LOLC’s ‘Al-Falaah Takaful’ celebrates year of success
View(s):“Al-Falaah Takaful” the Motor Takaful window operated by LOLC Insurance Company Ltd is celebrating what it calls “a successful and promising first year in the fast expanding Takaful Industry”.
In a media release, LOLC Group said it made headway in the industry in just one year by building a customer base touching 5000, and Gross Written contribution exceeding Rs. 125 million in Motor Takaful alone.
“The significance of Al-Falaah Takaful is that all features of this product is stringently supervised by a dedicated Shari’ah Supervisory Board (SSB) and an in-house advisor to ensure that all product features and processes adhere to set standards and principles. In addition, an efficient service is ensured by a dedicated and experienced team of customer service personnel operating through a wide network of branches,” it said.
Al-Falaah Takaful is offered with a host of added benefits which include, a free cover for replacement of air bags, free towing facility within the greater Colombo area, 3rd party property damage cover up to Rs. 500,000 for commercial vehicles (unlimited for private cars), optional settlement process in the event of a claim, 24 hour customer care hotline, efficient and hassle free handling of claims through an island-wide network of garages and assessor panels, and most importantly, sharing of surplus by way of distributing the excess funds in the participant fund amongst the customers who have not claimed.
CEO of LOLC Insurance, Gehan Rajapakse said, “We are indeed heartened by the performance of the Al-Falaah Takaful product within a period of just one year. Moving forward, we hope to expand our offerings to customers and provide unmatched benefits to policy holders.”