Ceylinco VIP ‘On The Spot’ additional med cover to scale int’l markets
Ceylinco General Insurance PLC is aiming to introduce its brand new motor product add-on, a Rs. 1 million cover that will reimburse medical costs for 21 critical illnesses, to markets abroad, top officials say.
Ajith Gunawardena, CEO Ceylinco General Insurance on the sidelines of a media briefing to announce Ceylinco VIP ‘On The Spot’ Rs. 1 million medical insurance told the Business Times that they have got many requests to do so by foreign countries.
The cover will be for treatment of heart disease, cancer, kidney failure, stroke and several other serious illnesses including heart attack and open heart surgery, major organ transplants, chronic lung and liver diseases, deafness, blindness, multiple sclerosis, paralysis etc. Introduced as an exclusive benefit for Ceylinco VIP ‘On The Spot’ policy holders, the new cover will be valid for new policies, while existing policyholders will be entitled to this new benefit from the date of their next renewal.
While individual customers will be entitled to this benefit, corporate customers or fleet owners must name an individual (user or driver) as beneficiary. For individual customers with more than one vehicle, the spouse or immediate family members could be named as beneficiaries. Similarly, comprehensive motorcycle and three wheeler policyholders will be entitled to a cover of Rs. 100,000 and third party customers too will benefit with a cover of Rs. 100,000, the company said in a media release.
The company has done similar product joint ventures (JV) in the past with foreign insurers, according to Patrick Alwis, Managing Director – Ceylinco General Insurance PLC. “We’re in 7- nations already with product JVs,” he told the Business Times, saying that Ceylinco has partnered with firms in Maldives, Dubai, Mauritius, Oman, Bahrain, Qatar, etc.
Mr. Gunawardena added that products by Ceylinco are a ‘test market’ for their reinsurers abroad. “Considering ever-increasing medical costs, this benefit will undoubtedly ease the financial burden on our customers to a great extent. With Ceylinco VIP enjoying a major share of the vehicle insurance market, most Sri Lankan vehicle users will be entitled to this benefit, in addition to a host of other benefits they already enjoy, such as, if a brand new or an unregistered vehicle is condemned within two years of purchase, the company replaces it with a vehicle of similar make and model irrespective of the price escalation; a Rs. 4 million Emergency Hospitalisation Insurance Cover; a similar replacement vehicle in the event the accident repair exceeds four days; emergency roadside assistance; personal accident cover of up to Rs. 200,000 for each passenger; the insured value of the vehicle increasing by 10 per cent every year; a 10-year warranty for your vehicle against manufacturers defects, valid for the first 10 years from the year of manufacture; payment of lease installments of up to two months in the event of a repair exceeding 30 days, etc,” Mr. Alwis noted.