Ransalu Insurance cover to help apparel sector employee families
For the first time, an industry insurance cover with the lowest monthly premium, covering the entire family, including parents, was introduced by CH17 Loyalty for all employees and staff in the apparel sector.
“Over 400,000 employees and their families stand to benefit from this new insurance plan. Our objective is to educate and encourage our associates of all grades on the need to invest to meet challenges in life,” said Joint Apparel Association Forum Secretary General Tuli Cooray.
According to a memorandum of understanding (MOU) signed between Cooperative Insurance Company and CH17 Loyalty, the insurance company will offer cover for death, critical illness and funeral expenses of both parents and parents-in-law and children for as low as Rs.166 per month.
Under this programme, all policy holders will be offered the popular ‘Ransalu Pranaama’ retail privilege card free of charge as a value addition, which offers great savings from nearly 200 vendors islandwide registered with CH17’S retail network during the period of the cover. The savings from the privilege card alone could cover the entire year’s premium value.
Additionally, the cardholder will be entitled to make claims for any one of the listed critical illnesses, personal accidents, funeral expense, etc.
For the convenience of the employees, a special facility has been made to pay the premium on a monthly basis to be deducted from their salary.
An MOU was signed recently between CH17 and Co-operative Insurance, backed by Lak Insurance brokers.
CH17 CEO Jumar Preena thanked the insurance company for developing this comprehensive scheme, which is affordable and convenient to the workers and their family.
Ransalu Pranaama has embarked on phase two this year, having completed five years in service to the industry. Nearly 132,000 employees have already enrolled and are reaping huge benefits from this programme.
Card holders enjoy year round upfront cash discounts from a number of leading vendors in clothing and footwear, groceries and daily essentials, personal goods, electronic and electrical items, household goods, banking and finance, hotels, restaurants and cafes. Major apparel companies have enrolled their employees to this programme.