Today we will know what Insurance, Insurance in Bangladesh, and the benefits of life insurance are. Today’s article is for those who want to know about Insurance.
We heard the word Insurance a long time ago, but we have various questions in our minds about this subject.
Because Insurance is essential in life, it is natural to want to know about it.
Bangladesh and trade are expanding in line with other countries of the world. Along with this, Insurance is increasing.
Remember, Insurance and Insurance are the same things. In Bengali, it is called Bima, and in English, it is called Insurance.
The main reason for the expansion of the insurance business is natural disasters. Hurricanes, floods, etc., hit businesses every year. These natural disasters are destroying businesses.
So let’s first know what or who is called Insurance.
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What is Insurance?
Insurance is a contract that will stand by you or help you in times of danger. Suppose you are insuring 2 thousand ৳ for two years.
While taking this Insurance, you have to contract and pay the premium at the specified time, so we call installments.
Suppose you take out crop insurance for one year and deposit a certain insurance premium monthly.
The insurance company will cover the loss if there is any damage to your crop due to wild or natural calamity during the one-year insurance period.
Hopefully, now you can easily understand what Insurance is or what Insurance is called.
What are the types of Insurance?
There are many types of Insurance, but eight are standard Insurance in Bangladesh. See below for popular Insurance in BD/Bangladesh.
- Life Insurance
- Health Insurance
- General Insurance
- Fire Insurance
- Travel Insurance
- Property Insurance
- Accident Insurance
- Building Insurance
Life insurance ensures the financial security of life. Suppose you are the main breadwinner in your family. If you die for any reason, your family’s finances will be threatened. In such a situation, if you have a life insurance policy, your family will get financial support after your death, which is very necessary.
Health insurance is a type of contract that helps the insured by providing financial security against the cost of treatment for any accidental illness or critical illness.
Suppose you are a healthy normal person who suddenly gets a serious illness and needs a lot of money for treatment. Then you may have to take a loan of a lot of money if you have Insurance. Then your insurance policy will stand by you with financial support in your treatment.
General Insurance is insuring your belongings against imminent damage. Like Insurance for your car, Insurance for your home, and Insurance for your business or shop, these come under general Insurance.
Remember: These three types of Insurance mentioned above are major and popular in any country.
Imagine you own a large factory. Due to various accidents, fire often breaks out in the factory.
A factory fire means your entire factory may burn down. In this case, you may lose a lot of money and be financially distressed.
Now, if you take out fire insurance in the name of your factory and pay their premium every month, then the insurance company will bear the amount of loss if there is a fire in your factory.
We all love to travel. However, those who like to travel to different countries outside the country can sometimes experience a lot of damage unexpectedly.
In this case, travel insurance covers any damage while traveling in all countries. Travel insurance policies cover common expenses like loss of luggage, theft, trip cancellation, medical problems, and plane hijacking.
Although this policy does not guarantee security, it protects against unforeseen erosion losses.
Travel insurance is now mandatory for tourists in many countries. Most of your foreign travel policies offer 24-hour emergency assistance.
Property insurance backs an individual or organization against artificial or natural disasters on their property.
Protects your property like home, business, factory machinery, shop, etc., against risks like fire, flood, earthquake, theft, and explosion.
There is a lot of demand for this property insurance in Bangladesh. Property insurance is first party cover, meaning it is a contract between the first party and the second party.
The first party is the insured, and the second party is the insurance company. Assets are returned to the insurer if there is any damage to your property as per their policy.
If you have an accident, your Insurance covers bodily injury or death. In case of minor physical injuries, the insurance company will bear the entire cost.
Moreover, the insurance company will help your family financially if you die in an accident.
The main reason to recommend buying an accident policy is that the insurance company will cover all incidents from minor injuries to death.
Moreover, it will provide financial security to your family. If you want, you can get accident insurance online.
Home is one of our most valuable assets. So you can take home or home insurance to keep your home safe and secure.
Home insurance provides financial protection against natural disasters and other catastrophic losses. This home policy covers damage caused by both man-made and natural calamities.
Home insurance is a contract between the homeowner and the insurance company. Insurance companies suggest a certain amount of money against unexpected losses.
The insurance company will cover the loss in the policy due to man-made and natural calamities. In this case, you can stay stress-free as your home is protected.
Why is Insurance important?
You may be wondering why to get Insurance and what is the benefit of getting Insurance.
If you take out life insurance, health insurance, or general Insurance, you will be much more secure and stress-free. Because on the day of any impending danger, you need not turn to anyone.
Nowadays, Insurance is very important for every person. Especially life insurance and health insurance.
Most people get Insurance for their car, home, and business. But don’t want to take life insurance and health insurance for yourself and your family.
See, if something happens to your car or house, you can go without a car or home. But your real danger starts if something happens to you or your family.
And the exciting thing is that if you insure one of your cars, you will get the insurance benefits only for that car.
But if you take life or health insurance, your entire family will be covered. That means you don’t have to make a separate insurance policy. Yet we neglect it the most.
Insurance in Bangladesh
Insurance is an essential issue for the people of Bangladesh nowadays. Educated people in Bangladesh are very interested in it. If you want assurance of your life, then now is the time to create Insurance.
There are many Bangladesh companies so you can get your dream insurance.
Where to get Insurance?
There are many insurance companies in Bangladesh. Like Metlife, Life Insurance Corporation, Delta Life Insurance, Popular, Thanthi, Meghna, Rupali, and many more.
Again, many fraudulent insurance companies are running away from people’s money these days. So you have to be careful where you pour your money.
Moreover, different insurance companies provide various extra benefits to their insurance holders. Such as annual gifts, life cards, tax rebates, 5-35% discounts in various hospitals, etc.
Now you may be wondering where to get Insurance and whether they are trustworthy or who is giving you the best offer.
I have worked in various life insurance companies and have a good understanding of all types of insurance companies. Currently, the best and top insurance company in Bangladesh is Metlife.
Because Metlife is an American company, and since 1868, Metlife has been providing its insurance services all over the world, and since 1952, they have been engaged in insurance services in Bangladesh. MetLife is ranked 42nd among Fortune Top 100 Companies of 2020. Moreover, Metlife currently ranks first in Bangladesh with full insurance services.
Insurance Company in Bangladesh
- Currently, there are 79 total insurance companies in Bangladesh.
- Among them, there are 33 life insurance companies.
- And there are 46 general or non-life insurance companies.
- There are two government insurance companies (one life and one non-life).
Top 10 Life Insurance Companies in Bangladesh
- Delta Life Insurance Company
- Jiban Bima Corporation.
- Popular Life Insurance Company.
- Shanghai Life Insurance Company.
- Meghna Life Insurance Company.
- Takaful Life Insurance Company.
- Pragati Life Insurance Company.
- Padma Life Insurance Company.
- Sunlife Insurance Company.
Top 10 Non-Life Insurance Companies in Bangladesh
- General Insurance Corporation.
- Green Delta Insurance Company Limited.
- Express Insurance Company Limited.
- Pioneer Insurance Company Limited.
- Desh General Insurance Company Limited.
- Nettle Insurance Company Limited.
- Bangladesh General Insurance Company Limited.
- Bangladesh National Insurance Company Limited.
- Continental Insurance Company Limited.
- Dhaka Insurance Company Limited.
From today’s discussion, we know what insurance, Insurance is in Bangladesh, what types of Insurance, and the benefits of life insurance.
Hopefully, you have an easy understanding of what Insurance is.