Special Personal Loans for Ceylinco Life clients from ICICI Bank

ICICI Bank, has entered into a tie-up with Ceylinco Life to offer a special personal loan facility to a group of select premium customers of Ceylinco Life.

Ceylinco Life is a mega brand icon, with a widespread customer service network, whilst being a local insurance sector benchmark for innovation. ICICI Bank recently launched several facilities and value added services to its customer base, including its Doorstep Banking Service, Senior Citizens Account, Young Stars Account, Personal Loans via Debit Card, Car Loans and Motorbike Loans in Sri Lanka.

Under this unique tie up, Ceylinco Life’s premium customers can avail themselves of a maximum loan facility of Rs. 1 million over a tenure of five years. As a special value addition, clients will get a free life insurance covering the principal outstanding of the personal loan, a free gift voucher worth Rs. 1500, as well as a bank account with a free ATM/Debit card which could be used free at any Visa enabled ATM.

ICICI Bank recently increased its ATM/POS limits on ICICI Bank Debit cum ATM Cards from Rs. 25,000 to Rs. 50,000 per day at any ICICI ATM or at any visa enabled ATM, locally and overseas, as well as at any visa enabled merchant POS, both locally as well as overseas.

Speaking at the occasion, Country Head, ICICI Bank, Sri Lanka branch, Prem Thampi, said: “In India ICICI Bank has been a pioneer in leveraging synergies of cross sell through strategic tie ups with various industry players.

To name a few, co branded credit cards with HPCL [Hindustan Petroleum Company], one of Asia’s largest selling cards, car loan tie-up with Maruti which is one of the largest car manufacturers in the Indian car market, Personal loan tie up with SOTC [travel company], again one of the largest in the Indian Travel market.”

Extending the same cross sell strategy to Sri Lanka, ICICI Bank is offering a special personal loan scheme to select Ceylinco Life customers. At ICICI Bank it has been our constant endeavour to provide such value additions to our customers”.

“Over nearly 18 years in the life insurance field, we have provided life protection to about 1 million citizens of this country belonging to various social strata. Having built a life fund of Rs. 15.2 billion in 17/18 years is a great achievement in itself.

Our Corporate Social Responsibility programmes are widely acclaimed. In 2005, we won the 1st place for Social Service Responsibility in the Asian Region conducted by the Asia Insurance Review.

“We provide a variety of products catering to customer needs such as life protection, investment, pension and various rewards to policyholders such as the Pranama Scholarships, Cash Bonus, 65 Plus, Aloka, etc.

Today we propose to cater to the needs of our customers who will be obtaining personal loans from ICICI Bank by providing them with their insurance needs,” Chief Executive Director Ceylinco Life, R. Renganathan said.

The launch of this special personal loan facility took place at the Ceylon Continental Hotel Colombo.

Deputy Country Head of ICICI Bank Sri Lanka Romesh Elapatha, as well as Thushara Ranasinghe and Devaan Cooray Directors of Ceylinco Life were also present along with senior officials from ICICI Bank and Ceylinco Life.

ComBank to double the balance of Arunalu account holders

Students sitting for the Year five scholarship examination will have a new incentive to double their efforts and earn double rewards if they are holders of ‘Arunalu’ Children’s Savings Accounts at Commercial Bank.

Sri Lanka’s benchmark private bank, recently adjudged the Best Bank in Sri Lanka by ‘Euromoney,’ has announced that with effect from 2007, the Bank will double the account holder’s balance, up to a maximum of Rs 50,000, if he or she obtains the highest marks in the District at the Year five scholarship examination.

“This is great news for the children who will sit for the Year 5 examination later this month,” said Commercial Bank’s Head of Marketing Richard Rodrigo. “All they have to do is to maintain a minimum balance of Rs. 5,000 in their accounts on the date of the examination to be eligible for the Arunalu rewards.”

As in previous years, Commercial Bank will also award Arunalu cash prizes of Rs. 10,000/-, Rs. 7,500/- and Rs. 5,000/- to all account holders who are in the first three places in their respective schools at the Year 5 Scholarship Examination.

In addition to this, if one of these winners also tops the district, his or her Arunalu Account balance would also be doubled by the Bank up to Rs. 50,000/-, substantially increasing the value of the benefits.

“The Arunalu Scholarships scheme, launched by Commercial Bank in 1998, aims to promote excellence in education while promoting the savings habit. More than 500 students have won cash prizes to date.

In 2006 alone, the bank paid more than Rs. 1.4 million in Arunalu rewards to 170 account holders who performed well at the Year five scholarship examination”, Rodrigo said.