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| Sunday, 31 October 2004 |
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Business |  |
| News Business Features Editorial
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Premium Payments by SMS For the first time in Sri Lanka, Janashakthi Insurance Company has provided policyholders the option of paying insurance premiums using Short Messaging Service (SMS) technology. For automobile insurance renewals or life insurance premiums, Janashakthi's new facility permits any customer, once registered, with a mobile telephone to send an SMS message containing policy number to make their payments in a simple, convenient manner through a credit card payment. The unique feature of this special payment scheme is that the policyholder need not visit his/her insurance office and in particular motor insurance policies can be renewed instantly by sending an SMS. Life insurance policyholders too will find it very convenient since the frequency of payment is higher. Another attractive feature of the new payment plan by Janashakthi is an automatic personal reminder by SMS of policy payment due dates. There is no additional charge for this service. Janashakthi, being the major force in the insurance industry in the country has achieved a premium of over Rs. 2.3 billion at the end of the 3rd quarter of 2004. Chandra Schaffter the Managing Director of JICL, said that he is very confident that Janashakthi will be the first insurance company in Sri Lanka to reach Rs. 3 billion premium income within the first ten years of its operations. Janashakthi's new SMS payment scheme is only the latest of the company's innovations. It was the first to include hospitalisation cover with life insurance policies, the first to cover AIDS under its life policy, and the first to include entire family members under the hospitalisation policy. Other unique features offered by Janashakthi include payment of interest on death claims, and terrorism cover on the accident portion of life insurance policies. Recently, Janashakthi also more than tripled the cover for its critical illnesses, raising the number of covered illnesses from 5 to 22 at no additional cost to more than 60,000 policy holders. |
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