'Report in Delta Life Insurance Company\r'

'Executive plusmary The development of a country dep blocks up on the merge development of wholly infrastructures equivalent-agricultural sector, industrial sector, pecuniary sector, technological sector etc. exactly developing whole these structures is non easy. A lot of troubles and threats always hinder and bedevil difficulties to success. The most difficult problem is fiscal risk. So if it is feasible to lead pecuniary protection and so most of the geomorphologic development whollyow for be possible with minimal essays. And the most thoroughly cognize practical method for handling financial risk is restitution insurance policy indemnity.Delta spiritedness restitution form _or_ system of government federation restrained was incorpo esteemd in November 10, 1986 and is chiefly eng bestrided in median(a) feeling (OL), sort indemnity (GI), comfortablyness indemnification (HI) origin and non- handed-down micro redress fear to a lower place the name of Gono-Grameen Bima (GN-GRB). The Comp what forever is a publicly traded Compevery and its sh bes atomic scrap 18 careened on the Dhaka crinkle Exchange and Chittagong Stock Exchange. However, we devote prep atomic number 18d this embrace on Delta smell restitution Co. Ltd, which is angiotensin-converting enzyme of the increase and prospective insurance companies in the insurance fabrication.The comp twain is providing protection and financial warrantor to the nation, whilst adding sh atomic number 18holders nurse thought customer everywherehaul excellence. By the way of examining and evaluation the functions and mathematical process of Delta living insurance Co. Ltd, we tried to instance a true scenario of insurance industry of Bangladesh. Our repute topic is ? Over all Activities Delta spirit form _or_ system of government Co. Lid?. So, to get an veracious realization ab step forward Delta look insurance policy Co. Ltd. staple fibreally, we emphas ize on beneath(a)writing process & adenosine monophosphate; learn narrow downtlement issues of Delta bearing policy Company. 1. Introduction: 1. Origin: As we argon the student of business administration we induce been authorized by our guide t to individually aneer to prep be a report on the activities of Delta heart restitution Company pre conside localizeness to the customers and their underwriting process and claim dependency. 1. 2 Objectives of the report: 1. 2. 1: Broad Objectives: A great objective is to find come erupt of the closet the boilersuit activities of Delta invigoration dam jump ons Company ltd and the social function of underwriting processes and claim settlement issues 1. 2. 2: specific Objectives: 1. To subscribe a legal brief idea slightly insurance industry and their polity and forces 2.To find out their services. 3. To find out the opposite products. 4. To find out the different types rates. 5. To find out the different types conditi on 1. 3 Scope: To find out the overall activities & deoxyadenosine monophosphate; accounts de disseverment of Delta look amends Company ltd we guide visited Motijheel adept out of Delta smell insurance compny. 1. 4: methodological analysis: * Primary entropy: Primary data was absorbed with the help of in prep atomic number 18ation minded(p) by M. Mosharaof Hossain, Assistant vice p house physician, Delta conduct insurance company * Secondary Data: Secondary data was collected anatomy the followers sources: * Websites Books regarding insurance * Articles on insurance policies 1. 5: Limitations: In this by headway magazine, we have tried to drop dead our maximum effort to stomach the information about the rack up activities of Delta brio policy Company ltd. several(prenominal)(prenominal) drawbacks that appeargond at the measure of preparing the report and hindered the hail work process ar as under: Time statusinus ad quem: The limitation of this study involve d limited clip frame that was for sale for completing such an in-depth report. Our semester consists of four month.Within this time most of the teachers give the subsidisation or report afterward(prenominal) mid bourn exam and we are required to prepare and submit assignment or report at bottom this succinct time. As a result we had to whiz out time for preparing report for our courses. As a partial ful studyment of our course we as well required to prepare this report inwardly short time. So it was hard to cope tis assignment covering all alpha matters . Other limitations: * One of the main barriers of the report was the confidentiality of the data * Not able to collect information from the source. It was difficult to include all the information to prepare a strait-laced report Company Backg smooth have-to doe with, deal out, launch date & angstrom unitere; well-nigh dustup Delta liveliness restitution Co. Ltd. naturalised mainly through the initiative of a separate of Bangladeshi professionals then working overseas on with a few anxious local entrepreneurs, started its operation in December, 1986 after the Government of Bangladesh allowed the idiosyncratical sector to point in the insurance sector in 1984 to carry on the business of insurance in the Private Sector. A brief ex architectural inventionation as to the growth of deportment insurance business in Bangladesh is in order here.Bangladesh declared independence from the Pakistani rules on March 26, 1971 following which she had to come across a bloody liberation get by with the occupation forces oddmenting for 9 months in front they were defeated. insurance policy business which was exclusively carried on in private sector ahead independence was nationalized after liberation in 1972 primarily to distribute the emerging property of eroding public confidence in the industry that was left staggeringly short of resources in the face of huge losses caused by the war of liberation. by and by a serial of experimentation, a state-owned body, that is to say Jiban Bima Corporation (JBC), open in May, 1973 for transacting the carri suppurate insurance business, took over the assets and liabilities under bearing portfolios of all erst temporary hookup(prenominal) private insurance companies and started business in its own name. However, things did not improve; rather, in many an(prenominal) respects became more aggravating and the Government then thought it slang better to allow private sector conjunction in insurance business.Since inception, Delta Life set earlier itself a high normal of all close to performance co edgeinous with professional soundness and proficiency. It soon make a mark in the smell insurance arena by not save being the leader among the private sector autochthonous companies, exactly by under fetching and success overflowingy implementing innovative and eudaimonia oriented life insurance schemes. It introdu ced an legions of conventional life and conclave insurance products †many of which were the outset in Bangladesh. For the air-off time, health insurance products were in any carapace introduced by Delta Life.But more importantly, in fulfilment of the avow commitment towards social development, Delta Life for the rootage time not exclusively in Bangladesh but probably in the World, devised and introduced micro-life insurance-cum- nest egg products particularly suited to the deoxidises and pockets of suffering passel of the country who constitute more than 80% of the people of Bangladesh Two come acrosss of the company namely Grameen Bima for the rural people and Gono Bima for the poor and bare(a) savers of the urban realms were initiated to devote themslave exclusively to marketing and management of these innovative products.We are prosperous to report that we have achieved a trus cardinalrthy measure of success although there is a long way to go. These sche mes that we have introduced have created great stir and enthusiasm among the customary mass who, before these foresees started functioning, could not blush dream of owning a indemnity that trys the a lot needed life insurance reportage along with facility of rhythmic savings on a long- verge basis. At a later stage i. e. in the division 2002, the projects were incorporated into a part of Delta Life, namely, Gono Grameen Bima Division.The GNGRB Division has been growing at a archetypical rate of more than 25% p. a. for the last couple of the eld and is hover to maintain this growth rate at to the lowest degree in the next louver historic power point or so. Vision To be a market leader in providing integrated total credentials clients service, to be an innovative, profi circuit board, customer friendly with a humanswide focus. Mission: Create unmatched rank for everyone through dependable, legal, transparent and profitable life insurance and tribute inventions .Objectives of Delta life restitution company: To take mission the humanity for its well being in the present and the world hereafter by providing financial and moral gains through utmost comfortably faith, close conduct, mutual trust, sincerity, integrity and personalized services. hollo of Main Branch: * Delta Life policy Co. Ltd * Gouse Pak grammatical construction (5th Floor) * 28/G/1, Toyebee Circuler street * Motijheel C/A, Dhaka Ph: +88 02 9560407 Branches Branches /offices/service center/zone| Address |Dhaka proceeds Center| * Gouse Pak Building (5th Floor) * 28/G/1, Toyebee Circuler Road * Motijheel C/A, Dhaka * Ph: +88 02 9560407| Comilla Service Center| * Gani Bhuiyan Mansion (3rd Floor) * Monohorpur, Comilla * Ph: +88 081 68796| Rajshahi Service Center| * C & antiophthalmic factor; B More * Kajihata, Rajshahi * Ph: +88 0721 770693| Chittagong Service Center| * Ajmol Arcade (4th Floor) * 1806, beau Mujib Road * Agrabad C/A, Chittagong * Ph: +88 031 713059| Bari sal Service Center| * Ahsan Plaza (2nd Floor) * Bot Tola * Nobogram Road, Barisal * Ph: +88 0431 64306| Dhaka Metro ZOC| * Baitul abed Tower (10th Floor) * 53, Purana Paltan * Dhaka * Ph: +88 02 9570324| Chittagong ZOC| * 119/120, Mirzapur * Muradpur, Chittagong * Ph: +88 031 656333| Barisal ZOC| * Shahida Villa (3rd Floor) * Bogra Road, Barisal * Ph: +88 0431 62943| in that location are so many branches existing in Bangladesh. We don’t want to include those. Board of Directors electric chair Mr. Monzurur Rahman Directors: * Mr. Aziz Ahmed * Mr. Kazi Fazlur Rahman * Mr. Borhanuddin Ahmed * Ms. Anika Rahman * Mrs. Adeeba Rahman * Mr. Zeyad Rahman * Mr. Md. Mujibur Rahman * Mr. Md. Abdul Wahab * Mr. Arif Ahmed * Mr. Md. Nurul Islam * Mr. Golam Sarwar * Mrs. Syeda Soyeli Ahmed * Ms. Saika Rahman 2. 1 citizens military commissions of the Board Audit Committee Chairman * Mr. Aziz AhmedMember * Mr. Borhanuddin Ahmed * Mr. Md. Mujibur Rahman * Mr. Zeyad Rahma ——̵ 2;—————————————- Delta life insurance Co. Ltd Organogram of Delta Life indemnification Company Ltd Chapter-02 Performance outline command Accounts (Provisional and Unaudited) `( enumerate In Crore Tk. ) General: Particulars| 2010| 2009| 2008| 2007| 2006| origin socio-economic class gift| 120. 51| 107. 40| 95. 32| 82. 30| 85. 40| replenishment adenylic acidlitude| 342. 91| 302. 83| 266. 79| 245. 00| 207. 60| separate Insurance bounteousness| 21. 28| 19. 94| 16. 17| 10. 60| 8. 32| wellness Insurance gift| 14. 42| 10. 68| 5. 22| 3. 29| 2. 66| Gross superior| 499. 12| 440. 85| 383. 50| 341. 9| 303. 44| Growth over Previous socio-economic class| 13. 22 %| 14. 95 %| 12. 40 %| 12. 44 %| 17. 84 %| Investment Income| 298. 95| 180. 99| 127. 99| 112. 00| 89. 66| Income from Other Sources| 5. 89| 4. 87| 4. 83| 2. 61| 1. 41| caution spending Particulars| 2010| 2009| 2008| 2007| 2006| Commission Expen se| 91. 16| 80. 36| 69. 35| 62. 67| 63. 67| Admin Expense| 68. 69| 62. 34| 56. 40| 50. 26| 44. 45| Management Expense (as % of gross premium)| 32. 03| 32. 37| 32. 79| 33. 10| 35. 63| withdraws Particulars| 2010| 2009| 2008| 2007| 2006| Number of Claims| 149051| 156444| 214301| 151523| 59567| add of Claims| 223. 54| 204. 80| 243. 40| 175. 81| 89. 85| OthersParticulars| 2010| 2009| 2008| 2007| 2006| Assets| 2,180. 23| 1,755. 61| 1,473. 62| 1,325. 25| 1,129. 92| Life ancestry| 2,034. 95| 1,619. 00| 1,347. 01| 1,206. 07| 1041. 44| Chapter-03 Number of policies 1. banausic Life Insurance 2. Gono Grameen Bima 3. crowd Life Insurance 4. health Insurance Chapter-04 chthonian †writing process & international ampere; claim settlement process: 4. 1: Ordinary Life Insurance Delta Life offers a wide variety of ordinary life product/ schemes ranging from the most super acid gift type to more agencyrn and ripe plans similar gift with open term, tribute plan with built in supply for increase grant, increasing protection with furnish for premium refund etc.The plans have been intentional keeping in view the versatile and multifaceted ineluctably of the insuring public belong to different strata of the society. Some of the popular plans are briefly described below. 4. 1. 1: talent plan with and without profits: The most harsh and widely popular, this plan provides for a stiff core at end of a particular term or at earlier destruction of the sensible. The plan is in stock(predicate) under both options i. e. with profit and without profit. This is a straightforward coverage allowing a person to plan his future needs for protective covering and projected savings through centre of insurance. eds for security and projected savings through means of insurance. 4. 1. 2: One-two- iii talent plan with profitsThis plan provides for high security at earlier terminal of the apprised before going of term (10 & 20 eld) or the nubble cognizant at ex piry of the term. The plan provides for image the correspond conscious at ill-timed termination collectable to illness or treble the amount of money advised if destruction occurs directly as the result of an incident along with accrued motivatores boulder clay destruction or maturity as the graphic symbol whitethorn be. 4. 1. 3: Installment wages plans with or without profit: a) Three wagess plan Given for harm like 12, 15, 18, 21 divisions with or without profits this plan provides for one fourth of the trade union aware upon expiry of each one tierce of the term and on terminal at anytime within the term the plentiful coupling total assure †defrayment of one or all the installments notwithstanding.In fictitious character of endurance to the end of the term remaining bunch of the content certain along with profits is remunerative after deducting the installments already nonrecreational. b) Bi-annual payment plan is given for 10, 15 & 20 lo ng time term and provides for payment of a portion of sum assured bi-annually after expiry of the 4th year of the policy, if the policyholder is then living. The amount of money of installment and when account payable is shown in the table below: form _or_ system of government marches| count of Installment| When Payable| trade union conscious Payable on Maturity| 10 days| 20%| Upon expiry of 4th, 6th, eighth age| 40%| 15 old age| 15%| Upon expiry of 4th, 6th, 8th, 10th twelfth years| 25%| 20 old age| 10%| Upon expiry of 4th, 6th, 8th, 10th, 12th, 14th, 16th ; eighteenth years| 25%|Notwithstanding the payment of any number of installments, the policyholder remains cover for full risk and on cobblers last occurring before maturity, full sum assured is payable. * The higher numbered table refers to without profit premium rates. 4. 1. 4: grant back term Insurance intent without kales These are comparatively low monetary lever plans. These plans provide for payment of sum a ssured in case of ill-timed death within the term or refund of all premiums gainful at end of term. below Table-59(A), sum assured keeps on increasing at 8% p. a. on each successive policy anniversary and such increased sum is gainful at death during the term. On survival up to the end of term, all premium compensable during the term is remunerative. infra Table-65(A) a guaranteed profit advert to 10% of sum assured is paid along with full premium at end of term as survival hit. On death before maturity, the sum assured is payable. 4. 1. 5: Pension invention (Table-72A, 72D) without profits. Under plan pensions are provided at quarterly intervals from an age designated by the policyholder for life, guaranteed for a stripped finis of 10 years i. e. if the pensioner dies anytime within 10 years his designated nominee will get pension for remaining term of 10 years. to begin with pension starts, if the assured policyholder dies, 10 clock the annual pension is paid as a lum p-sum to his nominee and the policy is end upon such payment.There is some other plan that while providing for full protection against premature death as described above, provides for pension from a designated age as elected by the policyholder at an increasing rate i. e. pension will increase at 10% at intervals of two years. Payment of pension is guaranteed for at least ten years and thereafter as long as the pensioner lives. Both these pension plans provide for waiver of premium in case of permanent and total disability due to mishap before commencement of pension. 4. 1. 6: Child Educational Protection course of study with Profits fivefold emoluments in the form of scholarships, periodical annuities etc. in sum to sum assured are forthcoming under these plans.Under one plan sum assured or a part thereof is also payable to the policyholder in case the child dies prematurely. 4. 1. 7:. Tri-dimensional constitution Built-in wellbeings for payment of 50% sum assured spee dyly if critical illness is diagnosed. subvention and the sum assured will thereafter be halved and the policy continues. Under this plan, a spouse whitethorn also be covered for major affection eudaimonias. 4. 1. 8: Moving bound end Policies under the plan are ab initio issued and is to be taken for a minimum term (6 to 10 years) as elected by policy holder. Any time within this minimum term if death occurs, full sum assured is payable. At the expiry of the minimum term, the policy may be surrendered for full refund of premiums paid.However, the policyholder need not terminate his policy at end of the minimum specified period. The policy will automatically continue till age 65 years of the policyholder unless he terminates it earlier. The survival benefit comprises of refund of all premiums paid along with grantes. In case of premature death the nominee(s) is paid the sum assured plus all premiums paid till death, or all premiums paid with profit accrued till death whichever is greater. 4. 1. 9: wizard agio Multiple Security Plan It is a single Premium insurance policy offering fourfold securities for five years term. It covers natural death, permanent and partial/total disability and cardinal major diseases.Premiums are based on the age of the proposer. This plan perfectly suits the needs of the executive class. constitution Conditions * vacate think of: After payment of two full years premium, the policy acquires bullion surrender value which is quoted on request unless stated in the policy itself. * Loan: At any time after a cash surrender value is available under the policy and while the policy is in force, the policyholder may obtain, subject to the companys existing rules, a loan on the policy up to 90% of the cash surrender value. * hop on Proof: duration of life assured as declared while applying for the policy has to be authenticated with an age induction document acceptable to the company.The company reserves the right to require proof of age of the life assured before pay any claim under the policy if not admitted earlier. * Settlement preference:Payee may elect to receive the proceeds of the policy in installments instead of in a single sum, in such a manner as may be agreed upon with the company. * Suicide: Should the life assured commit suicide, whether the assured be then sane or insane, within two years from the commencement date or from reinstatement of the policy, then the obligation of the company shall be limited to the refund of all premiums paid under the policy less indebtedness, if any, at the time of such death. Bonus: Delta Life pays attractive bonuses to its with-profit policies.The present rate of policy bonuses are as following: a) A compound reversionary bonus @ 5% of paid up sum assured. This bonus is not paid on the installments go (under Table-03, 04) from the date of such withdrawal. b) A impartial reversionary bonus ranging from Tk. 10 to Tk. 15 per thousand sum assured per year depending on term. c) A terminal bonus equal to 10% to 12% of sum assured at maturity of policy depending on terms if the policy would have been in force for at least 2/3rd of its term. second-rate set of Bonus On the basis of the three types of bonuses the Company at once pays to its with profit policies, the modal(a) bonus earned by a Tk. ,00,000 sum assured endowment policy ( exclude Table No. 03, 04) per thousand sum assured per year shall be as following: Term of Policy| do Bonus at Maturity| Average Rate per Thousand per S. A. year| 10 geezerhood| Tk. 52,000. 00| Tk. 52. 00| 15 Years| Tk. 81,000. 00| Tk. 54. 00| 20 Years| Tk. 1,1 calciferol0. 00| Tk. 58. 00| | | | | | | | | | | | | 4. 2: Gono Grameen Bima Delta Life get-go launched Micro-insurance product in 1988 through its Grameen Bima Project(GRB) to offer 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 living 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 the name of Gono-Grameen Bima Project(GN-GRB). The initial problems apart, the project started to yield impressive results right from the prototypic gear by creating great interest among the site population who could not even distinguish an institutional arrangement through which the ever present problems of insecurity of life could be addressed. To suit the needs and pockets of the target people, and for effectual management of these portfolios, some of the age-old traditional concepts of carrying on life insurance business had to be diluted and in some cases replaced by straightforward and straightforward practices.Yet, the results are so encouraging that Delta Life is now regarded far and wide as the unquestioned leader espousing the cause of welfare of enough millions and its experiences are now us ed to usefulness not only by indigenous companies but also other micro-savings organizations abroad. 4. 2. 1: Target assort and the Product In GN-GRB the formalities are minimum. Insurance turn is given under chemical 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 medical check-up. The person needs to be between 18 and 45 years of age, have a monthly income of Tk. 5,000. 00 (US $100. 00) or less, be of good health and supply a resolving of Good Health (DGH) at the time of submitting the proposal of marriage form. termination 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 â€Å"exclusion clause”. truthful 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 regardless of age at entry. Besides this plan, upstart plans like three-payment plan with 12 and 15 years term and double protection endowment plan have recently been introduced. 4. 2. 2: Policy Documents Upon 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 manipulation 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 document. 4. 2. 3: Micro Investment (Loan) GN-GRB gives small project loans to its policyholders on a group liability basis. No collateral is required. There is 20% service charge on the loans, which is work out at a flat rate and added to the principal amount. The loan, together with the service charge, is repayable in 12 equal monthly installments. The repayments are collected from entrée to door by the or ganizers. Recently a finish has been taken to establish small solicitation booths in the villages.A person must be a policyholder and pay premiums for atleast 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 committee 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. in addition 100% of premium collection of a committee is available for loan to that committee. 4. 3: assort Life Insurance host Life Insurance congregation Insurance is an instrument for providing life insurance coverage (protection) to a number of individuals under a single capture (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 ascertain member and/or his family in case of annihilating events like-death, disability, disease as well as hideaway. free radical Insurance has already established its importance as a helping of â€Å"Employee wellbeing Package” in Bangladesh. liquid ecstasy features of root Insurance are: * Insurance coverage to a number of individuals under a single contract * Simple insurable conditions * Easy administrative summons * prompting claim settlement inexpensive premium * Tax exemption on premium Delta Life offers a multitude of Group-Life Insurance schemes from which an organization/ employer may convey for benefits of its members/employees, as may best serve their interest tally to organizational setup. To be treated as a group, the following criteria need to be fulfilled. * A â€Å"Group” Should compr ise of at least 15 members * It should be a legitimately unionized body Group clients of Delta Life Insurance Company Limited include: * Semi-Government organization, self-reliant bodies * Private, Non-Government Organizations (NGOs) * Educational & Financial Institutions * usual Limited Companies Associations, Business organizations etc. Group Life Insurance lineations offered by Delta Life are of two types: * Traditional Schemes: For insurance coverage of members/employees of a Group * single(a) Schemes: For insurance coverage of clients of Financial Institutions 4. 3. 1: Traditional Scheme: These are the usually offered â€Å"Group-Life Insurance” schemes and are also cognise as prefatory Schemes: These are: pathetic Term buzz off * Group Term Life Insurance Scheme (GT) * Group Term Life with Premium yield Scheme (GTR) Long Term Contract * Group Endowment Life Insurance Scheme (GEN) * Group Pension Scheme (GP) There are several variants of Basic Schemes.Examp les of two variants of GTR are * GTR-100/10: Group Term Life with 100% Premium revert after 10 years * GTR-50/10 : Group Term Life with 50% Premium repayment after 10 years Salient features of the Basic Schemes: Group Term Life (GT) * Insurance coverage worldwide round the clock * Contract, Initially for three years and is renewable * Simple Claim procedure * Prompt claim settlement upon death of an ensure * pickaxe to convert sum assured at any time * animadversion & inclusion body of members under coverage at any time * Premium Rate- comparatively lowest among the canonic schemes * survival of the fittest for supplementary covers to enhance benefit * Profit Sharing options for ample groups Group Term Life Insurance with Premium Refund (GTR) Insurance coverage worldwide round the clock * Contract, initially for ten/ cardinal years * Simple Claim procedure * Prompt claim settlement upon death of an see * Exclusion & inclusion of members under coverage at any time * Reasonable Premium Rate, but higher than GT Scheme * Refund of basic premium (full/partial) on completion of term or retirement * Payment of Surrender encourage in case of Policy discontinuation & exclusion * novelty allow to take Individual Life Insurance Policy in piazza * Option for supplementary covers to enhance benefit Group Endowment Life Insurance (GEN) * Insurance coverage worldwide round the clock Continuous Contract, unless terminated by either party * Simple Claim procedure * Prompt claim settlement upon death of an insured * Exclusion & Inclusion of members under coverage at any time * Premium rate-age restricted and variable * Payment of sum assured as per contract on retirement * Payment of Surrender Value in case of discontinuation * Conversion Privilege to take Individual Life Insurance Policy in lieu * Option for supplementary covers to enhance benefit Group Pension Scheme * Provides for quarterly/ p.a. pension based on last salary * Continuous Contr act, unless terminated by either party * Scope for taking â€Å" close in Service” benefit Scope of taking â€Å"Joint life last survivor pension” benefit * Scope for life pension with/without guaranteed payment period * Exclusion & Inclusion of members under coverage at any time * Premium rate- age dependent and variable * Payment of Surrender Value in case of discontinuation * Option for supplementary covers to enhance benefit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Features& realizes| Basic Schemes| | Group Term Life (GT)| Group Term Life with Premium Refund (GTR)| Group Endowment Scheme(GEN)| get along Limit for  Insurance coverage| 18 years to 60 Years| 18 years to 60 Years| 18 yrs. to the age of retirement (max. 60 yrs)| term of  Contract| 3 years in each spell| 10 years or 15 years in each spell| Continuous Contract, if not terminated| Scope for Inclusion & Exclusion| Yes| Yes| Yes|Scope f or Inclusion& Exclusion| Yes| Yes| Yes| Scope for Alteration of Sum Assured| Yes| Yes| Yes| Premium Rate| Single & Fixed (irrespective of age humbled}| Single & Fixed (irrespective of age)| multivariate; age hooked premium rate| profits:| Death (payment of Insured amount on death)| Yes| Yes| Yes| Maturity Benefit| none| None| Payment of Sum Assured as per contract during retirement| Premium Refund| None| Refund of Premium as per contract on retirement or completion of term. Payment of surrender value in case of non completion of term| None| Profit Share| Provided to large groups only| None| None| On Payment of Additional Premium 1.Accidental Death Benefit (ADB) 2. permanent wave Total check (PTD) 3. Permanent overtone Disability (PPT) 4. dismemberment Benefit (DB) 5. Major Disease Benefit (MDB)| All or any one of those may be taken pull out DB which is offered only with ADB| All or any one of those may be taken except DB which is offered only with ADB | All or any one of those may be taken except DB which is offered only with ADB| | | | | Supplementary Covers: To provide insurance protection against few devastating conditions other than death, and to enhance insurance benefit in case of abrupt inadvertent death, several Supplementary Covers are offered along with basic schemes.Supplementary covers include: * Accidental Death Benefit (ADB): Provides for double sum assured in case of accidental death. * Permanent and Total Disability Benefit (PTD): Provides for full sum assured on misadventure of defined risks. * Permanent & Partial Disability Benefit (PPD): Provides for certain piece of the sum assured as per inscription on happening of the defined risks. * taking apart Benefit (DB): Provides for a certain part of Sum Assured as per history on happening of the defined risks. It is only offered with ADB. * Major Disease Benefit (MDB): Provides for 25% or 50% of S. A. upon diagnosis of a few specific life impenetrable di seases 4. 3. scoop Schemes: These are schemes, especially intentional for financial institutions, in order to unattackable their investment and adorn the product to make it attractive to customers as well as to protect interest of the client. Few examples are: * Home Loan Insurance: e. g; Scheme for â€Å"Home Loan Borrowers” of Delta Brac caparison * Depositors Insurance: e. g; Scheme for â€Å" skilful Plant” Depositors of Dhaka Bank Ltd Premium: For traditional schemes: Premiums are usually payable annually in advance before commencement of insurance. For exclusive schemes: A single premium is payable for the whole period of coverage before commencement of insurance. * detail about the schemes are provided with â€Å"Insurance scheme” How to get a Group Life Insurance suggestion? For device: fill in the Proposal signal miscellanea and send it to us at our contract address For Quotation: fill in the â€Å"Proposal Request traffic pattern” and send it to us at our contract address go with by the list of members to be insured with following details | | | | | |   Sl#| Name| Designation| Date of have a bun in the oven| Sum Assured| | | | | | |  |  |  | *If sum assured depends on salary, mention salary and desired quadruple to determine Sum Assured Claims are settled to the concerned organization. 4. 4: Health Insurance Health Insurance Health Insurance is now considered indispensable in developed countries.In the present financial-social perspective of Bangladesh as well, Health Insurance has now mystify an essential, dependable, acceptable and the most cost effective means to make the modern discussion facilities affordable to all socio-economic classes of people, especially the quick-frozen income group. As a pioneer of Health Insurance in Bangladesh, Delta Life Insurance Company offers several Health Insurance Schemes, which are as follows: 4. 4. 1: hospital care (In-patient) treatment coverage plans * hospitalisation Insurance Plan (Group)- offered to Members of a group and their dependants (if desired) * hospitalization insurance Insurance Plan (Individual) †offered to an Individual as well as his or her dependant family members also known as â€Å"DeltaCare hospitalization insurance Plan”. 4. 4. : Out-patient treatment coverage plans * Out-patient Insurance Plan †Offered as an adjunct to Group hospital care * Out-patient Management Plan †Offered as an adjunct to Group infirmaryization 4. 4. 3: afield treatment coverage plan for travelers * abroad Medicliam Policy (OMP) †A pre-requisite for endorse applications programme offered only to Individuals traveling abroad. 4. 4. 4: Hospitalization Insurance Plans * Covers in-patient (Hospitalization) treatment expenses of an insured member Expenses Covered under Hospitalization Insurance Plans * Hospital Accommodation * address tumble * Medicine ; Accessories * Medical Investigations * functional Ope ration Ancillary Services like Blood Transfusion, Ambulance Service, Dressing etc. General Features of the Scheme * No need for preliminary Medical Examination during enrolment. * intercession coverage round the clock inclusive of Accidents and Emergencies. * reportage offered to Bangladeshi National as well as resident foreigner. * Treatment at any renowned hospital or clinic by consultant of own choice. * discriminatory 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 bill sticker for each insured to facilitate invidious services. Option for Maternity Benefit and Overseas Treatment coverage. * Provision for inclusion of match ; 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 grade s to ingest from. * Option to choose more than one grade according to status of the members of a group. * Option to alter benefit grade during renewal. Exclusion from Coverage: Major Exclusions include * Congenital indisposition * Pre-existing condition for certain period * Psychiatric disorders and narcotic addiction * essay suicide and self-inflicted injury * Dental Treatment Pre or post hospitalization expenses and out patient treatment expenses * War risk, cultivated commotion or violence * number health checkup * Treatment for family training purpose, contraception and infertility 4. 4. 5: Group Hospitalization Insurance Plans Types of plan offered: streamer Plan: Distinctive Hospitalization Insurance Plan of Delta Life Customized Plan: tailored to the need and desire of the client. Standard Plan: Five Grades of benefits are offered under received plan to choose from Benefit per Hospitalization| Benefit Grades| Mastercare| Supercare| Deluxcare| Exclusivecare| Royalcare | Max. Benefit ( individually Insured Per Year)| Tk. 25,000| Tk. 45,000| Tk. 5,000| Tk. 100,000| Tk. 140,000| Hospital Stay ( utmost days)| 10| 12| 15| 18| 20| Room countercurrent (Actual expenditure upto a Maximum Amount Per Day)| Tk. 500| Tk. 1,000| Tk. 1,500| Tk. 1,800| Tk. 2,000| Consultation Fee (Actual Fee upto a Maximum Amount Per trim down ; One Visit Daily)| Tk. 300| Tk. 500| Tk. 500| Tk. 500| Tk. 500| bite Investigations (Actual wasting disease upto a Maximum Amount)| Tk. 1,000| Tk. 1,200| Tk. 1,400| Tk. 1,600| Tk. 2,000| Medicines ; Accessories (Actual intake upto a Maximum Amount)| In pillowcase of Surgical Treatment| Tk. 2,000| Tk. 4,000| Tk. 6,000| Tk. 8,000| Tk. 10,000| In role of Conservative Treatment| Tk. ,000| Tk. 10,000| Tk. 12,500| Tk. 15,000| Tk. 18,000| Surgery (Actual Expenditure upto a Maximum Amount)| Major negociate| Tk. 12,000| Tk. 14,000| Tk. 16,000| Tk. 20,000| Tk. 22,000| Charges included for Surgeon, Assistant, Operation Theater ; anaesthesi a| Tk. 6,000| Tk. 8,000| Tk. 10,000| Tk. 12,000| Tk. 15,000| Ancillary Services (80% of Actual Expenditure upto a Maximum Amount)| Tk. 2,000| Tk. 5,000| Tk. 8,000| Tk. 10,000| Tk. 12,000| Premium (For each insured per year) based on Age Attained (in Years) Benefit Grades| Master care| Super care| Delux care| Exclusive care| Royal care| 18 to 35 Years| Employee| Tk. 600| Tk. 1,080| Tk. ,535| Tk. 1,920| Tk. 3,360| Spouse| Tk. 510| Tk. 920| Tk. 1,310| Tk. 1,630| Tk. 2,855| 35+ to 45 Years| Employee| Tk. 750| Tk. 1,350| Tk. 1,795| Tk. 2,160| Tk. 3,780| Spouse| Tk. 635| Tk. 1,145| Tk. 1,520| Tk. 1,835| Tk. 3,210| 45+ to 50 Years| Employee| Tk. 1,050| Tk. 1,890| Tk. 2,300| Tk. 2,640| Tk. 4,620| Spouse| Tk. 895| Tk. 1,605| Tk. 1,955| Tk. 2,245| Tk. 3,930| 50+ to 55 Years| Employee| Tk. 1,500| Tk. 2,700| Tk. 3,060| Tk. 3,360| Tk. 5,880| Spouse| Tk. 1,275| Tk. 2,295| Tk. 2,605| Tk. 2,855| Tk. 4,995| 55+ to 60 Years| Employee| Tk. 2,100| Tk. 3,780| Tk. 4,075| Tk. 4,320| Tk. 7,560| Spouse| Tk. 1,785| Tk. 3,215| Tk. 3,420| Tk. ,670| Tk. 6,425| 60+ to 65 Years| Employee| Tk. 3,150| Tk. 5,670| Tk. 6,113| Tk. 6,480| Tk. 11,340| Spouse| Tk. 2,678| Tk. 4,823| Tk. 5,130| Tk. 5,505| Tk. 9,683| Each Child (Below 25 Years)| Tk. 510| Tk. 920| Tk. 1,310| Tk. 1,630| Tk. 2,855| Maternity Benefit (Maximum Amount as per Benefit enrolment above) Benefit Grades| Mastercare| Supercare| Deluxcare| Exclusivecare| Royalcare| Normal Delivery| Tk. 5,000| Tk. 7,500| Tk. 10,000| Tk. 12,500| Tk. 15,000| caesarian Delivery| Tk. 10,000| Tk. 15,000| Tk. 20,000| Tk. 25,000| Tk. 30,000| For Maternity Benefit, an Extra Premium @40% shall be charged on the Basic Premium of the beneficiary groupGroup force out Schedule| sizing of Group| Size of Group| Uo to 100| Uo to 100| ci †500| 101 †500| 501 †gravitational constant| 501 †1000| 1001 †2000| 1001 †2000| 2001 ; Above| 2001 ; Above| No Claim Discount Schedule| No Claim Years| Discount on Renewal Premium| One Year| 10%| Tw o Consecutive Years| 20%| Three Consecutive Years| 30%| | | | | | | | | | | | | VAT if imposed by government, shall have to be paid by the organization concerned. N. B. For large groups a â€Å" furbish up premium rate” irrespective of the age is offered upon recieving the list of members to be insured. Customized Plan Benefit Schedule ; Premium Rate * Benefits desired has to be provided by the client A â€Å"fixed premium rate” irrespective of age is offered on receipt of the list of members to be insured. How to get a Group Hospitalization Insurance Proposal? * For Proposal: subscribe in the â€Å"Proposal Request Form” and send it to our contact address.. * For Quatation: Fill in the â€Å"Proposal Request Form” and send it to our contact address accompanied by the list of members to be insured with following details. Sl#| Name| Date of Birth| * emplacement| Benefit Grade| | | | | | *Status means rank of an employee or his kin with dependant (spouse/ children) Individual Hospitalization Insurance Plan * Bengali Leaflet * Proposal Form Overseas Mediclaim Policy (OMP)This is a distinctive Health Insurance Policy issued to travelers only. It is also a pre-requisite for Visa application of developed countries. The Policy is issued to Bangladeshi Nationals and Foreigners resident in Bangladesh Overseas Mediclaim Policy issued by Delta Life is universally accepted by all foreign Embassies and High Commissions in Bangladesh. Types of Policy * Plan A: For see any Country of the World (except ground forces ; Canada) * Plan B: For visiting all Countries of the World Coverage under both Plan A ; Plan B exceeds €30,000 EURO Key Features of the Policy * Age Limit : Policy issued to Individuals from the age of 6 months to 65 years. Nationality: Policy issued to Bangladeshi and Foreigner resident in Bangladesh * Covered Expenses: Treatment expenses incurred for sudden and unexpected illness or accident while on tour abroad. * Maximum Benefit: * Plan A: US $50,000 (Fifty Thousand US Dollar) * Plan B: US $100,000 (One Hundred Thousand US Dollar) How to take out an â€Å"Overseas Mediclaim Policy” * Fill in a â€Å"Proposal Form”. * Attach photocopy of the first five pages of the passport * Enclose required amount of premium in cash as per â€Å"Premium Rate graph”. Send those these to Health Insurance division at the Head office of Delta Life *Physical presence or movie of proposer is not required. *it takes only about 30 minutes to get an Overseas Mediclaim Policy. â€Å"Proposal Form” is also available at Head Office and operation Offices of Delta Life Insurance Co. Ltd. d\r\n'