Combank and Softlogic Life pioneer remittance-linked life insurance

Commercial Bank of Ceylon and Softlogic Life have collaborated to break new ground in Sri Lanka’s financial services sector with the launch of the first remittance-linked life insurance product in the market.

This new product branded ‘Softlogic Life Remit Guardian’ will provide comprehensive life cover to customers routing remittances to Sri Lanka.

In celebration of the launch of this timely product, Softlogic Life has announced that customers aged between 18 to 60 that send money to Sri Lanka through ‘Com bank remit plus’ to a Remittance account, will receive this service from Softlogic Life on a complimentary basis from 01st October to 31st December 2021, where the beneficiary will be eligible to receive the value of the remittance received during that month directly credited to the remittance account as the insurance amount, in case of the remitters untimely demise.

Commenting on the launch of the product, Commercial Bank Chief Operating Officer Sanath Manatunge said, “This is a significant value addition to the many benefits we offer our remittance customers, who are very important stakeholders in our economy, bringing foreign exchange into the country.

We are therefore delighted to work with Softlogic Life to launch this ground-breaking product that reflects our commitment to this customer segment and will be a tribute to their contribution to the country’s economy.”

Softlogic Life Managing Director Iftikar Ahamed said, “We are happy to offer this unique product to remitters. Remit Guardian is innovative in its simplicity, transparency and affordability. The protection it offers can be extended for as long as the remitter likes, where the terms of the pay-out are clearly established. Most importantly it offers peace of mind at a time when it is most needed and marks the first time that an insurance cover is offered to Sri Lankans who remit money to their families living here on a regular basis.”