Pensions Dept-Fairfirst Insurance re-launch insurance scheme for pensioners
View(s):The Government Pensions Department together with ColomboRe Insurance Brokers and Fairfirst Insurance recently re-launched “Buhuman” – a unique health insurance policy.
Initially introduced to the market in 2014, this policy was previously designed and developed by ColomboRe Insurance Brokers. Subsequently modifications to the product were made with the assistance of Fairfirst Insurance, the promoters said in a media release.
“Buhuman” which means respect, is a health insurance scheme well known to state pensioners. The product was re-designed with added benefits specifically aligned with the evolving insurance needs of pensioners. Increasing the insurer age limit for the personal accident cover up to 90 years and the addition of a coverage for expenses incurred on drugs purchased, tests, scans and X-rays are a few of the added benefits. Existing benefits offered under “Buhuman” include personal accident cover, hospitalization cover and critical illnesses cover. The policy is available under three insurance plans ranging from Rs.125,000 to Rs.500,000. Pensioners can choose from one of the three plans depending on their financial capabilities and the affordable monthly premiums offered ranging from Rs.200 to Rs.400.
The signing of the Memorandum of Understanding took place at the Pensions Department in presence of Jagath Dias, Director General of the Department of Pensions, Dr. Sanjeev Jha, Managing Director and CEO of Fairfirst Insurance and Ms. Roshini Silva, General Manager of ColomboRe Insurance Brokers along with several other officials from the three parties.
According to Fairfirst Insurance Managing Director & CEO Dr. Jha, there is a strong need for insurance products to assist the senior citizens of the country. “This is an important line of insurance for us and another step towards continuing to address the growing needs of the Sri Lankan insurance market”.
Director General of the Pensions Department Mr. Dias said, “We are happy to be partnering with Fairfirst Insurance for this upgraded beneficial scheme offered to pensioners. With the rate of senior citizens in the country on the rise, it’s imperative that we do whatever possible to uplift their social and economic status”
Fairfirst Insurance is among the top general insurance companies of Sri Lanka. Today, Fairfirst serves individuals, businesses and institutions across this beautiful island through a versatile workforce of 1400 spread across their comprehensive branch network, affinity partners and leading brokers in the market. Fairfirst is part of the global Fairfax Group, a leading property and casualty insurer and reinsurance and investment management group headquartered in Toronto.