INVEST AND PROTECT
As one of the most respectable of investments, life insurance sets itself apart from the likes of treasury bonds or bank savings because of the protection it offers to dependents in case things go wrong. However, the penetration of long term insurance in the Sri Lankan market is still lower than many countries in Asia.
LIC Lanka is aiming to change this by making insurance accessible to all Sri Lankans, across all segments of society. As a dedicated life insurance provider, LIC Lanka has a specialised focus only on life insurance and allied products. Building on almost two decades of expertise, they have introduced innovative and novel insurance products to the market, aimed at expanding the life insurance industry, whilst finally providing all Sri Lankan’s the optimized financial security they deserve. As well as individual policies, they provide tailor made solutions to corporate customers and their employees.
LIC (Lanka) Ltd. is a joint venture company between LIC of India, the largest Insurance Company in the world as far as number of customers are concerned and the Bartleet Group of Sri Lanka, a well known Sri Lankan conglomerate.
The Company has more than Rs3 billion of assets, which are 100% invested in Sri Lanka. Tough they started operations in 2002, LIC (Lanka) Ltd. was in fact operating in the Sri Lankan market since in 1956, until nationalization, but continued to establish expertise and talent for the local insurance sector. Te Management Development Centre of LIC of India in Mumbai was instrumental in training many Sri Lankan insurance officials who later went on to become the stalwarts of the insurance industry. Today, LIC Lanka is an established name in the life insurance market of Sri Lanka.
In 2018, the long term insurance sector in Sri Lanka generated Gross Written Premium (GWP) amounting to Rs80,303 million, this was up 12.20% on the GWP of 2017. GWP growth in the overall Sri Lankan insurance industry, covering both long term and general insurance, was 10.03% in 2018.
Led by CEO and MD Mr. Subash Chandra Pattanayak, LIC Lanka enjoys above industry average growth in new business and number of people insured. LIC Lanka is committed to contributing to the growth and progress of the Sri Lankan economy and on 27th November 2019 proudly opened its newest branch in Kotahena. This brings the number of fully-fledged branches to 30, delivering on the company’s goal to bring its world-class service to the doorsteps of policyholders around the country. Not only expanding through branches, LIC Lanka has extended its corporate presence.
LIC LANKA IS COMMITTED TO CONTRIBUTING TO THE GROWTH AND PROGRESS OF THE SRI LANKAN ECONOMY AND ON 27TH NOVEMBER 2019 PROUDLY OPENED ITS NEWEST BRANCH IN KOTAHENA.
The newly built LIC Lanka Towers houses the company’s regional office in a G+4 storied commercial building in Jaffna, which also houses the Jaffna branch. Enabling all Sri Lankan’s to enjoy the security of life insurance throughout their lives is at the core of LIC Lanka product range, which includes:
CORPORATE: GROUP GRATUITY PLAN
The employee gratuity payment is an integral part of the employee employer relationship but it isn’t always easy to prepare for. This innovative offering takes the hassle out of provisioning for employee benefits. LIC Lanka’s flagship corporate product, the Group Gratuity Plan means that as an employer, you can not only be financially prepared, but can go beyond the norm to offer exceptional peace of mind for your employees. In addition to paying out the gratuity when an employee leaves your organization, the Group Gratuity Plan provides protection for your employees in case of death. Should an employee die while in service of your company, the gratuity will be paid out to their nominee not only for the period of their service, but for the remaining service period until retirement age. With attractive fund returns, support your employees with a group gratuity plan that protects and preserves.