Fight against COVID-19
As part of its wide-ranging, empathetic response to the Covid-19 crisis, Ideal Motors (Pvt) Ltd has donated a Mahindra Ambulance valued at approximately Rs. Ten million to the Madura Vithana Foundation on 5th September 2021.
The fully-equipped ambulance was handed over by Nalin Welgama, the Founder and Chairman of the Ideal Group to Member of Parliament, Madura Vithana, Founder of the Foundation. The vehicle was donated primarily to enable the Foundation to support the vaccination of persons over 60 years of age and the disabled in the Colombo District.
The donation also coincided with the company’s Founders’ Day, the birthday of Nalin Welgama, the Founder and Chairman of the Ideal Group which was commemorated on 5th September. This ambulance will also support the country’s efforts in its fight against the Covid-19 pandemic and provide health services to affected citizens expeditiously.
As a company deeply committed and recognized for its series of corporate social welfare initiatives, Ideal Motors (Pvt) Ltd has relentlessly provided assistance during these unprecedented times, supporting vulnerable segments of the population and donating vital equipment.
Ideal Motors (Pvt) Ltd’s relief programme for Covid-19 included donating washing machines and waste bins to the Base Hospital Mulleriyawa which was an urgent requirement, presenting six laptops to the Cardiology Unit of the Colombo National Hospital which were crucial for recording patients’ data, and also providing the Ministry of Health a stock of personal protective clothing and accessories required for health service frontline staff which was handed over by Nalin Welgama to Ministry officials at the Gangarama Temple in Colombo.
In addition, among the social welfare programmes implemented by Ideal Motors are a drinking water project for 1500 severely affected families in the Namalpura area located in the Anuradhapura District, providing drinking water facilities to the school the Thalgaswewa Vidyaravinda Vidyalaya, Nonchchiyagama, in addition to presenting the students with school stationary such as books, bags, shoes and other necessities, constructing the courtyard for the Bo Tree of the Diyapattugama Temple in Kevitiyagala, and offering a Buddha statue while also donating necessary computers to the Diyapaththugama S.A. Welgama Junior School. Furthermore, Mahindra Electric three-wheelers were presented to the Kataragama Temple and the Atamasthanadhipati Thero of the Anuradhapura Temple. To-date, Ideal Motors has spent over Rs 30 million towards their social welfare projects in supporting communities across the island.
Commenting on the company’s social welfare programmes, Nalin Welgama, said, “Founders Day is a special event in the calendar of our company as September 5th marks the inauguration of our business. Over the years the company has engaged in countless social service programmes, however, we have not sought any publicity for our work.”
He added, “The pandemic has affected not only our country but has caused catastrophic results for the whole world. I believe, business leaders need to come forward and support the nation during these challenging times. I request all corporates and their leaders to come together and instead of blaming the government look inwards to see what we can do for our nation. This is our motherland and it is our duty to support the country, especially at this time. We are aware there are several companies that have made vast profits in the last two to three quarters this year due to coronavirus. My humble request is to come forward and dutifully work towards the development of the country.”
Commenting on receiving the ambulance for the Foundation, MP Madura Vithanage said, “We are extremely thankful to Ideal Motors and Nalin Welgama, in providing an ambulance to the Vithana Foundation. Our country is facing a severe shortage of ambulances due to the current corona epidemic. This noble deed will help transport all Public Health Inspection Officers in the Colombo District. We aim to coordinate with the police and the local authorities and ensure that those over 60 years and unable to go to vaccination centers can be visited at home and vaccinated.”
Ceylinco Life raises bar with ‘Future Saver’ – a wealth accumulation product with life cover
A new paradigm life insurance product that offers protection as well as wealth accumulation with an emphasis on the latter has been launched by Ceylinco Life, raising the bar for investment options in Sri Lanka’s financial services sector.
Positioned as the best wealth accumulation product in the market, ‘Ceylinco Life Future Saver’ is designed to enable policyholders to plan for long-term goals by passionately saving for a short period during which their financial stability is at its peak.
This unique concept of long-term protection for a short-term commitment makes Ceylinco Life Future Saver a standout product, offering protection for up to 25 years or more, for premium payments over five or 10 years, based on the policyholder’s capacity and wealth accumulation aspirations.
“Life insurance products must adapt in response to changing socio-economic dynamics,” Ceylinco Life General Manager Marketing Samitha Hemachandra commented. “Future Saver is an excellent example of a product that meets the aspirations of key demographics of the present, especially millennials, young adults aged 25 – 45 years, customers segmented as SEC A, executives and managers in the private and public sectors, professionals, businessmen and self-entrepreneurs. It also advances the Ceylinco Life credo of de-risking the ambitions of its customers with financial security that goes beyond life cover.”
Ceylinco Life Future Saver creates a Wealth Accumulation Fund built on monthly dividend rates declared by the Company for the Basic Premium paid by the policyholder, part of which funds a life insurance policy, while the balance accumulates in the Fund. The Wealth Fund component is carefully managed by professional investment managers who will ensure that it grows each month, enabling policyholders to develop an attractive saving at maturity to achieve future goals such as retirement or children’s education, while enjoying the protection offered by the life policy.
A noteworthy feature of the new product is a Premium Assurance Benefit that guarantees that Ceylinco Life will continue the payment of the basic premium for a policyholder’s Wealth Fund until the end of the premium paying term in the event of the premature death of the policyholder, and will build the Fund for his or her loved ones. In the event of total and permanent disability, the Company will continue the payment of basic premium as well as the premium for life cover until the end of the premium paying term.
This feature ensures that in the event of the death of the policyholder during the term of the policy, the beneficiaries would receive not just the life cover but the Premium Assurance Benefit and the accumulated sum in the Wealth Fund at the maturity date.
Furthermore, Loyalty Rewards will be provided as additional credits at specified internals only to the Wealth Funds of policyholders who have paid their premiums on time, increasing the balance further. This is the most attractive feature of the Future Saver plan which ensures a rewarding maturity value b.
at the end, the Company said.
Adding to the attraction of the Future Saver policy, policyholders are entitled to withdraw up to 10 per cent of the accumulated Wealth Fund twice during the policy term after the third policy year, in case of an emergency.
It also offers a provision to maintain an emergency fund for future needs such as medical expenses, or expenses during retirement, by continuing the Wealth Fund for up to 20 years after the policy matures, by choosing the Lifeline Payout benefit without obtaining the maturity value. In such instances, Ceylinco Life will allow unlimited withdrawals during the extended period, but will continue to credit the dividends to the Fund.
Providing all the benefits available with Ceylinco Life’s standard life insurance products, Future Saver also offers the option of adding supplementary benefits such as Accidental Death Benefit, Total and Permanent Disability Benefit, Critical Illness Benefit and cover for the policyholder’s spouse and children.
Additionally, Future Saver policyholders are entitled to the special rewards exclusive to Ceylinco Life policyholders, such as ‘Pranama’ scholarships for their children and participation in the ‘Family Savari’ mega promotion annually.
‘A large number of export orders ‘ in September for textile and wearing apparel sector products– cbsl
Manufacturing PMI bounced back to 54.3 in September 2021, increasing by 9.2 index points compared to August 2021. This increase was mainly attributable to the significant improvements observed in New Orders and Employment sub-indices.
The increase in New Orders, particularly in the manufacture of textile & wearing apparel and food & beverages sectors, have contributed considerably to the overall improvement in the PMI. Some respondents in the textile & wearing apparel sector mentioned that they received a large number of export orders in September with the normalisation of the economies in the major export destinations. Employment has also increased, especially in the manufacture of textile & wearing apparel sector, where new recruitments resumed with the tapering off of the pandemic situation.
However, Production and Stock of Purchases have remained closer to the neutral level with a marginal contraction during September 2021. Some respondents in the manufacture of food & beverages sector highlighted that they had to slow down the factory operations due to the lower availability of raw materials. Further, the continuous increase in the cost of imported raw materials, particularly due to rising global commodity prices, has also been highlighted as a major concern. Meanwhile, Suppliers’ Delivery Time lengthened in September 2021.
In the next three months, expectations for manufacturing activities remain at elevated levels anticipating further improvements in economic condition locally and globally.
Services PMI entered the growth territory reporting an index value of 52.2 in September 2021 following the dip observed in August 2021. This was underpinned by the increases in New Businesses, Backlogs of Work and Expectations for Activity sub-indices.
New Businesses increased in September compared to the previous month mainly with the improvements observed in transportation, solely related to freight forwarding, financial services, education and telecommunication sub-sectors.
Business activities in transportation, solely driven by freight forwarding, education and insurance sub-sectors showed improvements during September. However, business activities in other personal activities, wholesale and retail trade, human health activities and accommodation, food and beverage sub-sectors were largely affected due to the quarantine curfew imposed throughout the month. As such, Business Activity sub-index edged up in September, yet continued to remain below the threshold level.
Employment sub-index continued to remain in the negative territory with retirements and voluntary resignations amid comparatively low level of new recruitments. Meanwhile, Backlogs of Work continued to increase in September since a limited staff reported to work amid prolonged travel restrictions and COVID-19 infections among staff members.
Expectations for Business Activities for the next three months increased in September following the lift in travel restrictions and fall in domestic COVID-19 cases. Nevertheless, some respondents continued to express their concerns with regard to adverse effects on business operations from import restrictions and increase in input costs.
Over 100,000 customers aboard Q+ Payment app
The Q+ Payment App, Sri Lanka’s first QR-based payment application to be launched under LANKAQR, has surpassed the 100,000 registered customers milestone, doubling its customer base in just five months, the app’s owner the Commercial Bank of Ceylon has announced.
The fastest growing QR app in the country, Q+ Payment App has an easy self-registration process, and is well received by customers owing to the convenience and security it offers them in cashless payment processing when they pay for purchases by scanning QR codes via mobile phones or via the in-app bill payment facility, the Bank said.
Designed as a hassle-free payment alternative for cardholders and vendors, the app gained popularity via a series of Bank-driven promotions in collaboration with popular local retailers and due to its participation in a number of Central Bank of Sri Lanka (CBSL) led ‘රටපුරාම LANKAQR’ programs held across the country.
Positioned as the next dimension of payment options, the Q+ Payment App enables cardholders to pay for purchases via their mobile phones simply by scanning the merchant’s QR code. Since the launch, the app underwent several functionality-enhancing upgrades including biometric authentication login for both the consumer and merchant applications, an ‘In-App Bill Payments’ feature that allows customers connected to the Bank’s Debit, Credit or Prepaid cards to pay bills instantly, the facility to promptly settle Credit Card outstanding and top-up Pre-paid Cards, and most recently, the addition of an ‘Online Pay’ feature which enables customers to pay for online purchases by entering their mobile numbers in merchant websites and apps that have ‘Q+ Payment App’ as a payment option.
The ‘In-App Payments’ feature enables Q+ Payment App customers to make payments in many categories such as data reloads, prepaid and post-paid mobiles, fixed telephone lines, water and electricity (CEB and LECO) and pay-TV bills.
The dynamic and interactive customer experience and convenience the app offers are the driving forces behind its popularity, the Bank said. By binding their cards to the Q+ Payment App, ComBank cardholders avoid pulling out the card from their wallets which prevents card losses and card theft. This also encourages the use of environment friendly, paperless-banking features such as Digital receipts and in-App alerts. Payments done using Q+ Payment App require authentication using a static PIN which ensures the safety and security of transactions, making the Q+ Payment App more secure than a normal card.
Customers can add their ComBank Visa, Mastercard and UnionPay cards to the Q+ Payment App, enabling them to perform LankaQR, mVisa, and Mastercard QR transactions. A maximum of five cards can be added to the app. Q+ Payment App is the only payment app in Sri Lanka that supports LankaQR, mVisa, and Mastercard QR transactions. Moreover, the Q+ Payment App is certified for use at overseas QR merchants through the Visa and MasterCard networks.
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