Re- Insurance and its Benefits

Re- Insurance and its Benefits:-

In one post, I have discussed the advantages and disadvantages of all types of insurance premiums:

If any insured material or property is reinsured by the insurer, it is called reinsurance. The reinsurance business is spread worldwide on an international basis.

As we know, the insurance company bears the risk of the insured content (life) or property, but it does not bear all the risk alone. When he thinks he will take as much risk as he can, he enters into a reinsurance agreement with another reinsurance company.

Therefore, reinsurance refers to the transfer of some of the insurance risks taken by an insurance company (up to the retention limit) to its own sector and the rest to another insurance company. Here the insurance company that transfers its excess risk is called the seeding company and the insurance company that takes that risk is called the reinsurance company.

Regardless of the size or fund of the insurance company, most insurance companies have to take advantage of reinsurance, for some of the reasons mentioned below:

A. Although the assets of an insurance company are very limited at the beginning of starting a business, the insurance company has to bear unlimited risk even within these limited assets. Insurance companies are only able to bear this unlimited risk through reinsurance.

B. Insurers / insurance companies may limit their liabilities.

C. Helps to bring the financial loss of the insurance company within its means.

D. Reinsurance helps the insurance company to keep its business stable.

E. Reinsurance helps small insurance companies enter the larger insurance market and compete.

F. Reinsurance also helps the insurance company gain experience in risk management and risk management.

How the Legal Right to Receive Insurance Claims is Established:

The availability of insurance claims is a legal right of the insured. Life insurance claims are paid to the sole legal holder. The legal right to receive a posthumous claim for insurance is the nominee of the policy. However, the legal right to the expected benefits of insurance (Survival Benefit) and post-mortem claim is the policyholder's own during the lifetime of the policyholder.

What The Customer Needs to do to Receive the Insurance Claim:

Under the terms of the insurance contract, the customer is entitled to 2 (two) types of insurance claims.

In order to receive this insurance claim, the customer has to complete the following:

Receipt of Death Insurance Claim:-

In case of Death Insurance Claim, the legal claimant of the insured has to submit the following documents to the insurer:

1) Death certificate, janaza / cremation certificate, original insurance document, proof of age issued by the treating physician at the time of death of the insured.

2) Filling and submitting the claim form, identity card and doctor's statement form provided by the insuring company.

After receiving the documents mentioned by the legal claimant / nominee of the insured, the insurer follows the process of settling his statutory posthumous claim and if necessary, investigates on the spot and if the investigation report is positive, an executive receipt is sent along with the nominee. Is. The insurer then sends the account payee check to the nominee's bank account.

Receipt of Post-Term Insurance Claim: The post-term claim is that the sum insured is payable if the time limit / term of the insurance has expired as per the insurance plan during the lifetime of the insured. In case of maturity insurance claim, the insured has to submit the following documents to the insurer:

1) Proof of age (if age has not been proved before)

2) Proof of ownership (if rights are imposed)

3) Original insurance documents.

In case of maturity insurance claim, the insured sends an executive receipt along with the insured if the insured submits the specified documents to the insurer. The insurer then sends the payee check to the bank account of the insured.

If the fair insurance claim is not paid within the stipulated time limit, at what rate will the insurer pay the claim with interest?

If a fair insurance claim is not paid within the stipulated time, the insurer will pay the claim as follows:

(1) Payment is made under the policy issued by the insurer and all the documents for filing the claim have been submitted by the claimant. Failure to do so will result in payment of interest as prescribed in sub-section (2), if the insurer can prove that such failure was beyond his control.

(2) Interest under sub-section (1) shall be payable for the current period of failure and shall be calculated on a monthly basis at the rate of 5 per cent in addition to the prevailing bank rate.

Where the aggrieved customer will file a complaint for redressal:-

If the policyholder feels that he / she has not received proper receipt of his / her claim, he / she may, if he / she wishes, apply to the CEO of the insuring company for reconsideration of the claim amount. In addition, you can apply to the Insurance Development and Regulatory Authority (IDRA). You can also file a case with the Insurance Development and Regulatory Authority (IDRA) subject to payment of a certain amount of fee on the basis of insurance amount.

Advantages of the policy / plan introduced in the Life Insurance Corporation:-

Life Insurance (with profit) Plan-01:-

(A) Life insurance of this corporation but not really life insurance. Because if the insured lives till the age of 65, he will get the insured money himself. So in fact it is fairly long term insurance.

(B) On the other hand, the possibility of loss of income due to old age due to insurance. With this in mind, the premium has been limited to 60 years of age.

(D) Accident or accident and disability insurance may be added to this insurance. These additional benefits will be revoked at the age of 60 and 55 years, respectively.

(E) Family security benefits may be added to this insurance. However, his maximum term will not be more than 20 years.

(F) The premium paid gets income tax rebate up to a certain maximum limit. If the sum insured in this plan is less than Rs. 5,000, the installment must be annual. If it is more than Rs. 5,000 but less than Rs. 10,000, half yearly installment will be acceptable.

Many installment insurance

A policy of the Life Insurance Corporation guarantees the financial security of the insured. Many life insurance installments are able to meet the financial needs of the insured more than once before the end of the insurance term. Moreover, by purchasing insurance in multiple installments, the insured can also provide financial security to his or her pet.

The insured gets the following benefits by purchasing insurance which is included in the multi-term term insurance plan which is payable in two consecutive installments.

Benefits:

1. This insurance is able to meet future financial needs more than once as there is an arrangement to pay the insured money for the first four years of the term and every two years thereafter.

2. In case of death of the policyholder during the term of the insurance despite paying the installment more than once, the full sum insured is payable with bonus.

This insurance is for 10 or 15 or 20 years. Payment of installments at different times during the period is as follows:

(A) For a period of 10 years: - After 4 years, the first installment and every 2 years thereafter will be paid to the policyholder at the rate of 20% of the sum insured.

That is 20% at the end of 4 years, 20% at the end of 6 years, 20% at the end of 6 years and the remaining 40% at the end of the term + with earned bonus.

(B) For a period of 15 years: - The first installment after the expiry of the first 4 years and thereafter at the rate of 15% of the sum insured every 2 years thereafter will be paid to the policyholder. That is 15% at the end of 4 years, 15% at the end of 6 years, 15% at the end of 6 years, 15% at the end of 10 years, 15% at the end of 12 years and the remaining 25% at the end of the term + with earned bonus.

(C) For a period of 20 years: - The first installment after the lapse of the first 4 years and thereafter every 2 years at the rate of 10% of the sum insured will be paid to the policyholder.

I.e. 10% at the end of 4 years, 10% at the end of 6 years, 10% at the end of 6 years, 10% at the end of 10 years, 10% at the end of 12 years, 10% at the end of 14 years, 10% at the end of 18 years, 10% at the end of 18 years At the end the remaining 20% + will be paid along with the earned bonus.

These were the benefits of many installment insurance.

Marriage Endorsement Policy Plan-08

Term 5 to 20 years:-

Full money with bonus at the end of the term

In case of untimely death before maturity, all premiums are waived and the original insured money is available with full bonus at maturity.

The main objective of this insurance plan is to enable parents to finance their children's marriage expenses.

Keep it free from worries. In addition, if the insurance policy is purchased for a suitable period of time with a view to the higher education of the children or various other future special needs, the insured will be able to meet the potential expenses of all those needs through this insurance. Men and women who are not less than 20 years of age or not more than 50 years of age, such customers can purchase this policy. This policy can be taken for a minimum period of 5 (five) years and a maximum period of 20 (twenty) years.

In this plan, the insured money is available only after the expiry of the insurance period along with the earned bonus. If the policyholder dies before maturity, all premiums paid from the day of death till the day of maturity are waived and the insured is paid along with the full term earned bonus at maturity. In this insurance surrender price and loan are paid. No additional benefit insurance can be taken with this insurance. For the child for whom the policy is taken, in case of his death during the term of the insurance, all the premiums paid except the 1st year premium are refunded along with the earned bonus. Otherwise, the insurance taken may be continued for the benefit of another child.

Joint Term Insurance (with profit) Plan-08:-

Through this insurance plan, any two persons who have insurable interest on each other's life can take life insurance jointly. The plan simultaneously covers the risk of death for a certain period of time for the sum insured of the insured. The sum insured under this insurance is paid on the death of one of the insured persons at the end of or before the term of insurance. This insurance is specially designed for people who are jointly engaged in business. Under this scheme, the husband and wife are allowed to take insurance, but in that case the wife has to be educated (pass secondary or equivalent examination) and have to earn from her own scholarship. Under this scheme, the two persons applying for insurance have to fill up two separate application forms and both of them have to undergo the required medical examination separately and are considered to be unsatisfactory in the medical examination. The premiums listed in the list of premiums are calculated on the basis of the age of the two policyholders. If the age of the two persons is different then the equivalent age should be calculated through the mentioned ‘Age Unification List’. In this plan, the insurance amount will not be less than 10 thousand rupees. If you take insurance under this plan, you can get income tax rebate up to a certain limit. No supplementary insurance can be taken with this insurance. In medical examination, the insured are allowed to take this insurance up to a maximum of 50 years for the 'advanced' category and for a maximum of 45 years for the 'underdeveloped' category. The maximum maturity age of the policyholder will be 60 years, but for underdeveloped persons it will be 65 years.

Age Unification List

The age difference between the two individuals

Must be excluded from the age of the senior person

0 ------------------- 1 year nothing

2 ------------------- 3 ”1 year

4 ------------------- 6 "2"

৭ ------------------- 9 ”3”

10 ----------------- 13 ”4”

14 ----------------- 18 ”5”

16 ----------------- 24 "6"

24 ---------------- 33 ”7 years

The age at which the insured and the age at maturity of the insured must be within the maximum limit separately.

In case of death of either of the insured persons at the end of or before the specified period, an annual premium rate of Rs. 1,000 is paid.

Child Safety Insurance (with profit) Plan-09:

This insurance plan is jointly offered on the life of the premium payer and the child. Usually the father of the child is considered the premium payer of this plan. If the father is not alive or is considered ineligible for insurance, the mother of the child can be a premium payer in the plan. The mother of the child in that case must be educated (pass secondary or equivalent examination) and have her own income from any scholarship. No one else can be a premium donor to this plan. Under this plan, the maturity age of the child should be between 18 to 25 years. This insurance can be taken for a minimum of 6 months old child and can be for 6 to 24 years. In no case will the sum insured in this plan be less than Rs. 8,000.00. No proposal without medical examination can be considered. 37c01b0b4d967293cb81eb65138c2e31 The proposal will be accepted if both the child and the premium payer appear to be on the verge of a medical examination. Under this plan, versatile security is provided for the child. If the premium payer dies before maturity, the premium paid from the day of death till maturity is waived and the child is given the following benefits.

(A) For every thousand insurances at the rate of Rs. 100 per annum from the date of death till maturity or if the child dies before maturity till the day of death of the child.

(B) The full amount of insurance including the bonus paid at the end of the term is paid. These benefits provide security for the child up to the insurance period and beyond. If both the premium payer and the child survive till the maturity of the insurance, the insured is paid along with the bonus paid at the end of the term. If the child dies before maturity, the sum assured is paid to the premium payer as per the list given below.

The age of the child at the time of death is 6

10% of sum insured with 1 year vested bonus

20% of sum insured with 2 year vested bonus

30% of Sum Assured with 3 Year Bonus

40% of sum insured with 4 year bonus

50% of sum insured with 5 year vested bonus

60% of sum assured with bonus paid for 6 years

80% of sum assured with bonus paid for 6 years

60% of sum assured with bonus paid for 6 years

90% of the sum insured with 9 years paid bonus

Complete insurance amount with bonus of 10 years and above.

No supplementary benefit can be taken with this insurance. The surrender value of this insurance is paid but the loan is not paid.

Annual insurance premium rate of Rs

The age of the baby on the nearest birthday

Term of insurance

The age of the premium payer on the nearest birthday:

20 years

25 years

30 years

35 years

0-1

49.60

50.90

52.60

56.20

1-2

51.90

52.90

54.60

56.60

1-3

54.10

55.10

56.60

59.60

1-4

56.60

56.00

59.00

61.60

1-5

59.30

60.10

61.50

84.00

1-6

72.40

63.20

74.40

6.60

1-6

85.90

6.60

69.60

1-6

69.60

60.40

61.50

63.40

2-9

84.00

64.60

85.70

6.40

3-10

6.90

69.40

60.30

61.90

4-11

74.40

84.90

85.70

6.20

5-12

90.90

91.40

92.10

93.50

8-13

98.20

98.50

99.50

100.60

6-14

106.00

108.40

106.00

109.20

8-15

116.50

116.90

116.50

119.60

9-18

130.30

130.60

131.20

132.20

10-18

146.30

146.60

146.20

146.00

Comment:

(1) Between the two adjacent ages of the premium payer, the rate of premium of any age shall be calculated proportionally.

(2) Two separate medical examination report forms for children and premium payers should be filled and attached with the proposal form.

Annual insurance premium rate of Rs

Dual-Security Term Insurance (with Profit) Plan-10:-

In the early days of one's career, one's income is not so high. As a result, it is not possible to save large sums of money for the safety of the family, nor is it possible to provide adequate life insurance even if one wishes. If the only earner dies prematurely at this time, disaster is bound to befall any family. To solve this deep problem of the people, the Life Insurance Corporation has introduced "Dual-Security Term Insurance" Plan. Through this it is possible to provide maximum amount of financial security at minimum cost.

Features:

(A) In a dual-security plan, in case of untimely death of the insured, double the sum assured is paid.

(B) As there is a provision for payment of a nominal additional premium equal to the original sum insured as a death benefit, this scheme guarantees the death risk to the insured at the lowest cost.

(C) This insurance is very useful for those who want to settle the total amount for the family in case of untimely death without any additional premium. In general, with the passage of time, the income of the insured increases and at the same time the amount of potential liability for children increases. As a result, you can change your life insurance contract if you wish later in the plan. In addition to the double payment due to death only, the insured can also make arrangements to get that extra money even if the insurance expires. In that case, the premium rate will naturally increase, but there will be no need for a new medical examination. This benefit can be availed by changing the contract at least ten years before the maturity of the insurance.

(D) Dual-security term insurance can be taken for a period of 10 years, 15 years, 20 years or 25 years.

(E) Bonus is paid on the principal sum insured and all general benefits like surrender price paid including income tax rebate etc. are also available in this insurance. (F) This insurance not only provides adequate security in the early years of the career, but also provides adequate financial benefits for the later days of life.

(G) No supplementary benefit can be taken with this insurance.

Example:

Suppose, at the age of thirty, Mr. Karim took out a dual-security term insurance of Rs. 25,000.00 for a period of twenty years. He will pay 61.30 rupees per year as premium- (1.50 rupees + 1.00 rupees) * 25 or 1,480.00 rupees. And you will get benefits:

When the term of insurance expires:

25,000.00 + earned bonus.

In premature death:

God forbid, even if Mr. Karim dies in the year of taking the policy, his nominee will be given Rs. 50,000.00

Instead of an annual premium of just Rs 1,460.00, Mr. Karim provided financial security of Rs. 50,000 for his beloved family. No other plan can offer so much security at such a low price.

Age limit:

The maximum life insurance period is 55 years. In case of humiliation life limit is 40 years. The maximum age at maturity is 65 years.

Annual premium rate of Rs.2,000.00 payable in case of death during the period of insurance or Rs.1,000.00 on maturity. This annual premium pays till maturity or death of the insurance customer. Bonus pays over Rs.

The age of the baby on the nearest birthday

Term of insurance

115.40

6.10

56.90

46.60

115.60

6.10

59.00

46.60

115.60

6.20

59.10

48.00

115.60

6.40

59.40

46.30

115.90

6.50

59.50

46.60

115.90

6.60

59.60

46.90

116.00

6.60

60.00

49.30

116.20

69.00

60.30

49.60

116.30

69.20

60.50

50.20

116.50

69.50

60.90

50.60

116.60

69.60

61.30

51.30

116.90

60.10

61.60

52.00

116.10

60.50

72.40

52.60

116.40

60.90

63.10

53.70

116.60

61.50

63.70

54.50

116.20

72.00

64.60

55.60

116.60

72.60

85.70

56.60

119.20

63.50

6.60

56.00

120.00

74.40

6.60

59.40

120.20

85.40

69.00

60.90

121.50

6.50

60.40

72.50

122.40

6.60

61.90

123.40

69.00

63.70

124.60

90.60

85.40

125.90

92.30

6.40

128.40

94.10

69.60

129.20

96.00

130.90

97.40

132.90

100.60

135.10

103.50

138.50

106.30

140.20

143.00

146.00

149.30

152.60

Personal pension insurance policy

(Simultaneous security of life and lifetime pension)

Personal Pension Insurance Policy:

Professionals and working people naturally want the assurance of a carefree and peaceful life in retirement. When there is no guarantee of regular income in adulthood, the pension insurance policy provides regular monthly income. Our pension insurance plan is designed to meet the financial needs of retirement. People engaged in any profession can take this policy. One of the main attractions of this is the provision of financial security for the family in case of untimely death which is not possible through any other savings.

Attractions / benefits of pension insurance:-

At the same time the financial security of life insurance in case of untimely death in career and the provision of death pension for retirement life.

Guarantee of pension benefit of the nominee of the pensioner for the remaining period of ten years in case of death of the insured within 10 (ten) years from the commencement of pension.

In case of natural death of the insured before the due date of commencement of pension payment, whichever of the following options is more applicable is the guarantee of one-time payment to the nominee,

(A) All premiums paid except first year premium paid with 8% profit:

(B) Pay 15 (fifteen) times of an annual premium.

(C) In case of accidental death insurance (including DIAB) on the other hand, the nominee is paid 30 times of the annual premium in case of accident or death of the insured within 90 days due to accident.

(D) Concession of 50% or 100% of the pension amount on maturity at the time of maturity.

(E) The policyholder can take a loan in case of need in favor of the policy.

(F) Pension insurance money is exempt from income tax like other life insurance policies. Income tax rebate is also available on the premium paid.

Example:

If a gentleman of 35 years of age takes a pension insurance policy for a monthly pension of Rs. 5,000 / - from the age of 56 years. His premiums and benefits will be as follows:

One year premium for Rs. 100 / - per month is Rs. 164.20

One year premium for monthly Rs. 5,000 / - 18

= 9,210.00 taka

That means you will pay an annual premium of Rs. 9,210 / =. Instead on maturity (Rs. 5,000 / = per month) he will get an annual pension (Rs. 5,000 x 12) = Rs. 60,000 / = (sixty thousand).

He will submit till the age of 56,

(9,210 x22) = 2,02,620.00 rupees. If he takes into account the income tax rebate that he will get if he pays an annual premium of Rs. 9,210 / -, the actual expenditure in the premium sector will be less.

Premium: Payable only in annual or semi-annual installments.

Benefits:

1. The insured will receive a regular pension of Rs. 5,000 / - (five thousand rupees) per month for as long as he / she survives the age of 56 years. The money will reach his bank account every month. "

He is getting guaranteed ten years

2. 5,000 / = per month (5,000 x 12x 10) = Rs. 600,000 / = per month. Even after this, as long as he lives, he will continue to get the prescribed pension.

3. At the time of starting the pension, he can take one-time money by surrendering half or full of the monthly pension if he wishes. If he surrenders 50% (half) of his monthly pension, he will get a lump sum of Rs. 2,53,450 / =. In addition to the one-time money, you will get Rs. 2,500 / - per month as a monthly pension as usual.

Life Insurance Corporation's personal pension insurance policy guarantees a life-saving pension for life.

It includes a lifetime pension system with a minimum ten-year guarantee. Employees, businessmen or any other independent professional can take this policy.

Who doesn't want pension benefits for a prosperous retirement?

But all institutions are pensionable

Can't take advantage. So? -------------

Ensure financial well-being in retirement by adopting a life insurance corporation's pension insurance policy.

Here is the rate of annual premium for 100 (one hundred) rupees pension payable in advance for life with 10 (ten) year guarantee starting from the birth anniversary mentioned below. In case of natural death of the insured before the commencement of the pension, the nominee pays 7% profit with all premiums paid except first year premium or at least 15 (fifteen) times of an annual premium in case of natural death or 30 times of 1 annual premium in case of accidental death (in case of policy including DIAB). Payable.

pension_rate% 20% 281% 29

The Topics Covered in this Chapter are:

Insurance:

Health Insurance Plan:

Health Insurance Things to consider before buying a health insurance plan:

Health Insurance Policy Co-Pay:

Medical Insurance Duration:

Cooling period of pre-existing diseases:

Hospital room rent under the policy:

Conclusion of the best health insurance plan.

Best Health Insurance Plan:

Looking for health insurance plans?

Although health insurance is very popular among people, many of us still do not know how it works. And various health insurance benefits.

In addition to providing health care benefits, medical insurance is an efficient tax-saving investment.

E.g. It is advisable to search the list of best health insurance quotes and best medical insurance plans before buying it. So, before going into health insurance plans, one must first understand what health insurance is and the issues to consider before buying.

Health Insurance:

Health insurance is a type of insurance coverage, which gives you compensation for various medical and surgical expenses. This insurance policy is introduced by a coverage insurance company to protect you from unforeseen medical expenses that may occur in the future.

As health care costs increase, so does the need for health insurance plans. Health insurance claims can be settled in two ways. It is either paid to the insurer or paid directly to the care provider. Also, the benefits of health insurance premiums are tax-free. Things should be considered before buying a health insurance plan. With the changing lifestyles of people, medical insurance is becoming a necessity. With rising medical costs, the need to obtain health insurance policies has increased. You need to buy a health insurance plan to protect your health and get financial help for medical expenses. There are different types of health insurance policies available in the market that provide different health quotes, coverage and features. So there are a few things you must consider before buying a medical insurance plan. Some of them are mentioned below.

Health Insurance Policy Co-Pay:

It is important to understand the term and terminology before buying a health insurance policy. Co-pay is a word you must know first. Co-pay is a fixed percentage of the total insurance bill that is paid when a person makes a health insurance claim, when the health insurance company has to pay. For example, if your policy has a 10% co-pay condition. However, it indicates that you will have to pay INR 1000 to claim 10,000 10,000 and the insurer will pay the remaining 9 9000. However, it is advisable to opt for health policies with "no co-pay". Medical Insurance Duration One of the most important things to consider before buying a medical insurance plan is its coverage period. In fact, our health deteriorates over the years so medical insurance policies have lifetime coverage and not just for a few years. Make sure you choose a plan that can be renewable for life. Cooling Period of Pre-existing Diseases Before purchasing a health insurance plan, there are some diseases that can be present in a person. These diseases are considered as pre-existing diseases. All these pre-existing diseases are not covered by the health policy from the first day of purchase. The cover period of your pre-existing diseases varies from time to time. Therefore, it is advisable to ensure the time to buy pre-existing diseases before choosing any planning option.

Hospital room rent as per the policy: The cost of getting a room in the hospital is different for different rooms. An expensive house will certainly increase the cost of medical and hospitalization. So, it is better to have a higher rental limit in your health plan.

Best Health Insurance Plan:

Now that you know how to choose a health insurance plan, you need to find the best health insurance plan to buy. Lists some of the best health insurance plans offered by health insurance companies.

Conclusion:

You know that prevention is better than cure. Therefore, protect your health through an appropriate health insurance plan before any unforeseen medical emergency occurs. Consider the reasons and medical plans described above before buying health insurance. Invest wisely, live in peace!

Disclaimer:

Every effort has been made to ensure that the information provided here is accurate. However, no guarantee is given regarding the accuracy of the information. Please check the scheme information document before making any investment.

Self Help Insurance (Single Premium Policy) Plan-52:-

Low-income people of Bangladesh - farmers, workers, cooperatives, pastoralists, fishermen, blacksmiths, weavers and people of all walks of life in the country / abroad can avail life insurance benefits under this scheme by paying a single premium. The main objective of self-reliance insurance is to provide financial security to the poor and middle class people including Bangladeshi working people working in the country / abroad by paying a single premium by eliminating the hassle of paying premium every year.

The main attractions of self-insurance are:

1. Pay only one premium (within 10 years).

2. In case of death of the insured before maturity, double the sum insured.

3. The maximum sum insured on single life is Rs. 3,00,000 / - (three lakhs).

4. No medical examination report is required to be provided in this insurance. The prescribed form for single premium has to be filled.

5. No additional premium will be payable for women. However, for those insurance customers who are engaged in hazardous occupations, professional additional premiums are recoverable.

6. Like other life insurance policies, income tax rebates are available on premiums paid for this insurance.

7. Any farmer can easily take this policy and any Bangladeshi working abroad can also take this policy if they have enough money in hand after the new crop is harvested.

8. The low-income and middle-class people living in the city can take advantage of this insurance only when they get one-time money.

9. Only educated men (women who have passed SSC or equivalent examination) and Bangladeshis working abroad can avail this policy up to a maximum entry age of 45 years. In others, the maximum age of entry is 40 years.

10. After three years of taking out insurance, the policyholder can surrender the policy in cash if he so desires.

Property Tax Insurance (Non Profit): -

Property Tax Insurance (Non Profit), Table No. 41.

According to the Property Tax Act, 1950, property tax is payable on all types of movable and immovable property in Bangladesh, including property used for agricultural purposes. Property tax will be payable if the value of the property to be transferable due to death of a person exceeds Rs. 200,000 (current limit). What is meant by property? Generally property tax has to be paid on the following properties.

(A) Personal property: - The deceased's own property, such as cash, jewelery, furniture and furnishings, car, shares, security, real estate, agricultural land, etc.

(B) Joint Capital Investments: Capital investments transferred in the name of joint ventures excluding money transactions and all joint ventures in which the deceased has a share from the outset will be subject to property tax.

(C) Donations: Property tax is payable for all types of donations. Donations made only 3 (three) years before death and donations to charities are exempt from property tax. If the donor reserves any benefit for himself on the property donated on his death bed, the donation will be subject to property tax.

(D) Shared or incorporated: - If a property is shared or unlisted with the preservation power, it will increase under property tax.

When insurance is taken out under the "Property Tax Insurance" scheme, the insurance is fully vested in the name of His Excellency the President of the Government of the People's Republic of Bangladesh. Special rules need to be followed to issue property tax insurance. Therefore, before making such insurance proposal, the relevant requirements / rules should be known from the regional office of the corporation.

“Benefits”: -

By taking this insurance, a wealthy person can be assured of paying a large amount of property tax after his death with a low premium. At the same time, his heirs and property tax will be free from the inevitable financial crisis. Income tax rebate is also available from this insurance.

Children's education and marriage insurance (non-profit) plan-46

Through this insurance plan, parents pave the way for their children's future. The insurance included in this plan frees the child from financial worries due to higher education or marriage. This is because, if the insured buys this insurance for a suitable period of time, depending on the time or period of their special education, marriage or other special future needs, the potential cost of all these needs can be covered through insurance.

The money insured in this plan is available only after the expiry of the insurance period. However, in case of untimely death of the insured or the insured, no premium has to be paid for the remaining term of the insurance.

For the child for whom such insurance policy is issued, in case of his death during the term of insurance, all premiums paid in the following year except the first year premium are refunded at 2% interest, otherwise the insurance may be continued for the benefit of any other child.

In order to protect the interest of the child, the insurance money is paid to the nominated child mentioned in the insurance policy at the end of the term.

No Surrender value or loan is given on this type of insurance for one time payment of all insurance money.

The premium paid on this insurance gets a rebate from income tax. No supplementary benefit can be taken with this insurance.

Annual insurance premium of Rs.1000 for fixed term. The premium is paid before the death of the policyholder in the event of death before or after the due date.

Duration:

Age at parent's nearest birthday:

95.90

96.00

97.30

96.60

99.60

7.00

6.10

6.40

6.90

69.90

6.60

6.10

6.60

69.60

61.60

60.70

61.10

61.60

72.60

84.90

64.60

85.10

65.70

6.90

59.40

59.60

59.90

60.50

61.60

63.70

54.60

55.00

55.30

55.90

56.30

50.60

51.00

51.30

51.90

53.20

46.20

46.30

46.60

46.40

49.60

43.90

44.10

44.50

45.20

46.40

41.00

41.20

41.60

42.30

43.70

36.50

36.60

39.00

39.60

If the age of the proposer is between the listed age at the time of purchase of insurance, then the intermediate age premium should be deducted from the premium paid for the age below and above the age listed. If the age of the insured is less than 25 years, the premium rate of 25 years will be applicable.

Guaranteed Bonus Term Insurance:-

Under this scheme, a bonus of Rs. This guaranteed bonus is payable with the original sum assured even if he dies on or before the term. No insurance policy of this plan will be a shareholder of the corporation's dividend. Under this plan, 15, 20, 25 and 30 year insurance policies are acceptable and the same as the term insurance policy pays the paid price (with guaranteed bonus) and surrender price. The insurance can be availed up to a maximum of 55 years in the case of "advanced" class and up to a maximum of 50 years in the case of "advanced" in medical examination. The maximum age at the time of maturity of the insured will be 60 years, but in the case of advanced class will be 65 years.

Money Back Term Policy (Non Profit) Plan-50: -

The purpose of providing this insurance plan is to provide financial security to the family at minimum cost. Moreover, in the event of untimely death of the borrower, the contribution of this low premium insurance to protect the loved one from debt obligations is immense. Under this plan, insurance policy can be taken for a period of 10, 15, 20 years. This insurance can be availed up to a maximum of 45 years in case of advanced class in medical examination. The maximum age for completion of term is 60 years. The cost of medical examination should be borne by the insured. You have to pay premium in annual installments. No additional discount will be given for large amount policy or annual premium system. Under this scheme a minimum insurance policy of Rs. 50,000.00 (fifty thousand) and maximum Rs. 500,000.00 (five lakh) can be taken. No additional insurance benefits can be availed with this insurance. Under this plan, in case of untimely death of the insured while the policy is in force during the term of the insurance, the insured money is payable. If the insured survives, all the premiums paid will be refunded on maturity (excluding additional premiums). This policy does not cover all the general benefits like loans and repayments. However, if the policy is in force for at least 6 years, the surrender price can be paid.

Life Insurance for Poverty Alleviation, Table No. 54:

Life Insurance for Poverty Alleviation, Table No. 54.

The Life Insurance Corporation has introduced the 'Life Insurance Scheme for Poverty Alleviation' with the aim of enabling low-income people - farmers, laborers, cooperatives, pastoralists in any profession - to become self-reliant in a short period of time. Under this scheme, policies can be taken for a period of 3, 4, 5, 6 and 6 years. By investing the money received at the end of the term, low-income people will be able to provide such self-sufficient security which is not possible through any other savings. The feature of this new insurance scheme is.

These features are:

You only have to pay premium once. There is no hassle of paying premium year after year.

Maximum Sum Assured Rs. 10,000 / - (per unit) An insured can purchase a maximum of 5 units.

The maximum entry age is 45 years.

Form prescribed for single premium has to be filled. Proof of age must be submitted with the proposal.

No medical examination report is required to be provided in this insurance.

The insured will be paid at the end of the term.

In case of untimely death of the insured, double the sum insured will be paid.

In this insurance surrender and loan can be taken after paying premium for 2 (two) years.

There are also more insurance policies. They are as follows:

Temporary insurance (non-profit)

Self Reliance Insurance (Single Premium Policy)

Life insurance scheme for poverty alleviation

Expatriate insurance

JBC Monthly Savings Scheme

JBC Expected Monthly Savings Scheme

Social Security Insurance (with benefits)

Pramila DPS (with profit)

Hajj insurance (with profit)

Rural life insurance (with profit) mortgage

Security Insurance (Mortgage Protection Policy)

Read More:

Life Insurance | All the information about insurance

The Requirements of the Life Insurance

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