A milestone in employee welfare has been achieved in Sri Lanka’s apparel industry with Ceylinco Insurance partnering the Joint Apparel Association Forum (JAAF) – the industry’s apex body – to develop a standard life and medical insurance policy that can potentially protect some 350,000 workers and their families.
Costing less than Rs 6 per employee per day, the Ceylinco ‘Ransalu Raksha’ policy provides life cover of Rs 1 million, and will pay Rs 1.5 million in the event of accidental death, Rs 500,000 for partial and permanent disability, up to Rs 500,000 as cover for 39 critical illnesses, reimburse up to Rs 30,000 a year in medical expenses and contribute Rs 30,000 as funeral expenses.
Developed after extensive discussions between Ceylinco Life Insurance, Ceylinco General Insurance, representatives of JAAF and Channel 17, which manages the ‘Ransalu Pranama Privilege’ Loyalty cum Welfare Programme of the Apparel Sector in Sri Lanka, the new policy is to be implemented as a group insurance scheme through voluntary participation of apparel companies.
Speaking at the launch of the scheme, Ceylinco Life Chairman Mr R. Renganathan said the Company is able to provide the special rate because of the strength of its Life Fund, which stands at Rs 93 billion. “This exclusive insurance package tailor-made for the needs of apparel sector employees, is the result of many hours of discussion and negotiation, and recognises the importance of shielding this vital human resource from the vagaries of life,” he said.
JAAF Secretary General Mr M. P. T. Cooray said Sri Lanka’s apparel industry has a well-evolved culture of protecting, nurturing and up-scaling its work force, helped by strong pro-labour laws and “rest of the world” best practices mandated by the buyers’ community. The industry already has employee insurance in the form of contributory or company-funded schemes, but this new scheme takes the industry to an era of a standard insurance package if workers and companies decide to take it, Mr Cooray said.
The launch of the scheme was also attended by senior office bearers of the JAAF led by its Chairman Mr Sharad Amalean, senior management of apparel companies, the Managing Director/CEO of Ceylinco Life Mr Thushara Ranasinghe, the Managing Director of Ceylinco General Insurance Mr Patrick Alwis and the Chief Executive/Director of Channel 17 (Pvt) Ltd., Mr Jumar Preena.
The Joint Apparel Association Forum is the apex body which guides Sri Lanka Apparel towards its ultimate goal of being the world’s number one apparel sourcing destination. The entire Apparel Industry came under the aegis of Sri Lanka Apparel in 2002, forming its core activity to promote Sri Lanka as a “Preferred Sourcing Destination” in the region through implementing strategic plans. With an export turnover of more than US$ 5 billion, apparel is among the largest single industries contributing to the growth of Sri Lanka. As the Apex body representing the industry in Sri Lanka, JAAF seeks to steer the industry towards its target of US$ 8 billion in exports by 2025.
The market leader in Sri Lanka’s life insurance industry for 15 of the 31 years it has been in operation, Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development and corporate social responsibility.
Ceylinco Life was adjudged Sri Lanka’s most valuable life insurance brand by Brand Finance in 2019, ranked among the 10 ‘Most Admired Companies’ in the country by the ICCSL this year, named the Best Life Insurer in Sri Lanka for the fifth consecutive year in 2018 by World Finance, and has also been declared the most popular life insurance company in the country for the past 13 years by SLIM-Nielsen.