Popular Life Insurance Co. Ltd. established by a group of local enthusiastic entrepreneur started its operation in September 26, 2000. Since inception, Popular Life set before itself a high standard of all round performance 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, but by undertaking and successfully implementing innovative and welfare oriented life insurance schemes. But more importantly, in fulfilment of the avowed commitment towards social development, Popular Life introduced micro-life insurance-cum-savings products specially suited to the needs and pockets of poor people of the country who constitute more than 80% of the people of Bangladesh.
In the year 1996 some enthusiastic Bangladeshi professionals along with some others of similar state of mind dreamed of establishing a Life Insurance Company in order to participate in the financial activities of the country such as reduction of unemployment, alleviation of poverty and to contribute to the nation for the upliftment of the lot of common people. Eventually due to ceaseless efforts and courageous initiative of the Chairman and some other entrepreneurs, Meghna Life Insurance Co. Ltd. was emerged in 1996. The main object of Meghna Life was to provide maximum financial security to a person and families by giving modern Insurance facilities. Its other objectives are to turn it into a profitable savings institution through payment of bonus at an attractive rate and enriched servicing and invest the accumulated small savings in the nation building various welfare and profitable projects. It introduced an array of conventional Life and other Insurance products of Ekok Bima, Loko Bima and Islami Bima (Takaful) many of which were the first in Bangladesh. For the first time Hospitalization benefit Insurance product was also introduced by Meghna Life. Meghna Life has earned reputation in every corner of the insurance Industry. It can take pride of its prestigious achievements which are molded with transparency, accountability, impeccable working capacity, sincerity, honesty and sagacity. The company has diversified its products to match customer's needs and satisfaction. Currently it provides multifarious Life Insurance products to cater to the aspirations & needs as well as religious beliefs to the clients. There is no iota of doubt that Meghna life will go forward with its new missions and visions in the days to come.
The Jiban Bima Corporation (JBC) is the lone state-owned life Insurance company in Bangladesh, which started its maiden journey on May 14,1973 with assets and liabilities worth TK. 15.70 crore (157 million) of defunt 37 life Insurance companies. Since its inception, JBC is working among the people of Bangladesh with two basic objectives: firstly, to cover the risks and raise savings habits among the people and secondly, create funds for the country's economic development through innovative life insurance schemes. Meanwhile, the life fund of Jiban Bima Corporation has shot up to TK. 1498.83 crore (14.99 billion), up to the year 2013, which was only TK. 21.83 crore (218.3 million) in 1973. JBC has paid TK. 1580.9 crore (15.81 billion) against various claims, the highest such payments in the country's life Insurance business. The JBC's investment has reached TK. 1411.28 crore (14.11 billion) from only TK. 19.7 crore (197 million) in 1973. The JBC has the largest network all over the country with 7 regional, 9 zonal, 68 sales and 354 branch offices.
Since inception, Delta Life set before itself a high standard of all round performance 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, but by undertaking and successfully implementing innovative and welfare oriented life insurance schemes. It introduced an array of conventional 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 Life. But more importantly, in fulfilment of the avowed commitment towards social development, Delta Life 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 needs and pockets of poor people of the country who constitute more than 80% of the people of Bangladesh. Two projects of the company namely Grameen Bima for the rural people and Gono Bima for the poor and marginal savers of the urban areas were initiated to devote themslave exclusively to marketing and management of these innovative products. We are happy to report that we have achieved a good measure of success although there is a long way to go. These schemes that we have 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 coverage along with facility of regular savings on a long-term 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 next five years or so.
SLIC is one of the leading Life Insurance Company in Bangladesh since 1990. They provide Life Insurance coverage in the remote area as well as within all the people of the country. The core business activities of SLIC covers Micro Insurance for the Poor People, Ordinary Life Policy for the General, Group Insurance for the Corporate, Education Policy for the Students, Hajj Policy for the Religious People and so on. To be a competent service provider, SLIC maintain the quality, also increasing the growth rate by maximizing the Return on Investment. As a whole SLIC is a complete package with corporate practice, diversified business profile and foster entrepreneurship.
Takaful Islami Insurance Limited was established in 2001. A group of Businessmen who had earlier launched a Islami Bank in the private sector sponsored the company with 60 million taka capital. Sponsors included shipping magnets, Doctors, Engineers, Bankers, Top Garment exporters and Importers. Market size of Bangladesh in the non-life sector was Tk. 1,050 million in 1986. It has grown to Tk. 27,270 million in 2013. The growth of private sector non-life insurance business was primarily due to the drive given and initiative taken by the private insurers in exploring new avenues while to some extent it was due to increase in project value and commodity prices in the international market. The premium income of non-life private insurers would have been much more had the term 'Public Property' been redefined to give its exact detonations through exclusion from its orbit those undertakings which had been setup with foreign loan in the private sector and insurance premium thereon was fully paid by the private entrepreneurs. This provision has been hindering the growth of the private insurance companies, as only the Govt. owned Sadharan Bima Corporation is allowed to insure such Public Property with its present denotation. They insure all traditional lines of non-life insurance businesses viz. - Fire & allied risks including flood, cyclone, earthquake, Typhoon, malicious damage, burglary, riot, strike, damage, house breaking, industrial all risks, DOS, machinery break-down, loss of profit, business interruption, CAR/EAR, personal accident including workmen compensation, motor insurance of all descriptions & value, Travel medical & medical insurance including treatment abroad to name a few broad lines.
Pragati Insurance Ltd (PIL) is a leading private non-life insurance company in Bangladesh. It was established in 1986 by a group of young Bangladeshi entrepreneurs who had earlier launched a Commercial Bank in the private sector also. These Sponsors included Shipping Magnates, Engineers, Road Builders and Top Garment Industrialists. The company offers a complete range of general insurance products and services in motor, marine, energy, property and casualty, health, accident and liability areas. PIL, with its strong capital base and reinsurance partnerships with highly rated national and global Re-insurers, enjoys a competitive edge in the insurance industry due its strong assets, huge reserves, a balanced portfolio mix, steady growth in gross premium and continuous increase in share price at the stock market.