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Frequently Asked Questions:

1. What is Bancassurance?

Bancassurance is a strategic alliance with an insurance partner to distribute insurance products to the bank’s customer base through the branch network of the bank.

2. What are the benefits of obtaining a life insurance policy through Bancassurance?

Bancassurance offers bank account holders a convenient option to have their policy premiums deducted automatically throughout the term of the policy whilst offering specialized products tailored to suit their financial needs.

3. What is the importance of my policy?

The policy offers life & Permanent Total disability cover whilst addressing the your financial requirement such as the need for a retirement fund, lump sum requirement for an educational, marriage requirement of a child, lump sum for medical expenses etc. Also, the policy can be assigned to the bank as security/ collateral for facilities obtained

4. What are the documents you need to provide in order to apply for a life insurance policy?

Completed proposal form, National Identity Card (NIC) or other valid proof of identity (Valid Driving License/ Passport, etc…) Medical documents will depend on the discretion of the Insurer. However, cost of medical examinations will be borne by the Insurer and will not be burdened on the customer.

5. When would my insurance coverage start?

From the date of the first premium payment subsequent to the submission of the documents required to issue the policy discussed under question 04 above.

6. When would I get my policy documents from Seylan Bank?

Within two weeks of submission of documents required to issue policy & settlement of premium. The Insurer will usually dispatch the policy by registered post/courier or send to the branch upon your request.

7. Can I discontinue my policy if I am not satisfied with the benefits of the policy?

Yes. There is a cooling off period of 21 days within which you may submit the policy document together with an official request to cancel the policy and request for a refund of premium.

8. What if I have lost my Policy Document?

Submit an official request to re-issue policy together with an affidavit. Insurer will then re-issue the policy at an additional cost.

9. How would I get to know that my policy is falling due for renewal?

The Insurance Representative deployed in the branch will personally follow up when the policy is falling due for renewal. Additionally a renewal reminder SMS will be sent by the insurer.

10. What if I do not maintain sufficient funds for renewal payment in my account?

The Insurer provides a 30 day grace period from the due date of premium payment. The customer may settle the premium within the grace period to avoid discontinuation of the policy / lapsation.

11. Do I get any grace period for renewal premium payment?

Yes. 30 days from the premium due date.

12. What happens if I do not pay my renewal payment on due date ?

Insurer will allow a grace period of 30 days from the date of the renewal premium due date. The customer has to make the payment within this period to avoid lapsation of his/her policy.

13. Would I get any written confirmation once I have paid my renewal premium?

Yes. An official receipt will be issued upon payment of premium at any Seylan Branch.

14. Can I obtain service at any of Seylan Bank branches ?


15. Why do people need a Mortgage Protection Policy?

It pays off the mortgage if policyholder dies/permanently disabled during the term of the mortgage

16. What is the cover should obtain for motor Insurance?

Comprehensive/ 3rd Party

17. What is covered under comprehensive policy?

Loss or damage to the vehicle by accidents, loss or damages to the vehicle by fire and loss or damage to the vehicle by theft or burglary.

18. What is the value that a motor insurance should be obtained for?

Market Value

19. Why the motor insurance is compulsory in Sri Lanka?

Due to the law of the country - Motor Traffic act No 14 of 1951 and subsequent amendments

20. What is the price at which I should insure my property for fire insurance?

Re-instatement Insurance value