Dec 22, 2014 (LBO) - Sri Lanka’s Amãna Takaful PLC to transfer its life insurance business, Family Takaful to Amãna Takaful Life Limited with effect from 1st of January 2015, the company said in a media release.
Media Release Reproduced
The separation of Amãna Takaful’s life and general insurance businesses will enable the company to run the two categories of insurance as separate business entities.
The transfer is taking place following a mandatory requirement introduced by Section 53 of the Regulation of Insurance Industry Amendment, Act No. 3 of 2011 which requires all composite insurance providers to segregate their long-term and general insurance businesses.
With effect from 1 January 2015, all Life insurance policies held by policyholders of Amãna Takaful PLC will be transferred to Amãna Takaful Life Limited, which will operate as a wholly owned subsidiary.
The transfer will come with the assurance that all obligations and responsibilities that the insurer has undertaken will continue unchanged. Amãna Takaful remains dedicated to providing all policyholders with a range of high quality insurance products and exceptional standards of service.
Amãna Takaful products in the Life category include; ‘Prosper’ Sri Lanka’s first Shari’ah compliant unit linked life insurance plan, ‘Adhyapana’, a long-term protection and saving plan that will fund the education of children whilst providing their parents with health cover and ‘Surakshitha’, an affordable life insurance cover. Also included in the Life portfolio is ‘Platinum’, which is designed to suit those who want to provide the best money can buy for the ones dearest to them, ‘Group Life’, a life insurance cover created especially for employees and ‘Safeguard’ a mortgage protection cover.
In 2014, Amãna Takaful also introduced several innovations and unique insurance policies to effectively meet the needs of the market.
The ‘Suwasiri’ health insurance policy priced at Rs.2222 /- (annually) gives all Sri Lankans access to medical insurance in order to continue peace of mind throughout bouts of poor health. The ‘Crystalline’ cover specially designed for ladies was introduced to support the health and well-being by providing comprehensive insurance cover for common ailments faced by women.
Media Release Reproduced
The separation of Amãna Takaful’s life and general insurance businesses will enable the company to run the two categories of insurance as separate business entities.
The transfer is taking place following a mandatory requirement introduced by Section 53 of the Regulation of Insurance Industry Amendment, Act No. 3 of 2011 which requires all composite insurance providers to segregate their long-term and general insurance businesses.
With effect from 1 January 2015, all Life insurance policies held by policyholders of Amãna Takaful PLC will be transferred to Amãna Takaful Life Limited, which will operate as a wholly owned subsidiary.
The transfer will come with the assurance that all obligations and responsibilities that the insurer has undertaken will continue unchanged. Amãna Takaful remains dedicated to providing all policyholders with a range of high quality insurance products and exceptional standards of service.
Amãna Takaful products in the Life category include; ‘Prosper’ Sri Lanka’s first Shari’ah compliant unit linked life insurance plan, ‘Adhyapana’, a long-term protection and saving plan that will fund the education of children whilst providing their parents with health cover and ‘Surakshitha’, an affordable life insurance cover. Also included in the Life portfolio is ‘Platinum’, which is designed to suit those who want to provide the best money can buy for the ones dearest to them, ‘Group Life’, a life insurance cover created especially for employees and ‘Safeguard’ a mortgage protection cover.
In 2014, Amãna Takaful also introduced several innovations and unique insurance policies to effectively meet the needs of the market.
The ‘Suwasiri’ health insurance policy priced at Rs.2222 /- (annually) gives all Sri Lankans access to medical insurance in order to continue peace of mind throughout bouts of poor health. The ‘Crystalline’ cover specially designed for ladies was introduced to support the health and well-being by providing comprehensive insurance cover for common ailments faced by women.
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