Suwa Savi provides free medical insurance besides interest
In an interview with Mirror Business, Pan Asia Bank’s Chief Marketing Officer (CMO) Nalaka Wijayawardana explained the various features of their latest valueadded product, Suwa Savi Fixed Deposits. Excerpts:
What is Suwa Savi Fixed Deposit?
Suwa Savi Fixed Deposit is the latest value-added 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 Suwa Savi Fixed Deposit, they will automatically receive a free family medical insurance coverage to the tune of up to 15% of the deposit value per annum. Also this cover will be valid right throughout the tenure of the deposit. For example, if a customer who is less than 65 years of age places a Suwa Savi Fixed Deposit of Rs.1,000,000/for 5 years, the customer and his/her family will be covered by a free medical insurance coverage of Rs.150,000/- per annum for 5 years or in other words, the family can claim up to Rs.150,000/- during each of those 5 years.
Is this medical insurance policy limited to certain hospitals only?
No, customers can receive treatment from any private hospital under this scheme. For certain Colombo-based leading private hospitals such as Nawaloka, Durdans, Asiri, Hemas and Central, we are issuing a Cashless insurance card which customer can just present to the hospital to receive insurance, Even for all other private hospitals and nursing homes across the country, customers can settle their bill and receive reimbursement under the insurance coverage within a matter of few days.
What about customers who are above 65 years of age?
They also can benefit from Suwa Savi Fixed Deposits. For customers between ages of 66 – 75, we offer a medical insurance coverage that is equal to 10% of the deposit value.
Who is covered by the Medical insurance of Suwa Savi 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 less than 65 years of age as his/her family unit and then they too will be covered by the medical insurance.
What are the benefits of this medical insurance?
Private hospital room charges can be claimed up to Rs.15,000/- per day and a maximum of Rs. 20,000/- can be claimed for lenses in the case of a Cataract operation. In addition it covers the following;
Hospital & Nursing Home maintenance chargers including Admission fees
Medical and operational expenses for special treatment and nursing provided on the recommendation of a consulting specialist use of the operating theatre physiotherapy treatment X-ray, radiological and radium examination Specialist services including deep therapy treatment and electrical treatment Surgeon’s & anesthetist’s fees consultants and specialist fees. Normal child birth
Complication in pregnancy & Complication arising as a result of pregnancy
What is the minimum value and tenure for a Suwa Savi Fixed Deposit?
Minimum value of a Suwa Savi Fixed Deposit is Rs. 100,000/- and the deposit period should be one year or above.
What other benefits are available in the Suwa Savi 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 Suwa Savi Fixed Deposit scheme we have given the customer the opportunity to provide the best healthcare to their loved ones while continuing to build their future savings with an earn attractive interest on their deposit.
How can a customer invest in a Suwa Savi Fixed Deposit?
Customers can walk into any of our 73 branches islandwide or call (011) 4667222 for more information.