Education Policy In Bangladesh Essay Example for Free

Education form _or_ system of government In Bangladesh EssayIntroduction redress is a guidance of protecting against these financial losses.General restitution or non-life indemnification policies, including automobile and homeowners Policies provide repairments depending on the loss from a quiticular financial eventidet.Any unrivaled who owns an asset can buy redress to protect it against losses due to fire or theft And so on. Each one of us can insure our and our dependents health and well being through hospitalization and personal accident policies.In this report we tried to show that how widely distributed damages melodic line ope assesss in Bangladesh how important it is for economy what types of problem it faces in our country. Objective of the StudyPrimary objectiveThe main objective of the study is to kat once how the insurance business works in our country.Secondary objectiveThe case study has the fol wretcheding objectivesTo know about the insurance comp e ither (Based on three insurance companies.)To know about general insurance its classification. high society Overview spurt Delta policy Company Limited (GDIC) is one of the leading private non life insurance companies in Bangladesh. GDIC was incorpo rambled in December 14, 1985 as a public limited company, downstairs the Companies bear 1913.Actual operations started on 1st January 1986, with a pay up capital of BDT 30.00 million. Now, Green Delta policy 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 first perpetu every(prenominal)y company to raise its paid up capital to such a level. This is also the 1st redress Company in Bangladesh to have equity compact with IFC. With a presence in the strategic all toldy important parts of the country, which includes 38 branches, Green Delta insurance policy Company Ltd. has established its prominent presence with equity connection in Delta Brace Hous ing Ltd., Progressive Life redress Co Ltd, United Hospital Ltd. Fin Excel Ltd. and BD Venture Ltd. Green Delta Capital Ltd. and Green Delta Securities Ltd. are two of the direct subsidiaries. GDIC provides stock brokerage serve 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 industry and for maintaining the bagard of assist, the company has been considered as one of the top 500 companies according to the renowned valuation Agency, Dun Bradstreet Rate Agency of Bangladesh. The company has also been awarded with many national and supranational awards like ICAB home(a) lay outs for Best Published Accounts, ICMAB Best Corporate Award in indemnification category, Certificate of Merit for the Best Presented Accounts Award in the category insurance Sector by the South Asian Federation of Accounts (SAFA), international Quality Crown Awa rd by BID International in London, The BIZZ Award by World Business confederation of Business, USA for leadership, Excellence in a management, Quality and Marketing, The ball field Eye Award For Quality Excellence by BID OTHERWAYS, The Platinum Technology Award for Quality Best guile name by Association Other Ways in Berlin, International Star Award for Leadership in quality in the Gold, Platinum and Diamond categories and many to a greater extent. With the slogan Marches with time during the last 28 historic period 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 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 growth and exceed customers expectations by offering legendary services, embrace a new corporate identity and creative corporate cultu re.Our MissionOur mission is to create shareholders value through customers satisfaction and employees payload 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 must stand at the center of our all activities. We have the ability to optimally fulfill the clients ineluctably based on risk management with nominal cost and personalized servicesFindingProducts ServicesCorporateRisk ManagementIndustrial All Risk restitution including Machinery restitution and Business spread Property All Risk indemnity including Business InterruptionElectronic Equipments and Computer insurance policyProfessional Indemnity Insurance house-to-house Machinery InsuranceComprehensive General Liability (CGL)Product Public Liability InsuranceDirectors and Officers Liability (DO) harry and Allied Perils InsuranceMarine dispatch and Hull Insurance monetaryCash-in-safe, Cash-in-tra nsit Cash-on-counter InsurancePortfolio CoverCredit Card Indemnity InsuranceBankers Blanket InsuranceBank Lockers InsuranceA.T.M. Booth InsuranceBanc assuranceRetail SMEFire and Allied Peril InsuranceMarine charge and Hull InsurancePersonal AccidentHealth InsuranceOverseas Medi conduct InsuranceMicro InsuranceMicro Health InsuranceNibedita-Comprehensive Insurance Policy for WomenHousehold InsuranceMotor InsurancePeoples Personal Accident PolicyComprehensive Travel InsuranceConventionalAviation InsuranceAutomobile InsuranceWorkmen Compensation InsuranceMiscellaneous InsuranceEngineering Insurance (Erection all Risk, Contractors allRisk, Deterioration of inception kettleful Pressure VesselInsurance, business intemiptionCrop InsuranceNlbedlta-Comprehensive Insurance Policy for WomenWeather Index Based InsuranceInvestment Portfolio ManagementUnderwritingPre-IPO perspective SyndicationTrusteeshipGreen Delta Insurance is known for its innovation and services. Todays competitive i nsurance market is driving the market to think and Winovate now intersections 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 some 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 first time ever in Bangladesh which is designed only 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 shortly.In BrieflyFire InsuranceBasic coverFireLightningExplosion(domestic)Damage during or immediately followingFire caused by smoke, scorching,Falling walls, water used for extinguishingFire, blowin g up structure for preventingSpread of fire.This reporting can be extended to include other perils by the additional premium Riot, StrikeTerrorismStorm, FloodSubsidence landslideAircraft damageBursting or overflowing of tanks.Health InsuranceThe health policy provides for reimbursement of hospitalization/domiciliary hospitalization expenses for illness/disease suffered or accidental damagesustained 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 respect of domiciliary or outdoor treatment.Covers hospitalization due to accident or illness.Ancillary services like ICU/CCU room, post-operative room, blood transfusion, excess 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 olde st branch of insurance.Comprisesa. Cargo Insurance.b. Hull Insurance.Lloyds is the famous 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 CoverLost by burglary prepare following upon an actual forcible and violent 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, passing play or damage during the progress of or following upon fire or explosion. Earthquake, war, Riot, Civil war, Invasion etc.Uncover able propertyDeeds, bonds, stamp collections, situate 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. established 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 after 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 ex computer programation as to the growth of life insurance business in Bangladesh is in order here. Bangladesh declared independence from the Pakistani rules on March 26, 1971 following which she had to witness a bloody liberation struggle with the barter forces lasting for 9 months before they were defeated. Insurance business which was exclusively carried on in private sector before independence was nationa lized after liberation in 1972 primarily to address the emerging situation of eroding public confidence in the industry that was left staggeringly short of resources in the face of long losses caused by the war of liberation. After a series of experimentation, a state-owned body, namely 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 Life set before itself a highstandard of all round performance 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 indigenous companies, but by undertaking and successfully implementing innovative and welfare oriented life insurance schemes.It introduced an array of conventional life and group insurance products many of which were th e 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 little-life insurance-cum-savings products particularly suited to the needs and pockets of despicable people of the country who constitute more than 80% of the people of Bangladesh. Two projects 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 report that we have achieved a good tone 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 reportage along with facility of regular savings on a semipermanent 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 years and is poised to maintain this growth rate at least in the next five years or so. Delta Life can take 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 operating in the country have started their own micro insurance products.FindingOrdinary Life InsuranceDelta Life offers a wide variety of ordinary life product/plans ranging from the most common endowment fund type to more modern and sophisticated plans like endowment with open term, pensi on plan with built in provision forincreasing 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 some(prenominal)(predicate) strata of the society. Some of the popular plans are briefly described below. congregation Life Insurance theme Insurance is an instrument for providing life insurance coverage (protection) to a number of individuals under a single contract (policy) who are associated together for a common spare-time activity other than insurance. It is the most cost effective performer to provide immediate financial support to an insured member and/or his family in case of devastating events like-death, disability, disease as well as retirement. Group Insurance has already established its importance as a component of Employee Benefit Package in Bangladesh. Exclusive features of Group Insurance are Insurance coverage to a number of individ uals under a single contract.Simple insurable conditionsEasy administrative procedurePrompt claim settlementlow-cost premiumTax exemption on premiumDelta Life offers a host of Group-Life Insurance schemes from which an organization/ employer may involve for benefits of its members/employees, as may scoop out serve their interest according to organizational setup. To be treated as a group, the following criteria need to be fulfilled. A Group Should comprise of at least 15 membersIt should be a legitimately organized bodyGroup clients of Delta Life Insurance Company Limited include Semi-Government organization, autonomous bodiesPrivate, Non-Government Organizations (NGOs)educational Financial InstitutionsPublic Limited CompaniesAssociations, Business organizations etc.Group Life Insurance Schemes 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 Institutio ns 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 pay back Scheme (GTR)Long Term ContractGroup Endowment Life Insurance Scheme (GEN)Group Pension Scheme (GP) on that point are several 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 confound 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 Insuranc e Company offers several Health Insurance Schemes, which are as followsHospitalization (In-patient) treatment coverage plansHospitalization Insurance Plan (Group)- offered to Members of a group and their dependants (if desired) Hospitalization Insurance Plan (Individual) 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 Covered under Hospitalization Insurance PlansHospital AccommodationConsultation FeeMedicine AccessoriesMedical InvestigationsSurgical Operat ionAncillary 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. reporting 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 discriminatory 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 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 impressive results right from the beginning 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 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 wide as the undisputed leader espousing the cause of welfare of affluent 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 by him or her. There 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 Declaration of fair 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. as well 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 credenza of the proposal, a pass book is issued to the policyholder detailing 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 requi red. 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 committee 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. in addition 100% of premium colle ction 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 expertness 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. CICL believes in the quality of the deals struck rather than the quantity of it. With our knowledge 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 cover age) 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 Cycle/ScooterMarine Cargo InsuranceMarine Cargo Insurance transit by Steamer or Power VesselMarine Cargo Insurance transit by Rail/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 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 Comprehensi ve Policy