Education Policy In Bangladesh Essay Example for Free

Education policy In Bangladesh EssayIntroduction restitution is a way of defend against these financial acquittancees.General restitution or non- breeding restitution policies, including automobile and homeowners Policies provide abidements depending on the loss from a particular financial event.Anyone who owns an asset can buy insurance to protect it against losses due to fire or theft And so on. Each one of us can belowwrite our and our dependents health and surface being finished hospitalization and personal accident policies.In this report we tested to show that how general insurance business operates in Bangladesh how important it is for economy what types of problem it faces in our country. design of the StudyPrimary objectiveThe main objective of the study is to k at one time how the insurance business industrial plant in our country.Secondary objectiveThe case study has the chase objectivesTo k instantly about the insurance confederation (Based on three insurance companies.)To k at present about general insurance its classification.Comp apiece Overview jet-propelled plane Delta insurance Company particular (GDIC) is one of the leading private non life insurance companies in Bangladesh. GDIC was incorporated in December 14, 1985 as a public limited federation, down the stairs the Companies Act 1913.Actual operations started on 1st January 1986, with a paid up capital of BDT 30.00 one thousand million. Now, Green Delta amends Company Ltd. is a atomic reactored about BDT 637.875 million with a credit rating of AA1 and ST1. GDIC h sr.s the proud distinction of being the branch ever company to make its paid up capital to such a level. This is alike the 1st indemnification Company in Bangladesh to have equity partnership with IFC. With a presence in the strategic in altogethery important parts of the country, which includes 38 branches, Green Delta defames Company Ltd. has established its prominent presence with equity par ticipation in Delta wake Housing Ltd., Progressive animation dis adaptedments Co Ltd, United Hospital Ltd. Fin Excel Ltd. and BD punt Ltd. Green Delta Capital Ltd. and Green Delta Securities Ltd. argon two of the direct subsidiaries. GDIC provides stock brokerage services by means of Green Delta Securities Ltd. (GDSL) and investment supports through Green Delta Capital Ltd. (GDCL). As a part of the recognition for the component part in the development of the insurance industry and for entertaining the standard of service, the company has been considered as one of the top cholecalciferol companies according to the renowned Rating Agency, Dun Bradstreet Rate Agency of Bangladesh. The company has besides been awarded with many issue and international awards like ICAB National mete outs for Best Published Accounts, ICMAB Best Corporate Award in insurance polity category, Certificate of Merit for the Best Presented Accounts Award in the category indemnity Sector by the so uthwestward Asian Federation of Accounts (SAFA), multinational whole tone Crown Award by BID International in London, The BIZZ Award by World strain confederation of Business, USA for leadership, Excellence in a charge, Quality and Marketing, The Diamond Eye Award For Quality Excellence by BID OTHERWAYS, The Platinum Technology Award for Quality Best trade name by Association Other Ways in Berlin, International Star Award for Leadership in feel in the Gold, Platinum and Diamond categories and many more. With the slogan Marches with time during the last 28 years GDIC has been helping black marketel in their time of ingest pulling out all the steps when needed, and has been proud to be a partner in progress.Our viewOur vision is to mature into a sustainable, coherent organization, raise competitiveness to the highest level in the insurance industry, curbhigh profitability balanced quantitative harvest-feast and exceed customers expectations by whirl legendary services , embrace a new corporate identity and creative corporate culture.Our MissionOur military mission is to create sh areholders value through customers satisfaction and employees commitment to excellence.Our Strength never-ending pursuit of suitable strategies has made the company the leading insurer of Bangladesh for over two decades.Our BeliefWe intrust that client must stand at the center of our all activities. We have the ability to optimally finish the clients require based on risk management with minimum cost and personalized services conclusionProducts ServicesCorporate try ManagementIndustrial all told Risk indemnity including Machinery Insurance and Business Interruption Property All Risk Insurance including Business Interruptionelectronic Equipments and Computer InsuranceProfessional Indemnity InsuranceComprehensive Machinery InsuranceComprehensive General indebtedness (CGL)Product Public liability Insurance requireors and Officers Liability (DO)Fire and Allied haz ards Insurance nautical dispatch and Hull InsuranceFinancialCash-in-safe, Cash-in- overfly Cash-on-counter InsurancePortfolio CoverCredit Card Indemnity InsuranceBankers cover InsuranceBank Lockers InsuranceA.T.M. Booth InsuranceBanc assuranceRetail SMEFire and Allied Peril InsuranceMarine weight and Hull InsurancePersonal AccidentHealth Insurance a sketch Mediclaim InsuranceMicro InsuranceMicro Health InsuranceNibedita-Comprehensive Insurance Policy for WomenHousehold InsuranceMotor InsurancePeoples Personal Accident PolicyComprehensive Travel InsuranceConventional air travel InsuranceAutomobile InsuranceWorkmen Compensation Insurance variant InsuranceEngineering Insurance (Erection all Risk, Contractors allRisk, Deterioration of Stock Boiler Pressure watercraftInsurance, business intemiptionCrop InsuranceNlbedlta-Comprehensive Insurance Policy for WomenWeather Index Based InsuranceInvestment Portfolio ManagementUnderwritingPre-IPO placement SyndicationTrusteeshipGreen Delt a Insurance is known for its innovation and services. Todays competitive insurance food market is driving the market to think and Winovate now returns and services and GDIC have been doing with its authentic. Beside the Traditional insurance portfolio GDIC introduced following personal line of harvest-feasts 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 c aused by smoke, scorching,Falling walls, water used for extinguishingFire, blowing up building for preventingSpread of fire.This reporting can be extended to include other perils by the additional aid Riot, Strike terrorist actStorm, FloodSubsidenceLandslideAircraft damageBursting or overflowing of tanks.Health InsuranceThe health form _or_ system of government provides for reimbursement of hospitalization/domiciliary hospitalization expenses for illness/disease suffered or accidental injurysustained during the policy period. Under this scheme the expenses for discussion in a hospital for an illness or injury are insured. It does not cover for any expenses in respect of domiciliary or outdoor interposition.Covers hospitalization insurance due to accident or illness.Ancillary services like ICU/CCU room, post-operative room, blood transfusion, special investigations, etc. pull ahead room services.Intensive care facility.Oxygen therapy.Skilled nursing services.Blood transfusion s.Ambulance services.Dressing while in confinement and test other than the routine investigations.Marine InsuranceThe oldest branch of insurance.Comprisesa. Cargo Insurance.b. Hull Insurance.Lloyds is the famous worlds Marine insurance market.Marine Insurance Act 1906.HULL damagesConcerns 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 cover by rail, -road -sea -airBurglary InsuranceScope of CoverLost by burglaryHousebreaking following upon an true 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 court-ordered liability,Loss or damage during the progress of or following upon fire or explosion. Earthquake, wa r, Riot, Civil war, incursion etc.Uncover able propertyDeeds, bonds, stamp collections, bank 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 behavior Insurance Co. Ltd. established mainly through the initiative of a stem of Bangladeshi professionals then working abroad 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 flow on the business of insurance in the secluded Sector. A brief explanation as to the growth of life insurance business in Bangladesh is in order here. Bangladesh declared freedom from the Pakistani rules on March 26, 1971 following which she had to witness a bloody liberation struggle with the occupation forces lasting for 9 months before they were defeated. Insurance business which was exclusively carried on in private sector before independence was nationalized after liberation in 1972 primarily to address the emerging situation of eroding public reliance in the industry that was left staggeringly short of resources in the face of huge losses caused by the war of liberation. After a series of experimentation, a state-owned body, that is to say 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 story set before itself a highstandard of all round exercise 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, entirely by undertaking and successfully implementing innovative and welfa re oriented life insurance schemes.It introduced an array of courtly life and group insurance products many of which were the first in Bangladesh. For the first time, health insurance products were also introduced by Delta manners. But more importantly, in fulfillment of the avowed commitment towards social development, Delta smell for the first time not only in Bangladesh but probably in the World, devised and introduced micro-life insurance-cum-savings products specially suited to the involve and pockets of poor people of the country who constitute more than 80% of the people of Bangladesh. twain projects of the company namely Grameen Bima for the rural people and Gono Bima for the poor and marginal savers of the urban sphere of influences 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 measure of success although thither is a long way to go. These schemes that we h ave 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 long- line 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 abutting 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 ordina ry life product/plans ranging from the closely common endowment type to more modern and sophisticated plans like endowment with slack term, pension plan with built in provision forincreasing pension, increasing protection with provision for bounty refund etc. The plans have been designed keeping in view the diverse and multifaceted needs of the insuring public belonging to different strata of the society. Some of the popular plans are briefly described below. conclave Life Insurance conclave Insurance is an instrument for providing life insurance coverage (protection) to a number of privates under a single contract (policy) who are associated together for a common interest other than insurance. It is the most cost effective means to provide immediate financial support to an insured phallus and/or his family in case of devastating events like-decease, disability, disease as well as retirement. group Insurance has already established its importance as a component of Employee Ben efit Package in Bangladesh. Exclusive features of Group Insurance are Insurance coverage to a number of individuals under a single contract. wide-eyed insurable conditionsEasy administrative procedurePrompt claim settlementAffordable premium valuate exemption on premiumDelta Life offers a host of Group-Life Insurance schemes from which an organization/ employer may charter for benefits of its members/employees, as may best 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 exceptional include Semi-Government organization, autonomous bodiesPrivate, Non-Government Organizations (NGOs)Educational Financial InstitutionsPublic Limited CompaniesAssociations, Business organizations etc.Group Life Insurance projects offered by Delta Life are of two types Traditional devices For i nsurance coverage of members/employees of a GroupExclusive Schemes For insurance coverage of clients of Financial Institutions Traditional SchemeThese are the commonly offered Group-Life Insurance schemes and are also known as Basic SchemesThese areShort boundary ContractGroup Term Life Insurance Scheme (GT)Group Term Life with Premium Refund Scheme (GTR) vast Term ContractGroup Endowment Life Insurance Scheme (GEN)Group Pension Scheme (GP)There 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 make 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 Insurance Company offers several Health Insurance Schemes, which are as followsHospitalization (In-patient) treatment coverage plansHospitalization Insurance intent (Group)- offered to Members of a group and their dependants (if desired) Hospitalization Insurance Plan ( individualistic) 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 Hospi talization Insurance PlansHospital AccommodationConsultation FeeMedicine Accessories aesculapian InvestigationsSurgical OperationAncillary 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. Coverage 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 preferential 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 emplacement 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 supporting 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 send-off by creating great interest among the target population who could not even perceive an institutional locating through which the ever present problems of in hostage of life could be addressed. To suit the needs and pockets of the target people, and for competent management of these portfolios, some of the age-old traditional concepts of carrying on life insurance business had to be reduce 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 teeming millions and its experiences are now used to advantage not only by indigenous companies but also other micro-savings organizations abroad. drive 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 checkup check-up. The person needs to be between 18 and 45 years of age, have a periodical income of Tk. 5,000.00 (US $100.00) or less , be of good health and supply a Declaration of Good 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 no matter of age at entry. Besides 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 acceptance 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 doc ument.Micro Investment (Loan)GN-GRB gives small project bestows to its policyholders on a group liability basis. No collateral is required. 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 mate monthly installments. The repayments are collected from door to door by the organizers. Recently a decision has been interpreted 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 committal 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. Also 100% of premium collection 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 expertise 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 coverage) 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 Interru ptionOverseas Med claim and Holiday InsurancePublic Liability PolicyProduct Liability PolicyConsequential LossHouseholders Comprehensive Policy