Business News Sri Lanka: Holders of Commercial Bank ‘Anagi’ Women’s Savings Accounts can now enjoy the protection of a Personal Accident Insurance Cover of up to Rs 500,000 free of charge, subject to maintaining a stipulated balance in their accounts.
The free Personal Accident Insurance Cover is provided by the Bank through Fairfirst Insurance which is backed by Fairfax, one of the largest general insurance groups in the world, and can be claimed by ‘Anagi’ Account holders who maintain an average balance of Rs 250,000 over a period of six months, the Bank said.
This personal Accident Insurance is introduced with the objective of providing further value addition that supports the busy lifestyles of women, the Bank said. ‘Anagi’ Account holders between the ages of 18 and 70 are eligible for this cover.
The scope of the insurance covers accidental death, permanent total disability, and permanent partial disability. Anagi Account holders who qualify for this facility can avail of this cover by submitting their claims at the nearest branch, after the accident. In the unfortunate event of an Anagi Account holder’s death, subject to pre-requisites, the Rs 500,000 will be presented to nominated beneficiaries.
Fairfirst Insurance is backed by Fairfax and specialises in insurance, reinsurance, and investment management. The company has a team of 1400 professionals who work across a service centre network comprising 57 branches in Sri Lanka.
The ‘Anagi’ Women’s Savings Account was launched in 2012 with the intention of influencing Sri Lankan women to build their financial stability by empowering them with features such as the highest interest rate in the savings account category for women, and zero restrictions on withdrawals. Account holders are offered a branded passbook and an ‘Anagi’ shopping Debit Card with exciting year-long promotions.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 865 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.