Things to Consider Before Insuring

Things to Consider Before Insuring

Things to Consider Before Insuring:

What are the Things to keep in Mind before Insuring?

Insurance is calculated by calculating future uncertainties.

Although the insurance sector started in Bangladesh with the establishment of General Insurance and Life Insurance Corporation in 1973, today, March 1, is being observed as National Insurance Day for the first time.

A quarter of a crore people in the country are covered under various types of insurance, though many do not have a positive idea about insurance.

However, economic analysts say that insurance can ensure the future security of an investor, while at the same time his risk is institutionally shared.

What is Insurance?

Professor Hasina Sheikh, Director, Department of Banking and Insurance, Dhaka University, said that insurance is the transfer of the risk of possible loss of life, property or property to an institution in exchange for a certain amount of money.

Insurance:

Before insuring, one has to see, know and understand the relevant insurance terms

This allows the individual or insurance company to take partial or all possible risks from the client in exchange for money.

Hasina Sheikh said, "Insurance is a kind of investment. It means you are depositing a certain amount of money now considering the uncertainty of the future. After a certain period of time, you will get your money in hand. It is like sharing your risk with another person."

Suppose, health insurance or health insurance, where you are depositing a certain amount against your own health situation, the purpose is that if you have an accident, the insurance company will pay a part or a large part of your health expenses.

This is the amount of money you are depositing, it is called premium.

In case of illness or accident, the health insurance listed hospitals usually have to pay the insurance to the customer after receiving the 'cashless' service or service.

If you do not get the promised money after the expiration date, you need to know what protection the customer has

Professor Hasina Sheikh said, "Simply put, it is like paying to protect yourself from possible future losses."

What kind of insurance is introduced in Bangladesh?

There are usually two types of insurance in Bangladesh - life insurance and general insurance.

In life insurance a person can insure the life of himself or any member of the family.

In this case, the entire sum insured will be paid to the family or the nominee after the death of the insured person.

Will the deposit be refunded if the bank is closed?

And general insurance includes all types of insurance including health, trade, industry, agriculture, vehicles.

There are a total of 6 insurance companies in Bangladesh, of which 32 are life insurance and 48 are general insurance companies.

These include a life insurance and a general insurance state-owned company. There are also two foreign insurance companies.

What are the things to keep in mind?

Professor Hasina Sheikh said that the network of insurance companies in Bangladesh extends to remote areas of the country, so there is a lot of opportunity for financial institutions to work.

He said, "You have to go to the bank to open an account, deposit money and do other work. But to insure, the insurance agents go to the customer's house and persuade him to work, so the hassle is avoided and there is no need to wait for any service at the bank." That's why village farmers now also insure their agricultural products and livestock. "

There is a lot of confusion about insurance.

But after the expiration of the insurance term, there are many negative experiences of receiving money. That is why Professor Hasina Sheikh said that a customer has to take care of a few things before taking out insurance.

 Before insuring, you need to see, know and understand the relevant insurance terms.

 Rules for depositing premium and what to do after the deadline.

 It is important to know exactly how much money will be paid after the expiry of the term and within how many days the promised amount will be received.

 If the promised money is not received in time after the expiry of the term, the customer has to know what legal protection he has.

Difficulty:

Professor Hasina Sheikh, Director, Department of Banking and Insurance, Dhaka University, said the biggest problem in the insurance sector in Bangladesh is the crisis of confidence.

Although insurance has been introduced in Bangladesh for more than 48 years, there is some confusion and lack of knowledge among the general public about insurance.

At the same time, after the expiration of the term or in the case of life insurance, after the death of a family member, there are complaints of problems in getting the insured money.

"There are problems on both sides, such as the customer may not pay attention to the conditions when insuring. Somewhere the conditions may not have been met properly, but in that case the customer does not know what to do. Or paying the promised amount at the end of the term - these are often shortcomings on the part of the company. "

He thinks that the lack of proper training and skills of insurance agents in the country is one of the reasons behind this.

"At the same time, if an organization breaks a promise, it must be punished."

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