Education Policy In Bangladesh Essay

Introduction damages is a way of protecting against these fiscal personnel casualtyes.General restitution or non- t whizz insurance policy policies, including automobile and homeowners Policies provide payments depending on the loss from a particular fiscal event.Anyone who owns an asset pile buy insurance to protect it against losses due to fire or theft And so on. Each one of us ass insure our and our dependents health and closely being by means of hospitalization and personal accident policies.In this report we tried to show that how worldwide insurance business operates in Bangladesh & how heavy it is for economy & what types of problem it faces in our country.Objective of the StudyPrimary objectiveThe main objective of the study is to k straight offadays how the insurance business works in our country.Secondary objectiveThe case study has the following objectivesTo know about the insurance company (Based on three insurance companies.)To know about general insurance & its classification. smart set Overview viridity Delta insurance policy Company special (GDIC) is one of the leading private non life insurance companies in Bangladesh. GDIC was incorporated in celestial latitude 14, 1985 as a public limited company, under the Companies Act 1913.Actual operations started on 1st January 1986, with a remunerative up capital of BDT 30.00 million. Now, Green Delta insurance policy Company Ltd. is amassed about BDT 637.875 million with a credit rating of AA1 and ST1. GDIC holds the proud distinction of being the first ever company to raise its paid up capital to such a level. This is also the 1st policy Company in Bangladesh to have equity partnership with IFC. With a presence in the strategic all in ally important parts of the country, which includes 38 branches, Green Delta indemnification Company Ltd. has complete its prominent presence with equity participation in Delta Brace trapping Ltd., Progressive Life indemnity Co Ltd, United hospital Ltd. Fin Excel Ltd. and BD Venture Ltd. Green Delta Capital Ltd. and Green Delta Securities Ltd. atomic second 18 two of the unmediated subsidiaries. GDIC provides stock brokerage function through Green Delta Securities Ltd. (GDSL) and investment supports through Green Delta Capital Ltd. (GDCL). As a part of the recognition for the contribution in the development of the insurance industry and for maintaining the standard of service, the company has been considered as one of the top 500 companies harmonise to the renowned Rating operation, Dun Bradstreet Rate Agency of Bangladesh. The company has also been a warded with many national and international awards like ICAB National poses for Best Published Accounts, ICMAB Best Corporate Award in indemnification category, surety of Merit for the Best Presented Accounts Award in the category insurance Sector by the South Asian Federation of Accounts (SAFA), International Quality Crown Award by BID International in London, The BIZZ Award by World Business confederation of Business, USA for attractorship, Excellence in a management, Quality and Marketing, The infield Eye Award For Quality & Excellence by BID OTHERWAYS, The Platinum Technology Award for Quality & Best trade name by connexion Other Ways in Berlin, International Star Award for Leadership in quality in the Gold, Platinum and Diamond categories and many more. With the slogan margin with time during the at long last 28 classs GDIC has been helping people in their time of need pulling out all the steps when needed, and has been proud to be a partner in advance.Our VisionOur vision is to mature into a sustainable, coherent organization, raise competitiveness to the extravagantlyest level in the insurance industry, maintainhigh profitability & balanced quantitative growth and exceed customers expectations by offering legendary services, embrace a naked corporate individuation and creative corporate culture.Our MissionOur mission is to creat e shargonholders value through customers satisfaction and employees commitment to excellence.Our StrengthConstant rocking horse of suitable strategies has made the company the leading insurer of Bangladesh for over two decades.Our BeliefWe believe that client must stand at the center of our all activities. We have the ability to optimally fulfill the clients needs based on risk management with minimum cost and personalized servicesFinding productions & ServicesCorporate endangerment ManagementIndustrial All Risk restitution including Machinery Insurance and Business Interruption Property All Risk Insurance including Business InterruptionElectronic Equipments and Computer InsuranceProfessional Indemnity InsuranceComprehensive Machinery InsuranceComprehensive General Liability (CGL) convergence & Public Liability Insurance claimors and Officers Liability (D&O) beset and Allied Perils InsuranceMarine Cargo and Hull InsuranceFinancialCash-in-safe, Cash-in-transit & Cash-on-counter Ins urancePortfolio Cover mention Card Indemnity InsuranceBankers Blanket InsuranceBank Lockers InsuranceA.T.M. Booth InsuranceBanc assuranceRetail & SME enhance and Allied Peril InsuranceMarine Cargo and Hull InsurancePersonal AccidentHealth InsuranceOverseas Mediclaim InsuranceMicro InsuranceMicro Health InsuranceNibedita-Comprehensive Insurance constitution for WomenHousehold Insurance aim Insurance messs Personal Accident PolicyComprehensive Travel InsuranceConventionalAviation InsuranceAutomobile InsuranceWorkmen Compensation InsuranceMiscellaneous InsuranceEngineering Insurance (Erection all Risk, Contractors allRisk, Deterioration of Stock & Boiler & insistence vesselInsurance, business intemiptionCrop InsuranceNlbedlta-Comprehensive Insurance Policy for WomenWeather Index Based InsuranceInvestment & Portfolio Management belowwritingPre-IPO placement SyndicationTrusteeshipGreen Delta Insurance is known for its innovation and services. Todays competitive insurance market is dri ving the market to think and Winovate now products and services and GDIC have been doing with its authentic. Beside the Traditional insurance portfolio GDIC introduced following personal line of products in last form and some them are in pipelineHealth InsuranceHousehold InsuranceNibedita-Comprehensive Insurance Policy for WomenCellular Phone Contingency InsuranceWeather Index Based InsurancePersonal Accident Insurance Policy for Migrant workersIt is issuing of great pride that GDIC has introduced an insurance product first time ever in Bangladesh which is knowing only for the females named as Nibedita-Comprehensive Insurance Policy for Women. GDIC has also designed first ever Weather Index Based Insurance for the farmers of Bangladesh which will be launched shortly.In BrieflyFire InsuranceBasic coverFireLightningExplosion(domestic)Damage during or immediately followingFire caused by smoke, scorching,Falling walls, water used for extinguishingFire, blowing up building for preve ntingSpread of fire.This coverage flowerpot be extended to include other perils by the additional premium Riot, StrikeTerrorismStorm, FloodSubsidenceLandslideAircraft damageBursting or plenteous of tanks.Health InsuranceThe health policy provides for reimbursement of hospitalization/domiciliary hospitalization expenses for illness/disease suffered or accidental injurysustained during the policy period. Under this scheme the expenses for treatment in a hospital for an illness or injury are insured. It does not cover for any expenses in respect of domiciliary or outdoor treatment.CoversHospitalization due to accident or illness.Ancillary services like ICU/CCU dwell, post-operative room, blood transfusion, special investigations, etc. Labor room services.Intensive care facility.Oxygen therapy.Skilled nursing services.Blood transfusions.Ambulance services.Dressing while in confinement and test other than the routine investigations.Marine InsuranceThe oldest branch of insurance.Compri sesa. Cargo Insurance.b. Hull Insurance.Lloyds is the famous worlds Marine insurance market.Marine Insurance Act 1906.HULL INSURANCEConcerns the insurance of ships.Hull, machinery etc.CARGO INSURANCEPlays an important role in domestic trade as well as international trade. Provides insurance cover in respect of loss of or damage to goods during transit by rail, -road -sea -airBurglary InsuranceScope of CoverLost by burglaryHousebreaking following upon an actual forceful and violent entry into or exit from the premises by the person or persons. Then the company will payto the extent of such loss to the extent of the intrinsic value of the descriptive value of the insured.ExclusionsTheft by persons lawfully on the premises.Any legal liability,Loss or damage during the progress of or following upon fire or explosion. Earthquake, war, Riot, Civil war, Invasion etc.Uncover able propertyDeeds, bonds, stamp collections, bank or currency.Theft by persons lawfully on the premises.Any legal l iability,Loss or damage during the progress of or following upon fire or explosion. Earthquake, war, Riot, Civil war, Invasion etcCompany overviewDelta Life Insurance Co. Ltd. established mainly through the initiative of a group of Bangladeshi professionals then working abroad along with a a few(prenominal) enthusiastic local entrepreneurs, started its operation in December, 1986 after the Government of Bangladesh allowed the private sector to operate in the insurance sector in 1984 to carry on the business of insurance in the Private Sector. A brief explanation as to the growth of life insurance business in Bangladesh is in prepare here. Bangladesh declared independence from the Pakistani rules on March 26, 1971 following which she had to witness a bloody liberation struggle with the occupation forces lasting for 9 months originally they were defeated. Insurance business which was exclusively carried on in private sector before independence was nationalized after liberation in 1 972 primarily to address the uphill situation of eroding public confidence in the industry that was left staggeringly short of resources in the face of huge losses caused by the war of liberation. After a series of experimentation, a state-owned body, namely Jiban Bima Corporation (JBC), established in May, 1973 for transacting the life insurance business, took over the assets and liabilities under life portfolios of all once private insurance companies and started business in its own name. Since inception, Delta Life set before itself a highstandard of all round performance con lineinous with professional soundness and proficiency. It soon made a mark in the life insurance arena by not only being the leader among the private sector indigenous companies, but by undertaking and successfully implementing innovative and welfare oriented life insurance schemes.It introduced an array of conventional life and group insurance products many of which were the first in Bangladesh. For the first time, health insurance products were also introduced by Delta Life. But more importantly, in fulfillment of the swear commitment towards social development, Delta Life for the first time not only in Bangladesh but probably in the World, devised and introduced micro-life insurance-cum-savings products specially suited to the needs and pockets of sad people of the country who constitute more than 80% of the people of Bangladesh. Two projects of the company namely Grameen Bima for the rural people and Gono Bima for the poor and marginal savers of the urban areas were initiated to contribute them slave exclusively to marketing and management of these innovative products. We are happy to report that we have achieved a good measure of success although there is a long way to go. These schemes that we have introduced have created great stir and enthusiasm among the general mass who, before these projects started functioning, could not even dream of owning a policy that provides the much needed life insurance coverage along with facility of regular savings on a long-term basis. At a later on stage i.e. in the year 2002, the projects were merged into a division of Delta Life, namely, Gono Grameen Bima Division. The GNGRB Division has been growing at a first rate of more than 25% p.a. for the last couple of the years and is poised to maintain this growth rate at least in the next five years or so. Delta Life can take pride in moulding the saving habits of the lower and middle class people and transforming them into prospective policyholders. The potential is now so strongly sensed that all life insurance companies old and new alike operating in the country have started their own micro insurance products.Finding so-so(predicate) Life InsuranceDelta Life offers a wide variety of ordinary life product/plans ranging from the most common endowment type to more redbrick and sophisticated plans like endowment with open term, pension plan with built in provision fo rincreasing pension, increasing protection with provision for premium revert etc. The plans have been designed keeping in view the diverse and multifaceted needs of the insuring public belonging to different strata of the society. Some of the popular plans are briefly described below.Group Life InsuranceGroup Insurance is an instrument for providing life insurance coverage (protection) to a number of individuals under a single contract (policy) who are associated together for a common interest other than insurance. It is the most cost effective means to provide immediate financial support to an insured member and/or his family in case of devastating events like-death, disability, disease as well as retirement. Group Insurance has already established its importance as a component of Employee Benefit Package in Bangladesh. sole(a) features of Group Insurance are Insurance coverage to a number of individuals under a single contract.Simple insurable conditionsEasy administrative proce durePrompt claim settlementAffordable premiumTax privilege on premiumDelta Life offers a host of Group-Life Insurance schemes from which an organization/ employer may engage for benefits of its members/employees, as may best serve their interest according to organizational setup. To be treated as a group, the following criteria need to be fulfilled. A Group Should comprise of at least 15 membersIt should be a legitimately organized bodyGroup clients of Delta Life Insurance Company Limited include Semi-Government organization, autonomous bodiesPrivate, Non-Government Organizations (NGOs)Educational & Financial InstitutionsPublic Limited CompaniesAssociations, Business organizations etc.Group Life Insurance dodges offered by Delta Life are of two types Traditional Schemes For insurance coverage of members/employees of a GroupExclusive Schemes For insurance coverage of clients of Financial Institutions Traditional SchemeThese are the commonly offered Group-Life Insurance schemes and are also known as Basic SchemesThese are of a sudden confines ContractGroup Term Life Insurance Scheme (GT)Group Term Life with Premium Refund Scheme (GTR)Long Term ContractGroup Endowment Life Insurance Scheme (GEN)Group Pension Scheme (GP)There are several variants of Basic Schemes. Examples of two variants of GTR are GTR- hundred/10 Group Term Life with 100% Premium Refund after 10 years GTR-50/10 Group Term Life with 50% Premium Refund after 10 yearHealth InsuranceHealth Insurance is now considered indispensable in developed countries. In the hand financial-social perspective of Bangladesh as well, Health Insurance has now become an essential, dependable, acceptable and the most cost effective means to make the modern treatment facilities cheap to all socio-economic classes of people, especially the fixed income group. As a pioneer of Health Insurance in Bangladesh, Delta Life Insurance Company offers several Health Insurance Schemes, which are as followsHospitalization (In- patient) treatment coverage plansHospitalization Insurance Plan (Group)- offered to Members of a group and their dependants (if desired) Hospitalization Insurance Plan (Individual) offered to an Individual as well as his or her dependant family members also known as Delta Care Hospitalization Plan. Out-patient treatment coverage plansOut-patient Insurance Plan Offered as an adjunct to Group Hospitalization Out-patient Management Plan Offered as an adjunct to Group Hospitalization Overseas treatment coverage plan for travelersOverseas Medicliam Policy (OMP) A pre-requisite for visa applicationoffered only to Individuals traveling abroad. Hospitalization Insurance PlansCovers in-patient (Hospitalization) treatment expenses of an insured member Expenses Covered under Hospitalization Insurance PlansHospital AccommodationConsultation FeeMedicine & AccessoriesMedical InvestigationsSurgical OperationAncillary Services like Blood Transfusion, Ambulance Service, Dressing etc. General Fea tures of the SchemeNo need for preliminary Medical Examination during enrolment. Treatment coverage round the clock inclusive of Accidents and Emergencies. Coverage offered to Bangladeshi National as well as resident foreigner. Treatment at any renowned hospital or clinic by consultant of own choice.Preferential service at Designated Hospital.Direct payment of treatment expenses by the company at Designated Hospital. Reimbursement of expenses for treatment at non-designated hospital. Membership ID card for each insured to facilitate preferential services. Option for gestation Benefit and Overseas Treatment coverage. Provision for inclusion of Spouse & Children under the plan. Provision for inclusion of new member under the plan.Coverage up to 65 years under Group HI & 60 years under Individual HI plan. Two types of plans with several benefit grades to choose from. Option to choose more than one grade according to status of the members of a group. Option to alter benefit grade durin g renewal.Gono Grameen BimaDelta Life first launched Micro-insurance product in 1988 through its Grameen Bima Project (GRB) to cater to the necessity of economic protection against premature death and of disability as well as providing a way for regular savings for the poor and low income group of people living in villages. Later it started another project in 1994, namely, Gono Bima (GNB) for the urban poor and the low income class. These projects are now merged under thename of Gono-Grameen Bima Project (GN-GRB). The initial problems apart, the project started to yield impressive results right from the beginning by creating great interest among the target commonwealth who could not even perceive an institutional arrangement through which the ever present problems of insecurity of life could be addressed. To suit the needs and pockets of the target people, and for in force(p) management of these portfolios, some of the age-old traditional concepts of carrying on life insurance bus iness had to be diluted and in some cases replaced by simple and impartial practices. Yet, the results are so encouraging that Delta Life is now regarded far and wide as the undisputed leader espousing the cause of welfare of teeming millions and its experiences are now used to advantage not only by indigenous companies but also other micro-savings organizations abroad.Target Group and the ProductIn GN-GRB the formalities are minimum. Insurance Cover is given under Group Insurance concept. A person interested in a policy submits a simple two-page proposition form it is signed or thumb imprinted by him or her. There is no need for medical check-up. The person needs to be between 18 and 45 years of age, have a monthly income of Tk. 5,000.00 (US $100.00) or less, be of good health and supply a Declaration of Good Health (DGH) at the time of submitting the Proposal form. Death through pregnancy complications within the first year of the policy and death through suicide in the first ye ar of the policy are not covered under an exclusion clause. Simple endowment with profit policies are offered for 10 and 15 years term both with premium payment mode being weekly or monthly. Premium rate is the same irrespective of age at entry. Besides this plan, new plans like three-payment plan with 12 and 15 years term and double protection endowment plan have recently been introduced.Policy DocumentsUpon acceptance of the proposal, a pass book is issued to the policyholder detailing all terms and conditions of the policy. The pass book serves as the purpose of recording of all payments made by him towards the policy. There is one group policy document for the policyholders of each Thana or Block. For individual policyholders the passbook serves as policy document.Micro Investment (Loan)GN-GRB gives small project loans to its policyholders on a group liability basis. No collateral is required. There is 20% service charge on the loans, which is calculated at a flat rate and added to the head amount. The loan, together with the service charge, is repayable in 12 equal monthly installments. The repayments are collected from door to door by the organizers. Recently a finish has been taken to establish small collection booths in the villages. A person must be a policyholder and pay premiums for at least one year before being eligible for a loan. The maximum loan given is Tk. 5,000.00 (US $100.00) per policyholder. The loans are for income generating activities (IGA) only. Policyholders form a committee of 5 to 7 members. 3 policyholders selected by the committee are given the first loan. After recovery of 3 installments from each of the first three borrowers, the next 3 are given their loans and so on. As a general rule, 60% of the premium income of an area and 40% of the repaid loan of an area are available for loan in that area. Also 100% of premium collection of a committee is available for loan to that committee.Company overviewCrystal Insurance Company L imited is one of the leading general insurance (Non Life) company in private sector in Bangladesh. The company transacts a wide range of General Insurance business in Bangladesh and expertise in the field with sound and stable financial position.Our MissionTo provide prompt, efficient and professionalized services for maximum risk coverage of the insured. To provide insurance coverage at the most competitive premium rate ensuring maximum security. To promote Human Resource development and professionalism in insurance business. To settle insurance claim promptly. CICL believes in the quality of the deals struck rather than the quantity of it. With our knowledge and expertise it is our commitment to the insuring community to deliver them the highest standard of security and professionalism.FindingFire InsuranceFire Insurance Policy (including R & SD, Flood, Cyclone & Earthquake coverage) Industrial All Risks (IAR)Engineering InsuranceMachinery Insurance Machinery Breakdown Policy (MBD )Deterioration of Stock (DOS)Boiler and Pressure Vessel (BPV)Electronic Equipment Insurance (EEI)Erection All Risk Policy (EAR)Contractors All Risk Policy (CAR)Motor InsuranceMotor Insurance for Commercial VehicleMotor Insurance for Private VehicleMotor Insurance for Motor Cycle/ScooterMarine Cargo InsuranceMarine Cargo Insurance transit by Steamer or Power VesselMarine Cargo Insurance transit by rail off/Lorry/TruckMarine Cargo Insurance transit by Inland Rail or Road Conveyance Marine Cargo Insurance transit by Inland Cargoes (water borne) Marine Cargo Insurance transit by Air CargoMiscellaneousBurglary & House Breaking InsuranceCash-in-SafeCash-in-TransitCash-in-PremisesCash-in-counterPeople personal AccidentWorkmens Compensation PolicyBusiness InterruptionOverseas Med claim and Holiday InsurancePublic Liability PolicyProduct Liability PolicyConsequential LossHouseholders Comprehensive Policy