LOLC Life Assurance, through its dedicated Takaful arm, Al-Falaah Takaful Life has introduced LOLC Life Family Takaful Deferred Maturity product, a Shariah-compliant long-term financial solution designed to help individuals safeguard their loved ones, strengthen their financial resilience, and prepare responsibly for the future. The solution is based on the principles of mutual cooperation, shared responsibility, and ethical investment. It was officially introduced at a dedicated Business Launch held in the Eastern Region, bringing together the Company's sales force and business partners to mark the commencement of its market rollout.

Developed in response to the growing demand for financial solutions that combine Family Takaful coverage with long-term financial planning, the solution enables participants to make contributions under a Shariah-compliant Takaful arrangement while receiving financial support in the event of covered contingencies together with the opportunity for potential fund growth through Shariah-compliant investments. Investment returns are subject to actual fund performance and the applicable terms and conditions of the Takaful Certificate.

LOLC Life Family Takaful is available to individuals aged 18 to 60 years. It offers flexible contribution payment periods of 3, 5, 7, or 10 years, with Takaful Certificate terms ranging from 10 to 40 years, enabling participants to select an arrangement that aligns with their long-term financial objectives.

Participants may also make additional top-up contributions, subject to the applicable product terms and conditions, providing greater flexibility to support their long-term financial goals and potential fund growth objectives.

In addition to the principal Family Takaful coverage, participants may enhance their protection through optional rider benefits, including Accidental Death, Critical Illness benefit, Total Permanent Disability, Partial Permanent Disability, and Hospitalization per day benefit. These supplementary benefits provide additional financial support when it is needed most, subject to the applicable product limits, exclusions, and the terms and conditions of the Takaful Certificate.

Addressing at the launch, Dr. Chandana L. Aluthgama, Executive Director/Principal Officer of LOLC Life Assurance, said: At LOLC Life Assurance, we remain committed to developing innovative protection solutions that respond to the evolving financial needs of Sri Lankan families. The introduction of Family Takaful marks another significant milestone in our efforts to expand access to ethical, Shariah-compliant financial solutions, while contributing to greater financial inclusion and long-term financial preparedness for our customers.”

Jayantha Kalinga, Chief Operating Officer of LOLC Life Assurance, added: "The introduction of LOLC Life Family Takaful enables us to offer our customers a wider range of financial planning choices that respond to their diverse needs and aspirations while providing meaningful financial protection to their loved ones. Through our dedicated sales force and extensive reach, we are committed to increasing awareness of Takaful solutions and empowering individuals and families to make informed and responsible financial decisions.

As an established provider of Takaful solutions in Sri Lanka, LOLC Life Assurance continues to contribute to the development of the country’s Islamic finance ecosystem by introducing relevant Takaful solutions, enhancing participant experiences and expanding its portfolio of ethical financial protection offerings. Since entering the Takaful market in 2016, the Company has developed its presence through customer-focused initiatives, product development and a commitment to creating sustainable value for families and communities across Sri Lanka.