‘Ceylinco VIP On The Spot’ policyholders to get Rs.4mn health cover

27 July 2015 02:30 am - 0 - {{hitsCtrl.values.hits}}

A A A

By Chandeepa Wettasinghe
Sri Lanka’s largest private insurance company Ceylinco General Insurance Ltd announced that all of its ‘Ceylinco VIP On The Spot’ comprehensive policyholders will receive a Rs.4 million emergency hospitalisation cover for no additional premium charge.

“This is another innovation of the ‘VIP On The Spot’ brand... you won’t believe a Rs.4 million health cover without a cent added to your premium,” Ceylinco General Insurance CEO Ajith Gunawardena said.

According to the policy extension, in the event of a road accident within Sri Lanka, a customer can claim up to Rs.1.3 million for hospitalisation and follow-up treatments overseas if recommended.

If the policyholder is travelling overseas, a Rs.1.3 million cover is available for any medical emergency, including visiting a general practitioner, and a Rs.2.6 million hospitalisation cover for any accident -- up to 15 days per trip.

“10-12 percent of our customers travel abroad,” Gunawardena said.Further, overseas travellers will be covered up to Rs.1.3 million in the case of death or total permanent disablement and Rs.650,000 in case of permanent partial disablements.All our new customers will have these benefits from today. For our existing customers, the benefits will occur when they renew their policy,” Gunawardena noted.

The benefits are for customers who have a comprehensive insurance policy on their cars, vans, jeeps, double cabs, buses and lorries. Motorcycle policyholders will be entitled to a Rs.300,000 hospitalisation cover for a road traffic accident locally and all the benefits of other vehicles when travelling overseas.

Customers who have only subscribed to a third party policy will benefit with a personal accident cover of Rs.200,000 for hospitalisation and Rs.100,000 for third party motorcycle policyholders.

“This cover is only for you. In the future we can think of extending the cover,” Gunawardena added.

Ceylinco Insurance PLC Managing Director Patrick Alwis said that only 17 percent of Ceylinco VIP On The Spot customers have a third party policy.
“We have a 35 percent market share on vehicle insurance with a 1.1 million customer base and the company handles around 580 accident claims daily, around 17 percent of which report injury or death,” Alwis added.

While vehicle insurance is mandated by the government, Sri Lankan insurance companies have struggled to penetrate into the population with health and life insurance covers. Ceylinco Insurance has a 41 percent market share in the current health insurance market. The move by Ceylinco could be seen as a way to whet the appetite of Sri Lankans to subscribe to more comprehensive health and life insurance covers in the future. However, Alwis said that it is just a practice of value addition to retain their high market share.“This is value addition. Motor insurance was a tariff product and the tariff was removed in 2003. We still charge the same rate we did in 2002, though prices of vehicles have gone up. Other companies are now charging 35-60 percent less than us to try to gain our market share. We never entered the price war. We’re continually value adding while maintaining our tariff to keep our customers,” he said.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

‘Ceylinco VIP On The Spot’ policyholders to get Rs.4mn health cover

Comments - 0

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

23 year old youth ends up having his testicles removed

A US “Kaputa”, a Lankan “Nariya” and a Presidential “Feast”

Street food vendor arrested for verbally harassing foreigner

Belgian traveller scammed in Kalutara

Former MP Palitha Thewarapperuma dies from electrocution

Confusion remains if April 15 is a bank holiday

MIRROR CRICKET

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings

Chamodi, Dewmi spins Sri Lanka U19 Women to big win

TODAY'S HEADLINES

Wild elephants pull down 16 telephone poles

Middleman arrested for price gouging at Kalutara eatery

Bondholders’ agreement delay won’t hinder IMF third tranche payout: Dr. Coomaraswamy

Party leaders to shoot down MPs request for concessionary duty free vehicle permits

Hardik fined Rs 12 lakh for violating IPL code of conduct after win over Punjab Kings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings