Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.
As with most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.
To be a life policy the insured event must be based upon the lives of the people named in the policy.
History of the company
PRAGATI INSURANCE LIMITED (PIL) was established in 1986. A group of young entrepreneurs of Bangladesh who had earlier launched a commercial Bank (National Bank) in the private sector sponsored the company with 30 million Taka capital. With the arrival of private sector power companies like AES, gas giants like UNOCAL, SHELL and development of other private sector infrastructure industries in the country, PIL has achieved great momentum.
Pragati Life Insurance Limited is a public limited company registered with the Registrar of Joint Stock Company and licensed by the Controller of Insurance, Govt. of Bangladesh to transact life insurance business in Bangladesh.
The Board of Directors of Pragati Life is comprised of a group of dedicated and renowned business entrepreneurs of the country and have already proven their commitment and services in General Insurance through Pragati Insurance Limited. Now, they are committed to do the same with Life Insurance through Pragati Life Insurance Limited.
Objective of this Report:
The objective of this report is to study and point out the products of an insurance company named Pragati Life Insurance Ltd.
Limitations of this Report:
This report only provides overview of different products of the insurance company and does not provide any statistical data or comparison with any other company. This report does not discuss legal aspect of the products.
Products of Pragati Life Insurance Ltd:
|Plan 1 –JIBON SATHI | | |Policy Term 11- 14 years. After expiry of 5 years of the policy term, the policyholder will receive10 % of sum assurance every year before | |maturity. At maturity, the rest of the sum assurance will be paid with accrued bonus. | | | |Example: If you buy a 12-Year term policy with Tk. 1,00,000 Sum Assurance, you will receive Tk. 10,000 at the end of the 5th, 6th,7th, 8th, 9th and | |10th year, in total of Tk. 60,000. The rest of the sum assurance, Tk. 40,000 (with bonus) will be payable after the 12th year at maturity. In | |unfortunate death of policyholder during the term, the nominee will receive full sum assurance with accrued bonus even 0 though the policyholder | |receives any payment earlier....