Record life policy bonus from Sri Lanka Insurance

Highest ever in country

Total Bonus declaration for Life Policyholders since 2005 tops Rs. 83 billion Sri Lanka Insurance Corporation (SLIC) last week announced the declaring of the largest life insurance bonus ever in the country amounting to a “staggering Rs. 9.8 billion” for the year 2021 to its life insurance policyholders.

“The 2021 bonus declaration increases to the total of life insurance bonuses declared to policyholders since 2005 to Rs. 83 billion. Further, enhancing the flexibility to adapt to the present environment, all bonus certificates have been issued through digital platforms via SMS, email and the SLIC Mobile App which is available on Apple App Store and Google Playstore, ” an SLIC news release said.

“With the outstanding declaration, Sri Lanka Insurance has upheld the trust placed by the policyholders as the strongest insurance provider in Sri Lanka despite the difficulties the country is experiencing due to the Covid 19 pandemic and the current stringent economic and social conditions.”

SLIC attributed its life insurance fund of Rs.152 billion, the largest in the country, to prudent investment management strategies and accumulating life funds. This enabled higher returns to policyholders, the release said.

“The nation’s trusted insurer has achieved this extraordinary performance while reporting significant growth in its assets base to Rs. 268 billion, which is again the largest in the insurance industry, affirming the strength and stability of the SLIC,” it added.

In 2021, Sri Lanka Insurance reported a 14.1 % growth in life insurance premiums increasing to Rs.21.9 billion from 19.3 billion in 2020.

This was attributed to a customer convenience focus with the introduction of online payment gateways, 0% interest easy payment schemes and online proposal submission. SLIC said that as a pioneering insurer it embraced the best technology to introduce new customer services to create a streamlined insurance experience.

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