Allianz Life Insurance Lanka has collaborated with Cargills Group’s banking arm Cargills Bank to provide Decreasing Term Insurance (DTA) solutions to the bank’s customers.

The DTA is a form of insurance that reduces the potential pay out, periodically, until the end of the policy’s term.

Through the partnership with Cargills Bank, Allianz’s member Allianz Life Insurance Lanka will initially offer key insurance products including DTA and Loan Protection Policies.

Allianz expects the two products to help in streamlining borrowing and protect both borrowers and lenders from risk and uncertainty.

Allianz Life Insurance Lanka CEO Jayalal Hewawasam said: “As a stakeholder of increasing importance and influence in Sri Lanka’s insurance industry, we are constantly looking to forge new partnerships and alliances, to unlock synergies and opportunities together with our partners, where we can mutually benefit, and most importantly, provide increased value to our collective customers.”

Furthermore, the two firms plan to jointly launch new products and services to meet the requirement of the modern life of people in Sri Lankan.

Cargills Bank retail and SME AGM Lasantha Mahendrarajah said the partnership will provide both the organisations with an opportunity to work together to serve customers better and grow together.

Mahendrarajah added: “As Sri Lanka’s most progressive bank, and one heavily involved in financing agri-businesses and other SMEs and MSMEs, at the grassroot level, we are keen to partner with a global insurance provider, to help meet our collective goals and objectives, which is the delivery of fast, efficient, reliable and innovative financial solutions to our customers.

“We are also pleased to note Allianz Life Insurance Lanka Ltd’s commitment to digital service delivery, an area in which we are pioneers in the industry, and we look forward to innovating and designing new solutions, together.”