Amana Takaful assists informal sectors in insuring
Amana Takaful (ATL) PLC has identified many sectors, most notably the ‘informal sector’ of Sri Lanka to assist with insurance.
For example, ‘ATL Tuk Tuk Full’ for three-wheelers and ‘ATL SRC’ for motorcycles target such sectors.
Tuk Tuk Full providing three-wheel drivers with an extra layer of protection and added financial flexibility is unique as they are assured that their families’ lives may continue uninterrupted, even in the event on an unfortunate accident. An MOU was signed between Amana Takaful PLC and Abans Finance PLC offering the Tuk Tuk Full product for the three wheel portfolio of Abans Finance last year.
Fazal Ghaffoor, CEO ATL told the Business Times on the sidelines of a media conference recently said that when a customer obtains a comprehensive Tuk Tuk Full policy from ATL, he/she is entitled for a free three wheeler tyre. The insured will also be able to subscribe for variety of benefits that gives complete indemnity across a range of circumstances.
“In terms of personal cover, the ‘Tuk Tuk Full’ scheme offers Rs. 100,000 in insurance cover for 38 critical illnesses; Rs. 25,000 for funeral expenses for owner/named driver, spouse and children; Rs. 750 up to 10 days as loss of income due to hospitalisation and Rs. 1,000 up to four days loss of income due to unavailability of the three wheeler.”
Encouraging those who are informally or self-employed in small-scale industries to get protection, the company is providing the fishing community in the island ‘ATL Samudra Shakthi’. This product has been in the market for the past three years, Mr. Ghaffoor added.
He added that ATL has been able to identify the burning issues in the informal sector and address them.
He also noted that senior citizens hospitalisation policy, “ATL KruthaGuna” is the only hospitalisation cover of its nature, to those over 55 years. KruthaGuna provides clients with much-needed support in times of need by providing them with peace of mind to spend time with, love and take care of elderly loved ones in a way that they deserve. Pre-existing ailments such as high blood pressure, diabetes, etc prove to be a challenge when selecting a medical cover to this segment, Mr. Ghaffoor said noting that for the first time in Sri Lanka, ATL has come forward to waive-off pre-existing ailments from the second year.
The company will also be enhancing its “All in One” cover, which targets businesses and uses digital processes from start to finish, making it possible for individuals to obtain quotations for policies and enlist in them hassle-free.