.
Sri Lanka Insurance Corporation Limited is still the Market Leader possessing over 60% of both Life and non Life Insurance Business of the Country. The assets base of this Institution is in the region of Rupees 17 billion which is unmatchable by any other competitor.
 Our Mission |
Our business is to maintain our omnipresent Leadership in Insurance Market by providing competitive services for protection of insurable interest in Life and Property against risks at a reasonable (appropriate) cost with profits and dynamic entrepreneurship and thereby securing wealth of the country and mobilising savings and resources for the Nation's prosperity and for vibration of economic and social development measures, for the Masses.
| Services |
The policy holders are offered an opportunity to apply for Housing Loans for double the sum assured of the life policy up to Rs. 2 million through Housing Development Finance Corporation of Sri Lanka at a concessionary interest rate. Thus the SLICL provides affordable life insurance and shelter for the masses. Housing Loans are free of Turn Over Tax and processing charges.
In order to give highest priority to improvement of customer service SLICL has extended counter service at Head Office on Mondays and Thursdays until 6.00 p.m. and till 4.30 p.m. on Saturdays. This service will enable the insuring public to attend to their routine insurance matters in Life, Motor, Fire, Marine and General Accident Insurance in one place and at a convenient time specially for employed people after work.
| Life Insurance |
Sri Lanka Insurance Corporation Ltd. has introduced nearly 40 different types of life assurance plans and these plans are designed to cater for a prospect's individual requirements. A few of the more popular plans are given below.
 "YASHTIYA" PENSION INSURANCE POLICY |
"Yashtiya" Pension policy enables Private Sector employees as well as self-employed to enjoy a pension at age 55 or 60. Any individual between 18 and 55 whether male or female can obtain this Pension Policy by paying the premium on monthly, quarterly, half-yearly, yearly or as a single premium.
This is an ideal scheme for those who are NOT in receipt of a pension or even for those who wish to enhance their pension.
Benefits under "Yashtiya" Pension Policy
1. You yourself can decide the quantum of pension you would receive.
2. The pension increases at yearly intervals at the rate of 5% compounded yearly.
3. Payment of highest bonuses in addition to the annually increasing pension.
4. Premium can be paid in instalments or as a once and for all payment.
5. Payment of a permanent pension from the vesting age until death.
6. Possibility to enhance the pension by paying an additional premium from the second year.
7. Possibility to obtain a commuted value of 25 percent of the pension at the vesting age.
Death Benefits:
A. In the case of premium payment in instalments, following benefits shall be payable.
· The total sum paid if the assured dies in the first year.
· Twice the sum paid if the assured dies in a later year.
B. In the case of premium payment on single payment basis following benefits shall be payable:
· Total sum paid if death occurs in the first year.
· Twice the sum paid if death occurs in the second year.
· Thrice the sum of paid if death occurs in the third year.
· Four times the sum paid if death occurs in the fourth year.
· Five times the sum paid if death occurs in the fifth and subsequent years.
C. While receiving the pension, following benefits shall be payable:
· If the assured dies before the expiry of ten years since receiving the pension, the increasing pension will continue to be paid to the nominee for the balance period to complete the 10 years from the date of vesting.
Annually increasing pension throughout your life inclusive of bonus payments is TODAYS insurance for your TOMORROW.
| "YASA ISURU" |
This policy has been designed to meet the special requirements of persons who desire to provide not only for their own old age and family, but also feel the need for providing lumpsum benefits to meet the expenses of education or marriage of their children or any other expenses of a capital nature.
| "JANASETHA RAKSHANAYA" |
Janasetha is a form of assurance which satisfies all the assurance needs of a person.
The special feature of this policy is that the sum assured is increased by 5% per annum, while charging a level premium. Since the benefit is increased each year, the policy provides compensation for the depreciation of currency due to inflation during the period of insurance. Double the increased sum assured plus accrued bonuses will be paid if death occurs during the term of the policy.
| "KALANA MITHURU" |
This policy insures the lives of the both husband and wife or business partners and the sum assured is payable either at maturity or on the first death.
Kalana Mithuru covers two lives at almost the cost of one.
| "MINI MUTHU" |
This plan of assurance is specially designed to secure a child's future by providing adequate financial assistance. Provision of future financial stability is the most important factor covered by this scheme. At the same time, he derives assistance to secure his higher education. Any parent/guardian who wishes that his/her children should achieve a high standard of education should definitely select this scheme.
This scheme is designed under two different plans of Tables, namely Table 38 and Table 39. If Table 38 is selected the sum assured is payable in four stages until he child attains the age of maturity. The other unique feature under this scheme is that the sum assured becomes payable at the death of the proposer and although the payment of benefits continues, payment of future premiums ceases.
On survival of the proposer to maturity, the sum assured and accrued bonuses are payable even though the instalment payments of benefits have already been made. It is thus seen under table 38, the beneficiary will ultimately receive double the sum assured.
Additional Benefits Could be obtained in the form of:
| 1. "AROGYA" (Hospitalisation Benefit) Cover |
Indispensable Requirement for your LONG LIFE
This Cover provides income support for the number of days hospitalised in a Government Hospital or in any approved Nursing Home, due to any sickness or accident.
Maximum Payment:
1. Up to an amount of Rs.5,000/= per day.
2. If treated in an Intensive Care Unit, Up to an amount of Rs.10,000/= per day.
This benefit is very essential to cover the loss of income in the event of hospitalisation of any individual.
| 2. Family Protection Units: |
Additional Sum Assured which becomes payable in the event of death due to any cause.
Up to 4 times the basic sum assured subject to a limit of Rs.1,500,000/= on any one life.
| 3. Accidental Death Benefits: |
Additional Sum Assured which becomes payable in the event of death due to an accident.
Up to 3 times the basic sum assured subject to a limit of Rs.1,500,000/= on any one life.
| 4. Extended Permanent Disability Benefits: |
Additional Sum Assured which becomes payable in the event of total permanent disability due to an
accident.
Up to 3 times the basic sum assured subject to a limit of Rs.1,500,000/= on any one life.
| 5. Permanent Partial Disability Benefits: |
Additional Sum Assured which becomes payable in the event of permanent partial disability due to an
accident.
Up to the value of the sum assured subject to a limit of Rs.1,000,000/= on any one life.
6. "DIVISUWA RAKSHANAYA" - Critical Illness Cover (Covers 10 illnesses)
"JEEWAKA RAKSHANAYA" - Critical Illness Cover (Covers 20 illnesses) |
These Critical illness Covers are special insurance covers against a number of Critical Illnesses and it enables the insured person to meet the medical costs, nursing fees and other expenses arising from a change of life style following the incidence of a critical illness.
Critical Illness Cover can be obtained up to a maximum sum assured of Rs.1,000,000/= under Diwisuwa Rakshanaya or Jeewaka Rakshanaya. | | 7. "DESANDA RAKSHANAYA" (Spouse Cover): |
Additional term cover provided in the event of death of the spouse of the main life assured.
This cover can be obtained as an additional benefit on the life of the spouse. Up to 4 times the basic sum assured of the policy or Rs.1,500,000 whichever is less.
Other optional benefits too can be availed on the life of the spouse.
8. "SWARNA JAYANTHI RAKSHANAYA":
(Whole Life Premium Deposit Rider) |
Additional Death Cover is provided during the premium payment term as well as during the period after maturity of the policy in the form of lump sum payments. This life cover is provided in units where each unit represents a sum assured of Rs.20,000/= during the premium paying term and thereafter during the whole life of the assured life cover reduces to a sum assured of Rs.10,000/= for each unit.
Further facility is provided to withdraw not more than one half of the premiums paid in respect of the rider benefit together with interest at any time after the expiry of a period of TWO YEARS from the commencement of policy and EVERY YEAR thereafter.
The interest payable on withdrawals will not be less than the average rate of interest declared on savings accounts of any reputed State Bank. "Swarna Jayanthi Rakshanaya" (WLPDR) cover can be obtained as an additional benefit on the main life up to 4 times the basic sum assured of the policy or Rs.4 million whichever is less. This is a unique benefit which in addition to provision of life cover provides for payment of lump sum benefits with interest to meet any unexpected financial commitments of the policy holder.
| GENERAL INSURANCE |
| GENERAL ACCIDENT INSURANCE |
General Accident Insurance department underwrites almost 33 classes of General Insurance business which are wide and varied. These insurances could be categorised into Property, Liability, Personal, and Bonds. The following are the types of policies serviced by this department.
Property:
1. Burglary Insurance for Private Dwelling Houses and Business Premises
2. Combined Fire and Burglary Insurance for Private Dwelling Houses
3. Householders Comprehensive Insurance (Siriwimana)
4. Cash in Transit Insurance (Kahawanu)
5. Road Hauliers
6. Baggage Cover
7. All Risks
8. Plate Class
9. Estate Machinery
10. Neon Signs
11. Aircraft Insurance
12. Livestock Insurance
13. Bankers Indemnity
14. Co-operative Comprehensive Insurance
Householders Comprehensive Insurance (Siriwimana)
LOSS or DAMAGE caused by:
1. FIRE, LIGHTNING, RIOT & STRIKE, MALICIOUS DAMAGE, EXPLOSION EARTHQUAKE
2. BURGLARY, HOUSEBREAKING, or any ATTEMPTED THREAT
3. ELECTRICAL EXTRA COVER FOR ELECTRICAL ITEMS
4. BURSTING or OVERFLOWING OF WATER TANKS, APPARATUS OR PIPES
5. IMPACT with the Building by any road vehicle, horse or cattle not belonging to no under the control of
the issured or any member of his family normal residing with him.
6. CYCLONE, STORM, OR TEMPEST & FLOOD
7. AIRCRAFT and ARTICLES dropped therefrom
8. Breakage of MIRRORS, other than HAND MIRRORS, whilst in the Building.
9. Terrorism up to a limit of Rs.10 million
10. The insured's Liability to the Public as owner or occupier of the buildings in respect of bodily injury or damage to property up to an amount of Rs.10,000/-
11. Personal Accident Cover for Members of the Family (Rs.50,000/- each) with funeral expenses for Natural Death up to Rs.5,000/-
| LIABILITY |
1. Public Liability
2. Professional Indemnity (Sanasuma)
3. Products Liability
4. Personal Liability
5. Boat Traveller's / Passenger's Cover
| PERSONAL |
1. Personal Accident (Sarana)
2. Personal Accident & Specified Illness Cover
3. Surgical and Hospital Expenses Insurance (Suwadehena)
| BONDS |
1. Fidelity Guarantee
2. Government
3. Notarial
4. Administrative
5. Auctioneer's
6. Performance
7. Bid
8. Advance Payment
| MOTOR INSURANCE |
Motor Insurance Department issues eight (8) types of Policies.
1. Comprehensive
2. Third Party, Fire and Theft
3. Third Party
4. Fire and Theft
5. Fire Only
6. Theft Only
7. Third Party Act
8. Pedal Cycle Insurance
| MARINE INSURANCE |
The Marine Insurance Department caters to the needs of Importers, Exporters and large Transporters who carry goods from point to another within the country. Marine Cargo Policies are issued to cover the risks encountered by the aforementioned parties.
Hence, this Department is able to help in covering the risk encountered in International Trade. At present the Department insures cargo imported and/or exported by most of the State Corporations, Industrialists and business establishments both large and small.
In addition to the above, the Department also insures ocean-going vessels, pleasure crafts, fishing vessels and nets, ship repairers liability and ship builders risks. The Ceylon Shipping Corporation Ltd., fleet is insured by us and a large volume of fishing craft is also insured.
The Marine Department during the past 36 years, has afforded a prompt and courteous service in all spheres of activities and claims settlement has been attended to expeditiously. The Department also extends consultancy service to our customers whenever required.
The risks covered by the Department are adequately secured through reinsurance arrangements world-wide.
The Marine Department issues cargo policies to cater the needs of Exporters, Importers and Local transporters to cover the goods in transit by sea freight, air freight, parcel post and inland transport. The cover under these policies depends firstly on commodity and/or type of vessel and their susceptibility to damages. Secondly, upon the Insured's desire to be covered and his willingness to pay additional premium required and thirdly upon the agreement of the underwriters to grant the desired cover.
| FIRE INSURANCE |
The purpose of a Fire Insurance policy is to provide financial compensation in the event of a fire or other special perils causing loss or damage to the insured property. However, the property must be adequately and properly insured if the owner of such property is to be placed in a position financially similar after the loss, to what he occupied immediately prior to the occurrence.
It is our experience that policy holders do not cover their property adequately at the time of obtaining an Insurance Policy or at renewal of the policy and encounter difficulties in the event of a claim. We, therefore, wish to quote below the "Average Condition" stated in your Policy which deals with Under Insurance.
"If the property hereby insured shall, at the breaking out of any fire, be collectively of greater value than the Sum Insured thereon, then the Insured shall be considered as being his own Insurer for the difference and shall bear a rateable proportion of the loss accordingly subject to this condition."
In the case of Private Dwelling Houses, the Average Condition is relaxed and it will apply only if the Sum Insured is less than 75% of the actual value of the house.
The standard Fire Policy provides protection against Fire & Lightning only. By payment of an additional premium, the Corporation provides Protection to the following Risks.
a. Riot & Strike
b. Malicious Damage
c. Explosion
d. Electrical Inclusion
e. Terrorist Cover
f. Earthquake
g. Impact Damage
h. Aircraft Damage or Articles Dropped therefrom
i. Floods/ Storm/ Tempest/ Cyclone
j. Bursting & Overflowing of Water Tanks
k. Architect fees and Removal of Debris
l. Spontaneous Combustion
| CONTACT US |
For further details please CONTACT US through the following E-mail addressess.
· Itdiv@eureka.lk
· Siri@eureka.lk
· Kanda@eureka.lk |
