You may think that the insurance companies will cover the loss in case the person or object is damaged in any way.
But the question is where do they get this Life Insurance money from?
If you talk about life insurance, it will be clear to you how they do it. Suppose the number of customers of a life insurance company is 1 thousand. Now, these 1000 customers have to pay a hefty amount of money monthly or annually to the insurance company. Suppose, if you make 500 rupees monthly, then this amount of money becomes 6000 rupees per year. So, every year that insurance company gets Rs. 800,000 from 1000 customers know if the number of subscribers is 1 lakh? Now do the calculation yourself. One thing we should not forget is that these one thousand customers but not all of them are harmed at the same time. In most cases, the customer dies in an accident. The number of customers killed in accidents is very low compared to their total customers. Hopefully, now you have no problem understanding how they pay this money if any customer is harmed.
Moreover, a huge amount of interest on the money deposited with them goes into their pockets. Now let’s talk about their money distribution If you have deposited Rs 8,000 per annum with them for five years, then your deposit amount is Rs 30,000. God forbid if you die in an accident then your family will get double the amount of Rs. Almost every insurance company in the world adheres to this policy. A: The same policy applies to all insurance companies. Although the insurance sector started in Bangladesh with the establishment of General Insurance and Life Insurance Corporation in 1983, today, i.e. 1st March is being observed as National Insurance Day for the first time. A quarter of a crore of people in the country is covered under various types of insurance, though many do not have a positive attitude towards 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. Hasina Sheikh said, “Insurance is a kind of investment. It means that 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 of money against your own health situation, the purpose is that if you have an accident, the insurance company will pay a part of a large part of your health expenses. This is the amount of money you are depositing, it is called the premium. In case of illness or accident, the health insurance listed hospitals are usually required to pay the insurance to the customer after receiving the ‘cashless’ service or service. 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 ensure the life of himself or any member of the family. In this case, after the death of the insured person, the entire sum insured will be paid to the family or the nominee. Insurance companies think that if they make it difficult for you to get insurance money, you will give up. This is because in most cases, after the death of a loved one, his family members break up and they have the mental strength to take legal action against the insurance companies at this time. No.
If the insurance company does not have to pay you, they will make more profit. That’s why all insurance companies have a separate legal department whose job it is to find a legal excuse not to pay you. They also harass you by creating many bureaucratic complications and will try to do such things as Repeatedly asking to submit a death certificate, submitting all medical records of the deceased which will be difficult for you to collect, but according to the agreement they have the power to produce these records on their own without your permission. In this way, they harass you through various forms of mental harassment and will constantly try to discourage you.
In all these cases it would be best for you to contact a good lawyer who deals with these matters. You also have to be careful when choosing a lawyer, it is better if you know someone, and if you do not find out well if you are a stranger, both the lawyer and the insurance company will turn you around at the same time. Finally, when insuring, insure with a good, reputable company. Don’t go for less than your full potential. And verify the insurance contract with a good lawyer. Due to the weak institutional system in Bangladesh, people have less confidence in all kinds of institutions (government or non-government). This is why people in the country depend so much on family or friendship relationships. It is almost unthinkable that any office work can be done without communication. Most people do not believe that insurance companies will help them in a timely manner. So people are less interested in insurance.
Assets that are compulsory under the law (such as car/bus, etc.) or if you do not get a loan from the bank (house, factory) are usually insured.
Benefits of a Life Insurance Policy:
Life Insurance policies offer several different benefits to individuals and some of them are mentioned below:
Life Insurance policies offer several different benefits to individuals and some of them are mentioned below:
Risk Cover: Since uncertainties are unpredictable and may cause problems to an individual and his/her family at any time, availing a life insurance policy will ensure that your family and dependents continue to enjoy a quality lifestyle in case of your unforeseen and accidental death.Comprehensive Plan for Different Stages of Life: Not only does life insurance offer financial support in case of the policyholder’s unforeseen and accidental death, but also serves as a long-term investment in the sense that it encourages you to lay down your objectives, whether it is the education of your children, their marriage, constructing the home of your dreams, or even planning for a peaceful retired life. The planning will be done based on your risk appetite and life stage. Most conventional life insurance plans, such as traditional endowment plans, provide specific maturity benefits and built-in guarantees via a number of product options like Guaranteed Maturity Values, Guaranteed Cash Values, Money Back, etc. Cover for Increasing Health Expenses: Whether it is through stand-alone insurance policies or through riders, all life insurance providers offer financial cover against hospitalisation expenses and critical illnesses. Since health expenses are increasing constantly, the need for health insurance policies has increased too, as it ensures that the policyholder will have minimal medical costs to deal with. Promotes Savings in the Long Run: Since life insurance policies are long-term agreements wherein the policyholder is required to make a fixed periodical payment, it helps the policyholder inculcate the habit of savings. Saving money regularly over a relatively long period of time helps in building a good corpus which will in turn help in meeting your financial requirements at different stages of life. Profitable and Secure Long-Term Investment: The insurance industry is highly regulated.
The Insurance Regulatory and Development Authority of India has implemented several regulations through which the money of the policyholder is ensured to be safe with the stakeholders, which means that all the money you invest in your life insurance policy will be the responsibility of the stakeholders of the company through which you avail your policy. Since life insurance is a long-term savings product, it also ensures that the policyholder focuses on long-term returns rather than risky investment decisions that could provide short-term profits. Guaranteed Income via Annuities: There are few instruments as effective as life insurance policies when it comes to planning for retirement. Since you will be saving money over a period of time, life insurance policies will help in providing a steady source of income after you have retired from your professional life. Growth via Dividends: Conventional life insurance policies provide customers with an opportunity to take part in economic growth while taking no investment risk whatsoever. While the policyholder splits the investment income through yearly announcements of bonuses/dividends, the policyholder will earn maturity benefits in addition to contributing to economic growth. Loan Facility: Individuals who avail of life insurance policies will have the choice of availing a loan against their insurance policy, which could help them meet their unplanned life stage requirements without hampering the benefits provided by the policy they have purchased.Redemption of Mortgage: Life insurance policies serve as the best possible tool for the coverage of loans and mortgages availed by the policyholder. If there is ever any unforeseen situation due to which the policyholder is not able to repay his/her loan or mortgage, the bereaved family members will not have the burden of repayment, and the policy can be used to repay the loan or mortgage. Tax Benefits: Life insurance policies offer attractive tax benefits and help you save a significant amount of money which would otherwise be spent on taxes.