This corporation deals with the life insurance business only. In addition, the postal life insurance business and operation of life business by local and foreign companies still exist. Some basic information about Jiban Bima Corporation Bangladesh are as follow:
Jiban Bima Corporation
With a view to achieving the objectives of nationalization, Jiban Bima Corporation has, since its establishment, been endeavoring to diversify its operation so as to extend the benefit of life insurance to the masses of the country to achieve this objective of expansion of life insurance business in the country and accelerating the pace of growth of its life fund.
Various types of policies or schemes are available under the heading of Life Assurance. Basically, there are three types of covers and the rest of the schemes are primarily the mixture or modification of these three.
Term or Temporary Assurance
This is the oldest and simplest form of life assurance cover. The policy is issued for a certain term or period.
The contract provides that the sum assured under the policy shall be paid only if the life assured dies within the assured survives this period, and the contract comes to an end.
Under this type of policy, the sum assured is payable only after the death of the life assured, wherever such death might take place. Premium is usually payable throughout the life span of the life assured.
However, arrangements may be made for the payment to premium up to a certain selected age, where after the premium payment ceases, but the policy continues until the death of the life assured when the sum assured I said to the nominee/legal representatives of the deceased.
Pure Endowment Assurance
Under this type of policy, the sum assured is payable only if the life assured survives the stipulated period mentioned in the policy.
Nothing is payable if the life assured dies during the specified period. This type of policy is particularly useful for those who want to form capital for a business venture or otherwise.
Other Types of Cover / Schemes
Endowment assurance is virtually a combination or mixture of term assurance and pure endowment. Under the policy sum assured is payable either at the death of the life assured or maturity of the policy varying terms from 15,20,25,30 years to be decided by the insured.
This means payment of the claim is a must under the policy irrespective of life insured’s death or survival. Endowment Assurance may be with a profit or without profit.
Group Life Assurance
This type of assurance is commonly used by a group of employees of an organization. All the employees working in an organization get themselves insured under one policy and get insurance protection at a very low rate of premium.
A sum assured is payable to the concerned dependents or legal personal representatives only upon the death of the assured employee during the continuance of his service.
Group Pension Scheme
This scheme also applies to groups of employees working in various organizations. It secures the pension of the individual employee from the time of retirement.
There are other policies issued by the corporation. They are:
- Individual Pension Policy
- Anticipated Endowment Assurance with Profit
- Anticipated Endowment Assurance without Profit
- Joint Life Endowment Assurance with Profit
- Double Protection endowment Policy
- Child Protection Policy with Profit
- Children endowment policy without profit (Marriage and Education Policy)
- Guaranteed Bonus Endowment Assurance
- Progressive Premium Policy with Profit.
- Estate Duty Policy without Profit
- Family person Rider (supplementary Assurance)
- Multiple Payment Policy (Payment every two years)
- Swanirvar Bima Single Premium Policy).
In order to extend the benefit of life insurance to the people of the lower-income groups at a very cheap rate, a scheme is known as “Grameen Life Assurance” has also been introduced as a pilot scheme.
Both corporations have been continuously keeping their fund invested aiming at a greater yield on investment.
Funds accumulated by them are also invested in the various fields to accelerate the pace of development to put our economy on a sound footing.
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