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Term Paper On Pragati Life Insurance

2428 words - 10 pages

ACKNOWLEDGEMENT

We are heartily thankful to our course teacher for Insurance and Risk Management, Mr. Saleh Islam, whose encouragement, guidance and support from the initial stage to the final level enabled us to develop an understanding of the topic and prepare this report.

We offer our sincere gratitude and thanks to Mr. Sajedul Hoque, Pincipal Officer, Pragati Life Insurance Ltd for providing us necessary informations and outlines, without which this report could not have been completed.

Lastly, we thank all of those who supported us in any respect during the completion of the report.

Group: Trust for Life.

Date: 2nd May, 2010.

Introduction:

Life insurance or life ...view middle of the document...

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. |

| |Plan 2 - JIBON PROTTASHA (with Bonus) |
| |Policy Term 12, 15, 18, 21, 27, 30 years. ...

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