SANASA Life Insurance, renowned for its incomparable service rendered to the society aims to become a strong assurance company operating with a large customer base as a global tendency pavior of micro assurance. The process of formation of SICL dawned in the 1989’s, as per the results of a survey done by an NGO (Forum of Development - FOD) unveiling the dire obligation of the rural population, need based approach of providing assistance. The study covered the basic and fundamental concerns of the area of interest such as how villagers were organized into voluntary organizations at the village level with a high degree of participation. SANASA Life Insurance formation was highly influenced by the Funeral Aid Societies – FAS and ultimately reached the pinnacles of co-operate sector with the integration of the evolving knowledge and technology. Representatives were motivated by FOD to design and implement an insurance scheme of their own. The insurance scheme designed by them was named “Ahethuka Wipath Awaranaya” (risk coverage against unfortunate perils). The scheme was inaugurated in October 1991 with a participatory membership of 182 members of SANASA societies and FAS. With the passage of the time the number of participants to this scheme increased rapidly and SANASA made the arrangements to obtain the License to operate life insurance business in 2003, under the name SICL and to operate General Insurance in 2005. Later on the company was rearranged under two affiliations as SANASA Life Insurance and SANASA General Insurance. There are several organizations operating under the brand name SANASA and SANASA Life Insurance Company sets a milestone and stands as a significant turning point of the history of the business. SICL has good rapport with cooperate sector financial institutions with the risk management context. The tailor made as well as customized insurance products aim to cater to the needs of the customers from lower and middle income sector in Sri Lanka. SICL has developed insurance cover over the years to claim for risks of cash and accidents. However after years of operation SICL has reached a position of dignity and reputation enabling the organization to fulfill the Social Responsibility fallen upon the cooperate body. SICL was awarded with the certificate of excellence in 2018, for the special recognition for product innovation in General Insurance by the Indian Chamber of Commerce. SICL won the merit award for running the website with active participation in the cooperate category. In 2019, the certificate for compliance for the reporting standards was awarded to SICL at the 53rd Annual Report Awards by institute of Charted Accountants of Sri Lanka. Reaching beyond the contemporary trends SICL contributes for community development, village development, religious and cultural harmony and the benefit of the environment via numerous projects. SLIC attempts to provide the clients with an excellent service on all occasions and at all stages to mitigate the risk for the purpose of improving their living conditions and securing the economic development. With the branching off as SANASA Life Insurance and SANASA General Insurance, the ultimate purpose of the organization is to align the organizational motives with the customer needs and achieve greater levels of serving to the growing client base.
SANASA Life Insurance Company PLC registered under the name of Seemasahitha Sanasa Rakshana Samagama as a public limited liability company, incorporated in Sri Lanka under companies act No 17 of 1982 and re- registered under the companies act No 07 of 2007.