Escolar Documentos
Profissional Documentos
Cultura Documentos
On
National Life Insurance Company Limited.
Submitted To:-
Md. Anisuzzaman
Assistant Professor & Director of CCD,
Department of business administration,
Uttara University
Submitted By:-
Name ID Batch
MOHAMMAD ABDULLAH M21421111051 34th(B)
MD. SHADAT ISLAM SHAGAR M21421111096 34th(B)
MD. NAHID IMRAN M21421113004 34th(B)
We hope you will be pleased to know that we have completed our report on a
renowned insurance company of Bangladesh. We hereby submit our report on
“National Life Insurance Company Limited.” At every segment of making
this report, we tried to enhance our knowledge about this Insurance Company.
This report will try to give the picture of our efforts and ability.
We hope that this report meets your expectation. We will be glad to answer any
queries regarding the study and report.
Sincerely yours
Mohammad Abdullah
Md. Shadat Islam Shagar
Md. Nahid Imran
Acknowledgement
At fast we would like to thank almighty Allah for giving us to opportunity to
complete our term paper. We also would like to thank all the people who have
given their support and assistance and extremely grateful to all of them for the
completion of the report successfully.
We would also like to thank our honorable teacher Mr. Md. Anisuzzaman, for
his kind concern, advice and constant guideline in preparing the report.
This company began operation with 11 staffs with a head office covering few
hundred sq. ft. of area at Segunbagicha, Dhaka; but today manpower enrollment
has reached more than 100,000 staffs and field forces covering about 1200
zonal, regional, branch and block offices all over the country. The head office of
the company is at the 'NLI Tower'- own high rise building at Kawranbazar, at a
significant artery point of Dhaka metropolitan. The company has also purchased
plots & lands at different Divisional & District head quarters. NLI set as the
sponsor director of Venture Investment Partners Bangladesh Ltd., National
Housing and Investment Ltd. and Industrial and Infrastructure
Development Finance Co. Ltd. Moreover, an NLI security Ltd. is a
subsidiary of NLI.
Companies Product
There have several insurance policies, which are shown in this diagram.
Different Policies:
Some policies can help pay for you or your survivors' long-term care
1.
expenses.
Some policies provide features that help prevent the policy from ending
2.
prematurely if you become unemployed.
Some policies that build “cash value” over time can allow you to take
3. supplemental income from that value. That income can be used for
unexpected expenses or other needs.
Some policies allow you to cover additional people, such as your spouse or
4.
children, all in one policy.
We have different types of Individual Life Insurance ranging from simple and
basic to having more features to address different needs. Find the right types
and amount of coverage that would work for your situation.
Supplementary Covers:
To provide insurance protection against few devastating conditions other than
death, and to enhance insurance benefit in case of sudden accidental death,
several Supplementary Covers are offered along with basic schemes.
Supplementary covers includes:
Accidental Death Benefit (ADB): Provides for double sum assured in case of
accidental death.
Permanent and Total Disability Benefit (PTD): Provides for full sum assured
on happening of defined risks.
Permanent & Partial Disability Benefit (PPD): Provides for certain
percentage of the sum assured as per schedule on happening of the defined
risks.
Dismemberment Benefit (DB): Provides for a certain percentage of Sum
Assured as per schedule on happening of the defined risks. It is only offered
with ADB.
Major Disease Benefit (MDB): Provides for 20%, 25% or 50% of S.A. upon
diagnosis of a few specific life threatening diseases
Islamic Takaful: Islam is the complete way of life and there is always
an Islamic solution for any course of dispute. For those who don’t want to take
up an insurance policy having a dilemma in their mind, National Life Insurance
offers them a variety of Islamic insurance products under the banner of
NATIONAL LIFE ISLAMI TAKAFUL. The calculation of premium and funds
of ISLAMI TAKAFUL are done separately from the basic account of the
company. AL-MUDARABA or PA (participant’s accounts vis-a-vis Amanat
fund) is invested in shariah permitted sectors. Just after receiving premium it is
divided into two parts naming- PA (Amanat fund) and PSA (Tabaru fund). On
death within policy term the nominee of the policy holder gets the amount from
PA (Amanat fund) with selected profit according to the profit and loss system.
Under this have several policy, like are DENMOHOR BIMA, HAJJ BIMA,
one/ two or four payment ENDOWMENT.
almost 80% of the population living in the rural areas. Almost one third of the
population lives below the poverty line and a significant proportion of them live
in extreme poverty. The poverty rate is highest in rural areas, at 36 per cent,
compared with 28 per cent in urban areas. Moreover, a large portion of the
population of Bangladesh, about more than 70%, is low income people.
In keeping with our vision of ‘to encourage & induce saving of the high/mid
income population and especially of the low income & marginal group’
National Life is committed to providing even the poorest members of society
the chance for a better tomorrow. For this reason, National Life introduce
micro-insurance project named Janabima. Products under Janabima, which
simplify the product offerings and provide financial security, are specially
designed to meet the needs of low income groups by offering benefits like low
premiums, simple policy terms and low sum assured etc. Janabima is important
because it is affordable to a person who cannot afford a normal insurance
policy.
can easily take up this policy. Pension is a form of financial independence at old
age. It is a great deal of help to the elderly people to remain self-sufficient.
Pension insurance mitigates the insecurity due to irregular income at old age as
well as ensures handsome amount as death benefit to the nominee.
Benefits:
On survival of the policy holder sum assured with accrued bonus is payable
or after maturity policy holder can decide to receive monthly pension from
1.
the date of maturity against the amount of sum assured payable. The
duration of pension is 5 or 10 years.
On death of the policy holder after paying the first premium and receiving
2.
the policy, the nominee is payable total sum assured with accrued bonus.
If a policy holder wants to surrender the policy after running the policy for
3. two years then he will get the money after deducting service charge from
the payable amount.
Companies Specialty:
National Life Insurance Company, the first ever private life insurance company
introduced in the People’s Republic of Bangladesh. It started functioning on
23rd April, 1985. As a service industry, the company is committed to
personalized service to its valued customers and will justify their confidence by
prudent and viable economic management and offering absolute security and
favorable returns.
Bangladesh insurance market is still small with a combined life and non-life
insurance market premium of US $960 million. The industries ranked 76th in the
world with a paltry 0.02% share in the global insurance industry. Per capita
insurance spending is only US$ 2.6. Insurance penetration (premium as a % of
GDP) remains low at 0.9% (0.7% for life insurance and 0.2% for non-life). The
average growth of non-life insurance companies was 12%, and life sector grew
at an impressive rate of 26% over last few years.
While the global insurance market declined, Bangladesh has seen a visible
growth over last few years. Growth in the industrialized countries was 2.8% for
life and 0.6% for non-life insurance; however, emerging markets grew at a rate
of 4.2% for life and 2.9% for non-life insurance sector.