Sri Lanka’s fastest growing commercial bank, Pan Asia Banking Corporation PLC (PABC) relaunched its unique value-added fixed deposit product ‘Suwasavi’, which comes with a free medical cover and a host of other benefits.
Under Suwasavi, the bank will offer a free medical cover up to 15 percent of the value of the fixed deposit which enables the deposit holder to reimburse the medical cost.
This value addition is offered in addition to the attractive interest rate offered on the Suwasavi fixed deposit. Hence, Suwasavi enables the account holder to meet unforeseen medical expenses while enjoying a high interest on his/her fixed deposit.
This value-added benefit is designed to offer much sought-after relief to customers who need protection against ever rising cost of hospitalization which otherwise may jeopardize one’s future financial plans.
Suwasavi fixed deposits are offered for a period of one year with a minimum investment of Rs.100,000 and the customers have the option to receive interest monthly or at maturity.
Below are the excerpts from an interview with Pan Asia Bank DGM Marketing and Card Products Nalaka Wijayawardana about this unique fixed deposit product.
What is Suwasavi fixed deposit?
The Suwasavi fixed deposit is a value-added one-year fixed deposit product from Pan Asia Bank and the uniqueness of this product is that in addition to the interest on the fixed deposit, it also provides a free medical insurance coverage to the deposit holder and his/her family.
How does it work?
When customers invest in a Suwasavi fixed deposit, they will automatically receive a free family medical insurance cover of up to 15 percent of the deposit value per annum. Also this cover will be valid for a period of one year, which is the tenure of the deposit. For example, if a customer who is less than 65 years of age places a Suwasavi fixed deposit of Rs.1,000,000, the customer and his/her family will be covered by a free medical insurance cove of Rs.150,000 for one year or in other words, the family can claim up to Rs.150,000 during the tenure of the FD (one year).
Is this medical insurance cover limited to certain hospitals only?
No. Treatments received at any hospital approved by the Private Hospital Service Regularity Council can be reimbursed under this scheme subject to the condition of the insurance policy.
What about customers who are above 65 years of age?
They also can benefit from Suwasavi fixed deposits. For customers between ages of 66 – 75, we offer a medical insurance cover that is equal to 10 percent of the deposit value.
Who is covered by the medical insurance of Suwasavi fixed deposit?
Customer and his/her family unit are covered. The family unit is defined as husband, wife and two unemployed and unmarried children under 21 years.
Can the parents also be covered by this medical insurance?
Yes. If the customer is unmarried, he/she can include the parents who are below 75 years of age as his/her family unit and then they too will be covered by the medical insurance.
What is the minimum value and tenure for a Suwasavi fixed deposit?
Minimum value of a Suwasavi fixed deposit is Rs.100,000 and the deposit period should be one year.
What is the maximum value for Suwasavi fixed deposit?
Maximum value you can open a Suwasavi fixed deposit is Rs.3,000,000.
What other benefits are available in the Suwasavi fixed deposit scheme?
Customers can receive attractive interest rates on a monthly basis or at maturity while receiving the highest level of security for the deposit.
Why was this product introduced?
Every person would obviously want to provide the best healthcare possible to their loved ones. However, due to the escalating cost of good health facilities, admitting a loved one to a private hospital can erode the family’s future savings. With Suwasavi fixed deposit scheme we have given the customers the opportunity to provide the best healthcare to their loved ones while continuing to build their future savings with an attractive interest on their deposit.
How can a customer invest in a Suwasavi fixed deposit?
Customers can walk into any of our 80 branches islandwide or call (011) 4667222 for more information.