contribution of insurance business in national development of bangladesh

8/10/2019 Contribution of Insurance Business in National Development of Bangladesh

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Contribution of Insurance Business in national

Development of Bangladesh

Necessity of Insurance

From this study we will learn that how important insurance for a business

is.Authority cannot overlook the entire factor individually. In our country

insurancebusiness faces great problem due to ineciency of the authority,

lack of properpublicity/ trust, lack of appropriate industry as well. Insurance

institution like PhoeniInsurance !ompany "td has put a great signi#cance in

the #nancial market as well ascapital market by issuing $st.

mutual fund. %eside this it increases its investment year to year in #nancial

market which is a positive sign in the market. &his companyprovides di'erent

types of insurance policy from any farm to that industry which helps todevelop the industry, attracts foreign investment, contribute to ()P. It

doessome !orporate *ocial +esponsibility !*+- as well for the needy people

of thiscountry. It also helps to develop the standard of living. "ike this many

otherorganiations ful#ll their duties put their contribution in national

income thusmake the #nancial market healthy. 0ere we used Phoeni

Insurance !ompany "td asa sample of general insurance industry. "ike this

company other companies of thisindustry operates their business in

%angladesh contribute to the overall business of the country along with

national income

1Insurance is a way of protecting against these #nancial losses2.1(eneral

insurance or non3life insurance policies, including automobile and

homeownerspolicies, provide payments depending on the loss from a

particular #nancial event2.Anyone who owns an asset can buy insurance to

protect it against losses due to #re or theftand so on. 4ach one of us can

insure our and our dependents5 health and well being throughhospitaliation

and personal accident policies.In this report we tried to show that how

general insurance business operates in %angladesh how important it is for

economy what types of problem it faces in our country

Bima corporation in Bangladesh:

Insurance is not a new idea or proposition to the people of %angladesh.

About half a century back, during the %ritish regime in the then India, some


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insurance companies started insurance business, particularly life, in this part

of the world. *ince $678 until $68$ insurance businessgained momentum in

this part of what was then known as 4ast Pakistan. &here were about

76companies transacting both life and general insurance business. &hese

companies were operatingunder a free competitive economy.After the

emergence of the People5s +epublic of %angladesh in $68$, the government,

in order tomake available the fruit of liberation to the general mass,

nationalied the insurance industryalong with the banks in $689 by

Presidential :rder ;o. 6-?arnaphuli %ima !orporation ?arnaphuli Insurance !orporation-,

7-+upsa =iban %ima !orporation +upsa "ife Insurance !orporation-,


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Bangladesh:

&he number of insurance companies that had business in 4ast Pakistan was

8 to $7 @ay $68>

Background of jiban bima corporation

=iban %ima !orporation =%!- is the state3run life insurance provider in

%angladesh under the provisions of the Insurance Act $6>E, Insurance +ules

$6. &he =%! started its maiden ourney on $7 @ay $68>

with assets and liabilities worth &?. $8 life Insurance

companies. *ince its inception, =%! is working among the people of

%angladesh with two basic obectivesB #rstly, to cover the risks and raise

savings habits among the people and secondly, create funds for the

country5s economic development through innovative life insurance schemes

&he =iban %ima !orporation =%!- is the lone state3owned life Insurance

company in %angladesh, which started its maiden ourney on @ay $7,$68>

with assets and liabilities worth &?. $ crore $7.66 billion-, up to the year 9D$>, which was only &?. 9$.E>crore 9$E.> million- in $68>. =%! has paid &?. $


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Description of policies issued by this jiban bima

insurance Company:

Anticipated 4ndowment Insurance Hith Pro#t Plan

Anticipated 4ndowment Insurance Hithout Pro#t Plan

!hild 4ndowment Insurance Hithout Pro#t Plan

!hild Protection Policy Hith Pro#ts Plan

)ouble Protection Insurance Hith Pro#t Plan

4ndowment Assurance Hith Pro#t Plan

4ndowment Assurance Hithout Pro#t Plan

(rameen =iban %ima Hith Pro#t Plan

(ranted %onus 4ndowment Insurance Plan

(roup 4ndowment Assurance

(roup &erm Insurance

=oint "ife 4ndowment Insurance Hith Pro#t Plan

@arriage 4ndowment Policy Plan

@oney %ack &erm Insurance Policy Plan Hithout Pro#t-

@ultiple Payment Policy Hith Pro#t Plan

Pension Policy Plan

Progressive Premium Policy Hith Pro#tPlan

*ingle Premium with Pro#t Plan

*wanirber %ima *ingle Premium Policy- Plan

&erm Insurance Hithout Pro#t Plan

Hhole "ife Assurance Hith Pro#ts Plan

Hhole "ife Assurance Hithout Pro#ts Plan

:verseas Assurance Plan Hith Pro#t

@ortgrage Protection Policy Hithout Pro#t

@onthly *aving *cheme Hith Pro#t

@onthly *aving *cheme Hithout Pro#t

&riple Protection Policy

inancial contribution of jiban bima corporation in


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Bangladesh:

social contribution of jiban bima insurance

company:

!ontributions in 9D$D9D$7

Table: Social insurance contributions, % of salary.


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contribution of insurance business in national development of bangladesh

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