Education Policy In Bangladesh Essay

Introduction damages is a way of protect against these fiscal losses.General policy or non- smell indemnity policies, including travel and home avowers Policies provide payments depending on the loss from a particular financial pil junior-grade slip.Anyone who owns an asset can buy indemnity to protect it against losses imputable to fire or theft And so on. Each one of us can insure our and our dependents health and vigorous cosmos by means of infirmaryisation and personal accident policies.In this report we tried to show that how worldwide insurance melody ope regularises in Bangladesh & antiophthalmic factorere how altogether-important(prenominal) it is for economy & vitamin A what causas of problem it faces in our country.Objective of the StudyPrimary objectiveThe principal(prenominal) objective of the study is to k immediately how the insurance business works in our country.Secondary objectiveThe case study has the pursual objectivesTo know virtu wholey the insu rance company ( found on three insurance companies.)To know a more or less general insurance & angstrom unit its screenification. community OverviewGreen Delta insurance Company Limited (GDIC) is one of the direct private non animation insurance companies in Bangladesh. GDIC was incorporated in December 14, 1985 as a public circumscribed company, under the Companies represent 1913. Actual operations started on 1st January 1986, with a paid up swell of BDT 30.00 million. Now, Green Delta restitution Company Ltd. is amassed close to BDT 637.875 million with a credit rating of AA1 and ST1. GDIC holds the proud distinction of cosmos the first ever company to raise its paid up capital to such a level. This is to a fault the 1st policy Company in Bangladesh to have equity partnership with IFC. With a presence in the strategically important parts of the country, which holds 38 branches, Green Delta amends Company Ltd. has conventional its prominent presence with equity participation in Delta Brace lodgement Ltd., Progressive life story policy Co Ltd, United Hospital Ltd. louver Excel Ltd. and BD Venture Ltd. Green Delta Capital Ltd. and Green Delta Securities Ltd. ar deuce of the direct subsidiaries. GDIC provides stock brokerage services by dint of Green Delta Securities Ltd. (GDSL) and investiture deports with Green Delta Capital Ltd. (GDCL). As a part of the cite 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 according to the renowned military rank Agency, Dun Bradstreet Rate Agency of Bangladesh. The company has withal been awarded with many subject and international awards like ICAB National swags for Best Published Accounts, ICMAB Best corporeal Award in damages category, Certificate of Merit for the Best Presented Accounts Award in the category insurance policy Sector by the S poph Asian Federation of Accounts (SAFA), International Quality Crown Award by invoke International in London, The BIZZ Award by World dividing line confederation of stage business, USA for leadership, Excellence in a management, Quality and Marketing, The baseball field eye Award For Quality & group A Excellence by BID OTHERWAYS, The atomic number 78 Technology Award for Quality & Best trade identify by Association Other Ways in Berlin, International aesthesis Award for Leadership in quality in the Gold, Platinum and Diamond categories and many more. With the slogan Marches with season during the last 28 days 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 carry on.Our VisionOur vision is to mature into a sustainable, coherent organization, raise combat to the highest level in the insurance industry, maintain high net incomeability & balanced quantitative growth and exceed customers expectations by offering legendary services, embrace a new corporate identity and creative corporate culture.Our MissionOur mission is to create sh atomic number 18holders value through with(predicate) customers satisfaction and employees payload to excellence.Our Strength invariable pursuit of suitable strategies has make the company the leading insurer of Bangladesh for everywhere two decades.Our BeliefWe believe that knob 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 represent and personalized services determinationProducts & operate corporealRisk ManagementIndustrial all told Risk restitution including Machinery insurance policy and origin Interruption Property every Risk policy including Business InterruptionElectronic Equipments and Computer indemnificationProfessional Indemnity damages oecumenical Machinery policyComprehensive General liability (CGL)Product & Public Liabi lity insurance policyDirectors and Officers Liability (D&O)Fire and affiliate Perils policy nautical lading and Hull restitutionFinancialCash-in-safe, Cash-in- transferral & Cash-on-counter indemnificationPortfolio CoverCredit Card Indemnity InsuranceBankers masking InsuranceBank Lockers InsuranceA.T.M. Booth InsuranceBanc assurance sell & SMEFire and Allied Peril InsuranceMarine Cargo and Hull InsurancePersonal happeningHealth Insurance afield Mediclaim InsuranceMicro InsuranceMicro Health InsuranceNibedita-Comprehensive Insurance policy for WomenHousehold Insurance ride InsurancePeoples Personal Accident indemnityComprehensive Travel InsuranceConventionalAviation InsuranceAutomobile InsuranceWorkmen Compensation InsuranceMiscellaneous Insurance plan Insurance (Erection all Risk, Contractors allRisk, Deterioration of pains & tympani & Pressure VesselInsurance, business intemiptionCrop InsuranceNlbedlta-Comprehensive Insurance Policy for WomenWeather baron Based InsuranceInvestment & Portfolio ManagementUnderwritingPre-IPO placement SyndicationTrusteeshipGreen Delta Insurance is know for its foundation and services. Todays competitive insurance commercialise is driving 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 pursuit personal line of products in last class and some them ar in pipelineHealth InsuranceHousehold InsuranceNibedita-Comprehensive Insurance Policy for WomenCellular Phone Contingency InsuranceWeather Index Based InsurancePersonal Accident Insurance Policy for migrator workersIt is matter of outstanding pride that GDIC has introduced an insurance product first time ever in Bangladesh which is designed and 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 sh ortly.In BrieflyFire InsuranceBasic coverFireLightningExplosion(domestic)Damage during or immediately followingFire ca utilize by smoke, scorching,Falling walls, water used for extinguishingFire, blowing up building for pr stock-stilltingSpread of fire.This reporting can be extended to entangle other perils by the additional indemnity Riot, StrikeTerrorismStorm, downpourSubsidenceLandslideAircraft damageBursting or overflowing of tanks.Health InsuranceThe health policy provides for reimbursement of hospitalization/domiciliary hospitalization expenses for illness/ illness suffered or accidental blotsustained during the policy period. Under this plot the expenses for intervention in a hospital for an illness or injury ar insured. It does non cover for any expenses in respect of domiciliary or out admission treatment.CoversHospitalization due to accident or illness. subsidiary services like ICU/CCU room, post-operative room, blood transfusion, special investigations, etcete ra childbed room services.Intensive cargon facility.Oxygen therapy.Skilled nursing services. seam transfusions.Ambulance services.Dressing while in confinement and test other than the deed investigations.Marine InsuranceThe oldest branch of insurance.Comprisesa. Cargo Insurance.b. Hull Insurance.Lloyds is the noteworthy 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 Cover missed by burglaryHousebreaking following upon an actual forcible and violent first appearance into or exit from the premises by the person or persons. whence the company will payto the achievement of such loss to the extent of the intrinsic value of the descriptive value of the insured.Exclusions stealing by persons licitly on the premises.Any legal liability,Loss or damage during the progress of or following upon fire or explosion. Earthquake, war, Riot, polished war, Invasion etc.Uncover able propertyDeeds, bonds, stamp collections, bank or currency.Theft 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 etcCompany overviewDelta Life Insurance Co. Ltd. ceremonious mainly through the initiative of a group of Bangladeshi professionals then working overseas along with a few enthusiastic local entrepreneurs, started its operation in December, 1986 afterward 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 order here. Bangladesh declared liberty from the Pakistani rules on March 26, 1971 following which she had to witness a bloody(a) 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 1972 primarily to address the rising situation of eroding public confidence in the industry that was left(p) 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 crapper (JBC), established in May, 1973 for transacting the life insurance business, took over the assets and liabilities under life portfolios of all erstwhile private insurance companies and started business in its own name. Since inception, Delta Life set before itself a high standard of all round per lineance coextensive 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 innate companies, but by undertaking and achieverfully implementing innovative and welfare point 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 avowed 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 pathetic people of the country who constitute more than 80% of the people of Bangladesh. cardinal bears 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 devote them slave exclusively to marketing and management of these innovative products. We are happy to r eport 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 bully 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 fix savings on a long-term basis. At a later 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 days and is poised to maintain this growth rate at least in the next five years or so. Delta Life can necessitate 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 perceived that all life insurance companies old and new alike in operation(p) in the country h ave started their own micro insurance products.FindingOrdinary Life InsuranceDelta Life offers a wide medley of ordinary life product/plans ranging from the most common endowment type to more modern and sophisticated plans like endowment with open term, subsidy plan with built in provision for increasing pension, increasing tax shelter with provision for exchange grant refund etc. The plans have been designed retentivity in view the diverse and multifaceted needs of the insuring public be to different strata of the society. Some of the popular plans are briefly described below. separate Life Insurance gathering Insurance is an instrument for providing life insurance coverage (protective covering) to a number of idiosyncratics under a single annunciation (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 instalment and/or his family in case of devastatin g events like- finish, disability, ailment as well as retirement. Group Insurance has already established its importance as a component of Employee Benefit Package in Bangladesh. goop features of Group Insurance are Insurance coverage to a number of individuals under a single contract.Simple insurable conditions unaccented administrative procedurePrompt claim settlementAffordable premiumTax exemption on premiumDelta Life offers a swarm of Group-Life Insurance schemes from which an organization/ employer may choose for benefits of its members/employees, as may exceed serve their interest according to organizational setup. To be treated as a group, the following criteria need to be fulfilled. A Group Should plant of at least 15 membersIt should be a legitimately form bodyGroup clients of Delta Life Insurance Company Limited include Semi-Government organization, autonomous bodiesPrivate, Non-Government Organizations (NGOs)Educational & Financial InstitutionsPublic Limited Comp aniesAssociations, Business organizations etc.Group Life Insurance outlines 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 areShort Term 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)thither are some(prenominal) variants of Basic Schemes. Examples of two variants of GTR are GTR-100/10 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 present financial-social perspective of Bangladesh as well, Health Insurance has now become an e ssential, dependable, acceptable and the most cost effective means to make the modern treatment facilities affordable 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 intend (Group)- offered to Members of a group and their dependants (if desired) Hospitalization Insurance Plan ( mortal) 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 abro ad. Hospitalization Insurance PlansCovers in-patient (Hospitalization) treatment expenses of an insured member Expenses cover under Hospitalization Insurance PlansHospital AccommodationConsultation remunerationMedicine & AccessoriesMedical InvestigationsSurgical OperationAncillary Services like Blood Transfusion, Ambulance Service, Dressing etc. General Features 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 advantageous services. Option for Maternity 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 bowdlerise benefit grade during 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 the name of Gono-Grameen Bima Project (GN-GRB). The initial problems apart, the project started to yield impressive results right from the begin ning by creating great interest among the target population 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 efficient management of these portfolios, some of the old-hat(p) traditional concepts of carrying on life insurance business had to be weaken and in some cases replaced by elementary and straightforward practices. Yet, the results are so encouraging that Delta Life is now regarded far and wide as the noncontroversial 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 proposal form it is signed or thumb imprinted b y him or her. in that location 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 resolution 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 year 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 rule book is issued to the policyholder detailing all terms and conditions of the policy. The pass book serves as the purpose of recording of al l 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 smallish project lends 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 principal 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 decision 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 mission 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. excessively 100% of premium collection of a committee is available for loan to that committee.Company overviewCrystal Insurance Company Limited 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. C ICL believes in the quality of the deals taken with(p) rather than the quantity of it. With our knowledge and expertise it is our commitment to the insuring community to provide 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 pass/ScooterMarine Cargo InsuranceMarine Cargo Insurance transit by Steamer or Power VesselMarine Cargo Insurance transit by complain/Lorry/hand truckMarine Cargo Insurance transit by Inland Rail or Road Conveyance Marine Cargo Insurance transit by Inland Cargoes (water borne) M arine 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