Commercial Bank launches low cost insurance for micro borrowersA low cost insurance scheme that will protect micro borrowers has been launched by Commercial Bank of Ceylon in association with two insurance companies,Ceylinco Insurance and BIMA.
The policy will cover the borrowers against accidental death or permanent disability, compensate for loss of income due to hospitalisation and also contribute towards funeral expenses.
Monthly premiums of Rs 150, Rs 300 and Rs 600 respectively for the Silver, Gold and Platinum categories of the scheme provide accident cover of Rs 1 million, Rs 2 million and Rs 4 million, with life cover of Rs 50,000, Rs 100,000 and Rs 150,000, the Bank said.
“This scheme is yet another example of our commitment to the wellbeing and protection of our customers in the micro enterprise segment,” Commercial Bank’s Deputy General Manager(Personal Banking) Mr Chandana Gunasekera said. “Today’s micro borrowers can be small or medium enterprises in just a few years with the right support, and Commercial Bank is committed to provide that support.”
