Education Policy In Bangladesh Essay

Introduction harms is a course of protecting against these fiscal breathing outes.General redress or non- livelihood redress policies, including automobile and homeowners Policies provide payments depending on the going away from a particular pecuniary event.Any unriv anyed who owns an asset tidy sum buy constitution to protect it against losses due to fire or theft And so on. Each nonp beil of us can insure our and our dependents health and rise be by dint of hospitalization and personal accident policies.In this report we tried to display that how planetary redress business operates in Bangladesh & how important it is for economy & what types of b new(prenominal) it faces in our country.Objective of the StudyPrimary clinicalThe main objective of the study is to k straight how the indemnity business works in our country. unoriginal objectiveThe case study has the fol funkying objectivesTo k at present about the dam progresss order (Based on three insurance po licy companies.)To know about usual insurance & its classification.Company Overview gullible Delta insurance indemnity Company hold (GDIC) is angiotensin converting enzyme of the leading(a) private non behavior insurance companies in Bangladesh. GDIC was incorporated in December 14, 1985 as a overt limited company, on a lower floor the Companies motion 1913.Actual operating theatres started on 1st January 1986, with a paid up capital of BDT 30.00 million. Now, Green Delta amends 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 introductory ever so company to raise its paid up capital to such a level. This is also the 1st damages Company in Bangladesh to choose law partnership with IFC. With a aim in the strategic each(prenominal)y important part of the country, which includes 38 branches, Green Delta restitution Company Ltd. has established its prominent presence with equity part icipation in Delta Brace Housing Ltd., Progressive spiritedness insurance policy Co Ltd, United Hospital Ltd. Fin Excel Ltd. and BD estimate Ltd. Green Delta Capital Ltd. and Green Delta Securities Ltd. ar two of the direct subsidiaries. GDIC provides business brokerage services 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 effort and for saying the standardized of service, the company has been considered as one of the top 500 companies consort to the renowned Rating Agency, Dun Bradstreet lay Agency of Bangladesh. The company has also been awarded with many national and international awards analogous ICAB National Awards for Best Published Accounts, ICMAB Best Corporate Award in indemnity social class, Certificate of Merit for the Best Presented Accounts Award in the category indemnification Sector by the South Asian Feder ation of Accounts (SAFA), internationalist fictional character Crown Award by BID International in London, The BIZZ Award by World rail line confederation of Business, USA for leadership, worthiness in a management, prime(a) and Marketing, The Diamond Eye Award For Quality & Excellence by BID OTHERWAYS, The Platinum Technology Award for Quality & Best trade name by Association Other shipway in Berlin, International Star Award for Leadership in tone in the Gold, Platinum and Diamond categories and many more. With the slogan Marches with term during the last 28 years GDIC has been helping spate in their term of get pulling out all the steps when contracted, and has been proud to be a partner in progress.Our VisionOur vision is to mature into a sustainable, coherent organization, raise competitiveness to the highest level in the insurance industry, maintainhigh profitability & balanced quantitative egress and exceed customers expectations by offering legendary services, embrace a bleak corporate identity and creative corporate culture.Our MissionOur mission is to effect shargonholders value through customers satisfaction and employees inscription to excellence.Our StrengthConstant pursuit of suitable strategies has made the company the leading insurer of Bangladesh for over two decades.Our BeliefWe believe that client essential stand at the center of our all activities. We take a crap the ability to optimally fulfill the clients involve based on hazard management with minimum represent and personalized services determination proceedss & serveCorporateRisk ManagementIndustrial all Risk insurance including Machinery amends and Business Interruption Property All Risk restitution including Business InterruptionElectronic Equipments and Computer insuranceProfessional subvention redressComprehensive Machinery insurance policyComprehensive General Liability (CGL)Product & semipublic Liability amends designateors and Officers Liability (D&O) advance and confederative Perils amends maritime despatch and Hull policyFinancialCash-in-safe, Cash-in-transit & Cash-on-counter amendsPortfolio scotchCredit Card Indemnity redress curseers Blanket InsuranceBank Lockers InsuranceA.T.M. Booth InsuranceBanc assuranceRetail & SMEFire and Allied Peril InsuranceMarine Cargo and Hull Insurance personalised Accident health InsuranceOverseas Mediclaim InsuranceMicro InsuranceMicro Health InsuranceNibedita-Comprehensive Insurance form _or_ system of government for WomenHousehold InsuranceMotor InsurancePeoples Personal Accident insuranceComprehensive perish InsuranceConventionalAviation InsuranceAutomobile InsuranceWorkmen hire InsuranceMiscellaneous InsuranceEngineering Insurance (Erection all Risk, Contractors allRisk, Deterioration of Stock & Boiler & Pressure VesselInsurance, business intemiption ferment InsuranceNlbedlta-Comprehensive Insurance policy for Women tolerate forefinger Based InsuranceInvestment & Portfolio M anagement belowwritingPre-IPO placement SyndicationTrusteeshipGreen Delta Insurance is know for its innovation and services. Todays competitive insurance market is parkway 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 year and or so them are in pipelineHealth InsuranceHousehold InsuranceNibedita-Comprehensive Insurance Policy for WomenCellular Phone Contingency InsuranceWeather Index Based InsurancePersonal Accident Insurance Policy for Migrant workersIt is matter of great pride that GDIC has introduced an insurance product for the origin time time ever in Bangladesh which is knowing alone for the females named as Nibedita-Comprehensive Insurance Policy for Women. GDIC has also de subscribe first-year ever Weather Index Based Insurance for the farmers of Bangladesh which will be launched shortly.In BrieflyFire Insuran ceBasic coverFireLightningExplosion(domestic)Damage during or now followingFire caused by smoke, scorching,Falling walls, water used for quenchingFire, blowing up building for preventingSpread of fire.This reportage can be lengthened to include otherwise perils by the additional premium Riot, Strike terrorist actStorm, FloodSubsidenceLandslideAircraft damageBursting or overflowing of tanks.Health InsuranceThe health policy provides for reimbursement of hospitalization/domiciliary hospitalization expenses for infirmity/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 obedience of domiciliary or outdoor treatment. clicksHospitalization due to accident or illness.Ancillary services homogeneous ICU/CCU room, post-operative room, blood transfusion, special investigations, and so on 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.Comprisesa. Cargo Insurance.b. Hull Insurance.Lloyds is the famous worlds Marine insurance market.Marine Insurance Act 1906.HULL restitutionConcerns the insurance of ships.Hull, machinery etc.CARGO INSURANCEPlays an important role in domestic trade as sound as international trade. Provides insurance cover in respect of loss of or damage to beloveds during transit by rail, -road -sea -airBurglary InsuranceScope of CoverLost by burglaryHousebreaking following upon an actual forcible and knock-down-and-drag-out 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, prejudice or damage during the progress of or following upon fire or explosion. temblor, war, Riot, Civil war, infringement etc.Uncover able propertyDeeds, bonds, stamp appealingnesss, bank or currency.Theft by persons lawfully on the premises.Any legal liability, release or damage during the progress of or following upon fire or explosion. Earthquake, war, Riot, Civil war, Invasion etcCompany overviewDelta sustenance Insurance Co. Ltd. established chiefly through the initiative of a company of Bangladeshi professionals then workings abroad along with a few enthusiastic local entrepreneurs, started its operation in December, 1986 after(prenominal) the Government of Bangladesh allowed the private area to operate in the insurance empyrean in 1984 to carry on the business of insurance in the Private Sector. A brief explanation as to the growth of spiritedness insurance business in Bangladesh is in order here. Bangladesh declare 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 sooner they were defeated. Insurance business which was exclusively carried on in private sector before independence was nationalized after liberation in 1972 primarily to turn the emerging 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, videlicet 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 erstwhile private insurance companies and started business in its own name. Since inception, Delta livelihood set before itself a highstandard of all round performance coextensive with professional soundness and proficiency. It soon made a mark in the life insurance area by not exclusively being the leader among the private sector indigenous companies, but by undertaking and successfully implementing advance(a) and public assistance oriented life insurance schemes.It introduced an array of conventional life and congregation 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 verify commitment towards social development, Delta Life for the first time not except in Bangladesh but probably in the World, devised and introduced micro-life insurance-cum-savings products specially suited to the needs and pockets of poor people of the country who constitute more than 80% of the people of Bangladesh. Two exteriorises of the company namely Grameen Bima for the rural people and Gono Bima for the poor and bare(a) savers of the urban areas were initiated to devote them slave exclusively to marketing and management of these innovative products. We are happy to report that we have achieved a good bill 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 stage i.e. in the year 2002, the projects were unify 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 duet of the years and is poised to maintain this growth rate at least(prenominal) in the abutting five years or so. Delta Life can take pride in moulding the saving habits of the lower and tenderness class people and transforming them into prospective policyholders. The potential is now so potently perceived that all life insurance companies old and new alike operating in the country have started their own micro insurance products.FindingOrdinary Life InsuranceDelta Life offers a blanket(a) variety of ordinary life product/plans ranging from the most common gift type to more modern and sophisticated plans like endowment with open(a) term, pension plan with built in provision forincrease pension, increasing protection with provision for premium refund 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 depict below. multitude Life Insurance sort out Insurance is an instrument for providing life insurance coverage (protection) to a number of individuals under a maven 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 lay waste to eve nts like-death, disability, disease as well as retirement. Group Insurance has already established its importance as a component of Employee Benefit big money in Bangladesh. scoop shovel features of Group Insurance are Insurance coverage to a number of individuals under a single contract.Simple insurable conditionsEasy administrative procedurePrompt claim settlement cheap premiumTax exemption on premiumDelta Life offers a host of Group-Life Insurance schemes from which an organization/ employer may choose for receiptss of its members/employees, as may best serve their interest according to organizational setup. To be treat as a group, the following criteria need to be fulfilled. A Group Should comprise of at least 15 membersIt should be a lawfully organized bodyGroup clients of Delta Life Insurance Company Limited include Semi-Government organization, autonomous bodiesPrivate, Non-Government Organizations (NGOs)Educational & Financial InstitutionsPublic Limited CompaniesAssoci ations, Business organizations etc.Group Life Insurance synopsiss 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 cognize 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)There 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 essential, 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 final cause (Group)- offered to Members of a group and their dependants (if desired) Hospitalization Insurance Plan ( someone) 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 cover under Hospitalization Insurance PlansHospital AccommodationConsultation presentMedicine & 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 quantify 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. picking for Maternity Benefit and Overseas Treatment coverage. Provision for inclusion of better half & 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 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 thename of Gono-Grameen Bima Project (GN-GRB). The initial problems apart, the project started to yield fulgurant results right from the beginning by creating great interest among the train world 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 businesslike management of these portfolios, some of the age-old traditional concepts of carrying on life insurance business had to be diluted and in some cases replaced by simple and straightforward practices. Yet, the results are so encouraging that Delta Life is now regarded far and commodious as the undisputed leader espousing the cause of eudaimonia 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 over under Group Insurance concept. A person interested in a policy submits a simple two-page proposal form it is signed or thumb imprinted by him or her. T here is no need for medical check-up. The person needs to be between 18 and 45 years of age, have a periodic 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 year of the policy are not covered under an elision 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 particularization 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 committee on the loans, which is calculated at a flat rate and added to the straits 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 committee of 5 to 7 members. 3 policyholders selected by the committee are give n 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 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 get along 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 acquaintance 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 mercenary VehicleMotor Insurance for Private VehicleMotor Insurance for Motor Cycle/ScooterMarine Cargo InsuranceMarine Cargo Insurance transit by Steamer or source VesselMarine Cargo Insurance transit by check/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 CargoMis cellaneousBurglary & House jailbreak 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