ComBank partners with insurers to offer affordable insurance to female customers

Commercial Bank of Ceylon has announced it has partnered with several insurance companies to offer special life and general insurance products with unmatched low premium rates exclusively for women customers, under the bank’s Anagi Women’s Banking portfolio. 

Extending the scope of the bank’s services to support this segment, the insurance cover comprises of life insurance, business insurance, and home insurance options, the bank said.
Besides the special premium rates that apply, the insurance can be obtained via an extremely simplified process and can be extended to the spouses of women customers. The bank said the scheme is expected to promote financial inclusion, one of the primary objectives of the Anagi Women’s Banking portfolio, through insurance protection.

The policy value of the life insurance cover provided under this scheme ranges from Rs.1 million to Rs.5 million and covers eventualities of ‘natural and accidental death’ of the life assured during the policy period.

Under this life insurance facility, a female customer of Commercial Bank between the age of 18 and 45 can sign up for a Rs.1 million policy by just paying an annual premium of Rs.1,100. The spouse can obtain the same policy for Rs.1,500. Women between ages 46 and 65 can opt for the same sum assured with an annual premium of Rs.2,200, if the policy is taken for themselves, or Rs.2,750, if the policy is taken to cover the spouse. The cover can be purchased at multiples of the unit rates of Rs.1,100 or Rs.2,200. 

Quoting the 2020 report of the Insurance Regulatory Commission of Sri Lanka (IRCSL), the bank said these are incredibly affordable life insurance policies for women, considering that the average sum assured in Sri Lanka is only Rs.1.4 million, for which long-term insurance policyholders pay an average annual premium of Rs.28,655. 

Commercial Bank’s female customers, who become life insurance policyholders under this scheme, are also entitled to value-added services such as access to free fitness classes conducted by leading online fitness provider Fitzky and a 15 percent discount on consultations at any ‘My Dentist’ clinic, the largest dental clinic chain in Sri Lanka.

In addition to the life cover, business women can also benefit from a business insurance under Anagi. It offers protection against fire or lightning, explosions, malicious or aircraft damages, a series of natural disasters, burglary, acts of terrorism and commotions among other incidents. The policy covers losses to buildings, including permanent fixtures, fittings, machinery, stocks, cash and personal property of the policyholder and the cost of workmen’s compensation, hospitalisation, loss of rent, removal of debris, architect’s, surveyor’s and engineer’s fees due to damage or accidents and damage to service lines, to name a few. It also includes personal accident cover for employers and employees in the event of death or permanent disability as well as legal liability cover. 

Meanwhile, the home insurance policy comprises five cover plans ranging from Rs.2 million to Rs.15 million and offers electrical fire cover, accidental damage cover, burglary cover and personal accident cover for the policyholder, spouse and a domestic worker against permanent disability. Building, permanent fixtures, fittings, furniture, household goods, electrical items, solar panels and even food in the freezer will be protected under this policy. It also includes a hospital cash benefit for accidents and funeral expenses. 

Commercial Bank has partnered with AIA Insurance to provide life insurance cover, through its bancassurance unit. Sri Lanka Insurance will provide the business insurance cover and LOLC General Insurance Ltd will offer the home insurance policies to the bank’s Anagi customers through Commercial Insurance Brokers.