Although the insurance sector started in Bangladesh in 1973 with the establishment of General Insurance and Life Insurance Corporation, moment i.e. March 1 is being celebrated as National Insurance Day for the first time. Two and a quarter crore people in the country are covered by colorful types of insurance, although numerous don’t have a positive perception about insurance. But profitable judges say insurance can insure an investor’s unborn security, while also institutionally participating his threat.
What exactly is insurance?
Dhaka University Banking and Insurance Department Director Professor Hasina Sheikh said that insurance is the transfer of the threat of possible loss of life, property or goods to an association in exchange for a certain quantum of plutocrat. Through this, the individual or the insurance company accepts part or all of the implicit threat of the customer in exchange for plutocrat. It means that you’re depositing a certain quantum now allowing about the query of the future, after a certain period you’ll get your plutocrat in hand. It’s like participating your threat with someone differently.” Let’s talk about health insurance, where you deposit a certain quantum of plutocrat against your health condition, with the intention that if you have an accident, the insurance company will pay a part or a large part of your health charges. This fixed quantum of plutocrat you’re depositing is called decoration. In case of illness or accident, generally health insurance listed hospitals offer’ cashless’ services or pay the insurance to the client after entering the service. ” Simply put, it’s like paying to cover yourself from implicit unborn losses,” said Professor Hasina Sheikh.
What type of insurance is available in Bangladesh?
There are generally two types of insurance in Bangladesh– life insurance and general insurance. In life insurance, a person can ensure the life of himself or a family member. In this the entire sum assured will be paid to the family or designee after the death of the insured person. What effects should be taken care of? Professor Hasina Sheikh said, the network of insurance institutions in Bangladesh is spread to the remote areas of the country, as a result of which there are numerous openings to work in fiscal institutions. He said,” You have to go to the bank for opening an account, depositing plutocrat and other tasks. But for insurance, insurance agents go to the client’s home and move him, so the trouble is saved, and there’s no need to go to the bank and stay for any service..
That’s why now the vill planter also insures his agrarian yield and cattle.” But there are numerous complaints about entering plutocrat after the expiry of the insurance period, which is why Professor Hasina Sheikh said that a client should take care of a many effects before taking the insurance. • Read, know and understand the applicable insurance terms and conditions before assuring. • Know the decoration deposit rules and what to do when the deadline is passed. •
It’s necessary to know for sure how important plutocrat and within how numerous days the promised plutocrat will be available after the completion of the term. • Know what legal protection the client has if the promised quantum isn’t entered on time after completion of the term. difficulty Dhaka University Banking and Insurance Department Director Professor Hasina Sheikh said that the biggest problem in the insurance sector in Bangladesh is the extremity of trust. Although insurance has been in operation in Bangladesh for over 47 times, there’s still some confusion and lack of acceptable knowledge among the general public about insurance.
At the same time complaints are heard of problems in getting the sum assured after the completion of the term or in the case of life insurance after the death of a family member. ” In this case, there are problems on both sides, as the client may not take proper notice of the conditions while assuring. perhaps some conditions aren’t duly fulfilled, but the client doesn’t know what to do in that case. On the other hand, the client is duly informed about the entire situation and ensured. Or to deliver the promised plutocrat on time at the end of the term- in these matters, there’s frequently a insufficiency on the part of the company.” He believes that lack of proper training and chops of insurance agents in the country is one of the reasons behind this. “