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by Seneviratne Kahatapitiya, Boralesgamuwa correspondent 

Sri Lanka Insurance Corporation Limited (SLICL) the Leader in Insurance has achieved another milestone by reporting the highest record of Life Insurance premium growth for the half year ended June 2001. The total premium income earned during the first half of 2001 amounts to Rs. 3,093.16 million. The total Life insurance premium achieved for the half of 2001 amounted to Rs. 1,275.92 million.

This performance shows a growth of 13.9% when compared to the corresponding period of year 2000. The New Life business premium income has registered an increase of 10% over the corresponding period of year 2000, during the first half of year 2001. The General Insurance premium during the period from January to June 2001 amounts to Rs. 1,817.2 million

This is an impressive performance SLICL has achieved in highly competitive environment said the Chairman of SLICL Lal de Mel. He said that although the field of insurance was liberalised in 1988, SLICL has been able to maintain its leadership in the field of insurance mainly due to being closer to its customers.

SLICL, has streamlined its operations in the Motor division with the objective of providing a greater service level to its customers. The regional offices have been empowered to claim upto a value of Rs. 250,000. This step would enable to settle claim promptly. Furthermore, SLICL has taken steps to settle all motor claims within 30 days provided that the stipulated requirements are fulfilled.

SLICL, has achieved an impressive performance mainly due to the availability of Life insurance products at a lowest premium when compared to the products of competitors. When the Life insurance is conceded the bonus paid to the Life policyholders is of paramount importance. Life policyholders are entitled for a bonus payment on sum assured. From the inception SLICL has been able to offer an attractive bonus for its Life policyholders. However, even after the liberalisation of the industry SLICL has been able to remain as the leader in the bonus declaration, too in other words SLICL has been the highest bonus declarer in the industry.

It is noteworthy that the in force life policies that are at present operative with the SLICL has exceeded 500,000. The bonus payment for 1999 will be Rs. 120 maximum per every Rs. 1,000 sum assured.

SLICL pays the highest bonus for its Life policyholders in the industry. The bonus payment for 1999 will be Rs. 120 maximum per every Rs. 1,000 sum assured.

Insurance policyholders, SLICL has provide the facility of payment of premia through any Commercial Bank branch islandwide. This payment can be made either by cash or through a Commercial Bank cheque under this scheme. Hence the Life insurance policyholders will be benefited to pay their premium at a closer proximity of their choice, thereby, providing greater convenience to our life policyholders.

SLICL offers a 5% discount on Life insurance premium payment through a Bankers order. The life fund has exceeded Rs. 14.0 billion and these funds have been invested in Government Treasury Bill. and bonds in order to ensure a higher rate of return.

SLICL, also has taken steps to expedite its computerisation program provided to its policyholders. These computerisation programs would also provided the opportunity to enhance the competitive advantage of SLICL.

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Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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