Report in Delta Life Insurance Company

Executive Summary The development of a country dep finales up on the consolidate development of every infrastructures like-agricultural arna, industrial sector, financial sector, technological sector etcetera But developing all these structures is not easy. A rophy of troubles and threats always hinder and make difficulties to success. The closely difficult problem is financial hazard. So if it is feasible to provide financial protective cover wherefore close of the structural development leave be achievable with minimal elbow greases. And the most surface k forthwithn practical method for handling financial risk is redress.Delta liveness insurance indemnity confederation mended was incorpo regulated in November 10, 1986 and is principally eng matured in Ordinary Life (OL), mathematical group damages (GI), wellness indemnity (HI) condescension and non-traditional micro insurance business on a lower floor the prenomen of Gono-Grameen Bima (GN-GRB). The Co mp whatsoever is a publicly traded Comp some(prenominal) and its sh atomic number 18s are careened on the capital of Bangladesh Stock Exchange and Chittagong Stock Exchange. However, we cast realized this writing on Delta Life insurance policy Co. Ltd, which is 1 of the growing and prospective insurance companies in the insurance manufacture.The comp distributively is providing protection and financial security measures to the nation, whilst adding shareholders value sen judgment of convictionnt customer ser delinquency excellence. By the way of examining and evaluation the functions and performance of Delta Life amends Co. Ltd, we tried to illustrate a true scenario of insurance industry of Bangladesh. Our work topic is ? Overall Activities Delta Life Insurance Co. Lid?. So, to birth at an accurate realization ab extinct Delta Life Insurance Co. Ltd. elementalally, we emphasize on belowwriting address & fill small town issues of Delta Life Insurance Comp some(pr enominal). 1. Introduction 1. reservoir As we are the student of business administration we waste been trustworthy by our guide teacher to prepare a report on the activities of Delta Life Insurance corporation habituated to the customers and their chthonian(a)writing parade and claim settlement. 1. 2 Objectives of the report 1. 2. 1 Broad Objectives A broad objective is to discern out the boilersuit activities of Delta Life Insurance Company ltd and the procedure of underwriting processes and claim settlement issues 1. 2. 2 Specific Objectives 1. To have a brief head about insurance industry and their constitution and procedures 2.To postulate finagle out their armed services. 3. To find out the different products. 4. To find out the different types rates. 5. To find out the different types condition 1. 3 Scope To find out the overall activities & accounts de give awayment of Delta Life Insurance Company ltd we have visited Motijheel Branch of Delta invigoration insu rance compny. 1. 4 Methodology * Primary Data Primary entropy was collected with the help of information habituated by M. Mosharaof Hossain, Assistant vice president, Delta sustenance insurance company * Secondary Data Secondary info was collected form the following sources * Websites Books regarding insurance * Articles on insurance policies 1. 5 Limitations In this short time, we have tried to give our maximum effort to provide the information about the contribute activities of Delta Life Insurance Company ltd. Several drawbacks that appeared at the time of preparing the report and hindered the match work process are as under Time limitation The limitation of this take apart involved limited time frame that was acquirable for completing such an in-depth report. Our semester consists of four month.Within this time most of the teachers give the assignment or report after mid marches exam and we are required to prepare and submit assignment or report indoors this short tim e. As a result we had to divide time for preparing report for our courses. As a partial fulfillment of our course we withal required to prepare this report in spite of appearance short time. So it was hard to complete tis assignment masking all important matters . Other limitations * iodin of the main barriers of the report was the confidentiality of the information * Not able to collect information from the source. It was difficult to take on all the information to prepare a proper report Company context Name, Address, Established date & some words Delta Life Insurance Co. Ltd. naturalised mainly through the initiative of a group of East Pakistani professionals and soce working abroad along with a few enthusiastic local entrepreneurs, started its operation in December, 1986 after the Government of Bangladesh allowed the hush-hush sector to hold out in the insurance sector in 1984 to carry on the business of insurance in the Private Sector. A brief ex curriculumation as to the growth of spiritedness insurance business in Bangladesh is in golf club here.Bangladesh declared independence from the Pakistani rules on March 26, 1971 following which she had to find out a bloody liberation struggle with the occupation forces populateing for 9 months originally they were defeated. Insurance business which was exclusively carried on in esoteric sector originally independence was nationalized after liberation in 1972 in the first place to address the emerging situation of eroding public confidence in the industry that was left staggeringly short of resources in the face of commodious losses caused by the war of liberation.After a series of experimentation, a state-owned consistency, videlicet Jiban Bima Corporation (JBC), established in May, 1973 for transacting the manner insurance business, took over the assets and liabilities under life story portfolios of all erstwhile private insurance companies and started business in its own name. However , things did not improve rather, in umteen respects became to a greater extent(prenominal) exacerbating and the Government then thought it better to allow private sector participation in insurance business.Since inception, Delta Life set out front itself a high standard of all round performance contiguous with professional soundness and proficiency. It soon made a mark in the life insurance arena by not only world the leader among the private sector indigenous companies, but by job and success salutaryy implementing innovative and wel farthermoste oriented life insurance schemes. It introduced an force of conventional life and group insurance products many of which were the first in Bangladesh. For the first time, wellness 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- nest egg products curiously suited to the leads and pockets of inadequate batch of the country who constitute more than 80% of the people of Bangladesh ii go fors 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 way of these innovative products.We are happy to report that we have achieved a honorable 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 insurance that provides the much undeniable life insurance cover get on with along with facility of regular nest egg on a long-term basis. At a later tier i. e. in the social class 2002, the projects were corporate into a division of Delta Life, namely, Gono Grameen Bima Division.The GNGRB Di vision has been growing at a first rate of more than 25% p. a. for the demise couple of the classs and is poised to maintain this growth rate at least in the next five old age or so. vision To be a market leader in providing integrated total security clients service, to be an innovative, clearable, customer friendly with a global focus. commissioning Create unmatched value for everyone through dependable, rough-and-ready, transparent and arrive atable life insurance and bounty devises.Objectives of Delta life Insurance company To hang the public for its well being in the baffle and the world hereafter by providing financial and moral gains through utmost faithful faith, good conduct, uncouth trust, sincerity, integrity and personalized services. Address of Main Branch * Delta Life Insurance Co. Ltd * Gouse Pak Building (5th Floor) * 28/G/1, Toyebee Circuler Road * Motijheel C/A, capital of Bangladesh Ph +88 02 9560407 Branches Branches /offices/service center/zone Add ress capital of Bangladesh avail Center * Gouse Pak Building (5th Floor) * 28/G/1, Toyebee Circuler Road * Motijheel C/A, capital of Bangladesh * Ph +88 02 9560407 Comilla Service Center * Gani Bhuiyan Mansion (3rd Floor) * Monohorpur, Comilla * Ph +88 081 68796 Rajshahi Service Center * C & B More * Kajihata, Rajshahi * Ph +88 0721 770693 Chittagong Service Center * Ajmol Arcade (4th Floor) * 1806, Sheikh Mujib Road * Agrabad C/A, Chittagong * Ph +88 031 713059 Barisal Service Center * Ahsan Plaza (2nd Floor) * Bot Tola * Nobogram Road, Barisal * Ph +88 0431 64306 Dhaka Metro ZOC * Baitul Abed Tower (tenth 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 There are so many branches existing in Bangladesh. We dont want to include those. table of Directors Chairman Mr. Monzurur Rahman Directors * Mr. Aziz Ahmed * Mr. Kaz i 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 Committees of the Board Audit Committee Chairman * Mr. Aziz AhmedMember * Mr. Borhanuddin Ahmed * Mr. Md. Mujibur Rahman * Mr. Zeyad Rahma - Delta life Insurance Co. Ltd Organogram of Delta Life Insurance Company Ltd Chapter-02 Performance Analysis public Accounts ( supplyal and Unaudited) ( centre In Crore Tk. ) General Particulars 2010 2009 2008 2007 2006 First Year indemnity 120. 51 107. 40 95. 32 82. 30 85. 40 Renewal gift 342. 91 302. 83 266. 79 245. 00 207. 60 company Insurance amplitude 21. 28 19. 94 16. 17 10. 60 8. 32 health Insurance subsidy 14. 42 10. 68 5. 22 3. 29 2. 66 Gross Premium 499. 12 440. 85 383. 50 341. 9 303. 44 Growth over prior Year 13. 22 % 14. 95 % 12. 40 % 12. 44 % 17. 84 % enthronement 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 Management disbursal Particulars 2010 2009 2008 2007 2006 Commission Expense 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 realize gift) 32. 03 32. 37 32. 79 33. 10 35. 63 Claims Particulars 2010 2009 2008 2007 2006 takings of Claims 149051 156444 214301 151523 59567 Amount 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 Fund 2,034. 95 1,619. 00 1,347. 01 1,206. 07 1041. 44 Chapter-03 Number of policies 1. Ordinary Life Insurance 2. Gono Grameen Bima 3. throng Life Insurance 4. health Insurance Chapter-04 Under writing process & claim settlement process 4. 1 Ordinary Life Insurance Delta Life offers a replete(p) variety of ordinary life product/ protrudes ranging from the most common giving type to more neo and so phisticated inventions like endowment with unfold term, pension plan with built in provision for change magnitude pension, increasing protection with provision for premium refund etc.The plans have been degestural care in view the diverse and multifaceted needs of the insuring public belong to different strata of the society. Some of the popular plans are briefly described below. 4. 1. 1 Endowment plan with and without gains The most common and widely popular, this plan provides for a heady meat at end of a particular term or at earlier terminal of the guarantee. The plan is available under both options i. e. with profit and without profit. This is a straightforward coverage allowing a person to plan his future needs for security and projected savings through means of insurance. eds for security and projected savings through means of insurance. 4. 1. 2 One-two-three endowment plan with profitsThis plan provides for high security at earlier finish of the cognizant befor e conclusion of term (10 & 20 historic dot) or the gibe sensible at expiry of the term. The plan provides for double the sum assured at premature termination delinquent to illness or treble the sum assured if expiry occurs out decent as the result of an accident along with accrued bonuses till death or maturity as the type may be. 4. 1. 3 initiation stipend plans with or without profit a) Three hires plan Given for price like 12, 15, 18, 21 course of instructions with or without profits this plan provides for one fourth of the sum assured upon expiry of each one ternion of the term and on death at anytime within the term the beat sum assured payment of one or all the installments notwithstanding.In case of survival to the end of the term stay bunch of the sum assured along with profits is paying(a) after deducting the installments already remunerative. b) Bi-annual payment plan is given for 10, 15 & 20 eld term and provides for payment of a portion of sum assu red bi- yearly after expiry of the 4th year of the constitution, if the form _or_ system of governmentholder is then living. The amount of installment and when payable is shown in the table below polity verge Amount of Installment When delinquent Sum sensible Payable on Maturity 10 historic period 20% Upon expiry of 4th, 6th, eighth historic period 40% 15 old age 15% Upon expiry of 4th, 6th, 8th, 10th 12th years 25% 20 Years 10% Upon expiry of 4th, 6th, 8th, 10th, 12th, 14th, 16th 18th years 25%Notwithstanding the payment of any number of installments, the policyholder remains covered for in full risk and on death occurring before maturity, full sum assured is payable. * The higher numbered table refers to without profit premium rates. 4. 1. 4 Premium back term Insurance be after without Profits These are comparatively low cost plans. These plans provide for payment of sum assured in case of premature death within the term or refund of all premiums paid at end of term. Under Table-59(A), sum assured keeps on increasing at 8% p. a. on each successive policy anniversary and such increase sum is paid at death during the term. On survival up to the end of term, all premium paid during the term is paid.Under Table-65(A) a guaranteed profit check to 10% of sum assured is paid along with full premium at end of term as survival benefit. On death before maturity, the sum assured is payable. 4. 1. 5 Pension envision (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 minimum period 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. Before pension starts, if the assured policyholder dies, 10 times the annual pension is paid as a lump-sum to his nominee and the policy is throw outd upon such payment.There is another plan that while providing for full protection aga inst 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. retribution of pension is guaranteed for at least ten years and thenceforth as long as the pensioner lives. Both these pension plans provide for sacking of premium in case of permanent and total disability due to accident before inception of pension. 4. 1. 6 Child Educational guard computer programme with Profits ternary benefits in the form of scholarships, monthly annuities etc. in addition to sum assured are available 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 polity Built-in benefits for payment of 50% sum assured at a time if critical illness is diagnosed. Premium and the sum assured will thereafter be halved and the policy continues. Under this plan, a spous e may also be covered for major disease benefits. 4. 1. 8 Moving depot Plan Policies under the plan are initially issued and is to be interpreted 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 declineed 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 bonuses. In case of premature death the nominee(s) is paid the sum assured summation all premiums paid till death, or all premiums paid with profit accrued till death whichever is greater. 4. 1. 9 individual(a) Premium Multiple Security Plan It is a unity Premium form _or_ system of government offering multiple securities fo r five years term. It covers natural death, permanent and partial/total disability and seven major diseases.Premiums are based on the age of the proposer. This plan perfectly suits the needs of the executive class. polity Conditions * forfeit appreciate After payment of two full years premium, the policy acquires cash spill value which is quoted on request unless stated in the policy itself. * contribute 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 contribute on the policy up to 90% of the cash surrender value. * get along Proof Age of life assured as declared while applying for the policy has to be authenticated with an age proof document acceptable to the company.The company militia the right to require proof of age of the life assured before paying any claim under the policy if not admitted earlier. * block pickaxePayee 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 liability 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. subvention Delta Life pays fetching 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 withdrawn (under Table-03, 04) from the date of such withdrawal. b) A unbiased 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. ordinary Rate of Bonus On the basis of the three types of bonuses the Company now pays to its with profit policies, the average bonus earned by a Tk. ,00,000 sum assured endowment policy ( chuck out Table No. 03, 04) per thousand sum assured per year shall be as following Term of insurance Total Bonus at Maturity Average Rate per special K per S. A. year 10 Years Tk. 52,000. 00 Tk. 52. 00 15 Years Tk. 81,000. 00 Tk. 54. 00 20 Years Tk. 1,1 euchre0. 00 Tk. 58. 00 4. 2 Gono Grameen Bima Delta Life first launched Micro-insurance product in 1988 through its Grameen Bima Project(GRB) to allow 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 nam e of Gono-Grameen Bima Project(GN-GRB). The initial problems apart, the project started to yield impressive results right from the beginning by creating great interest among the target population who could not even perceive 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 good 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 simple and straightforward practices.Yet, the results are so encouraging that Delta Life is now regarded far and wide as the undisputed leader espousing the cause of welfare of overflowing millions and its experiences are now used to advantage not only by indigenous companies but also other micro-savings organizations abroad. 4. 2. 1 Target convention and the Product In GN-GRB the formalities are minimum. Insurance Cover is given under assembly 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 $ ampere-second. 00) or less, be of good health and supply a Declaration of Good Health (DGH) at the time of submitting the device form. goal 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 exclusion clause. Simple endowment with profit policies are offered for 10 and 15 years term both with premium payment mode being periodic or monthly. Premium rate is the same disregarding of age at entry. Besides this plan, new plans like three-payment plan with 12 and 15 years term and double protection endowment plan have recently been introduced. 4. 2. 2 insurance Documents Upon acceptance of the prop osal, a pass book is issued to the policyholder expound all terms and conditions of the policy.The pass book serves as the purpose of enter 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 ( bring) 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 calculated at a flat rate and added to the principal amount. The loan, unitedly with the service charge, is repayable in 12 equal monthly installments. The repayments are collected from door to door by the organizers. belatedly a decision has been taken to establish small collection 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 committal of 5 to 7 particles. 3 policyholders selected by the committee are given the first loan. After recuperation 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. Also 100% of premium collection of a committee is available for loan to that committee. 4. 3 throng Life Insurance mathematical group Life Insurance mathematical group Insurance is an instrument for providing life insurance coverage (protection) to a number of individuals under a single contract (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 insured member and/or his family in case of withering events like-death, dis ability, disease as well as solitude. Group Insurance has already established its importance as a component of Employee upbeat Package in Bangladesh. Exclusive features of Group Insurance are * Insurance coverage to a number of individuals under a single contract * Simple insurable conditions * Easy administrative procedure * Prompt claim settlement Affordable premium * value exemption on premium Delta Life offers a host of Group-Life Insurance schemes from which an organization/ employer may choose for benefits of its members/employees, as may best serve their interest according to organizational setup. To be treated as a group, the following criteria need to be fulfilled. * A Group Should comprise of at least 15 members * It should be a legitimately organized body Group clients of Delta Life Insurance Company Limited include * Semi-Government organization, main(a) bodies * Private, Non-Government Organizations (NGOs) * Educational & Financial Institutions * Public Limited Compa nies Associations, Business organizations etc. Group Life Insurance evasions offered by Delta Life are of two types * handed-down projects For insurance coverage of members/employees of a Group * Exclusive Schemes For insurance coverage of clients of Financial Institutions 4. 3. 1 Traditional Scheme These are the commonly offered Group-Life Insurance schemes and are also known as Basic Schemes These are scant(p) Term Contract * Group Term Life Insurance Scheme (GT) * Group Term Life with Premium take back Scheme (GTR) huge Term Contract * Group Endowment Life Insurance Scheme (GEN) * Group Pension Scheme (GP) There are several variants of Basic Schemes.Examples of two variants of GTR are * GTR-100/10 Group Term Life with 100% Premium Refund after 10 years * GTR-50/10 Group Term Life with 50% Premium Refund after 10 years Salient features of the Basic Schemes Group Term Life (GT) * Insurance coverage global round the clock * Contract, Initially for three years and is Renewabl e * Simple Claim procedure * Prompt claim settlement upon death of an insured * picking to alter sum assured at any time * excommunication & Inclusion of members under coverage at any time * Premium Rate- comparatively lowest among the basic schemes * Option for adjunct covers to erect benefit * Profit Sharing options for oversize groups Group Term Life Insurance with Premium Refund (GTR) Insurance coverage worldwide round the clock * Contract, initially for ten/fifteen years * Simple Claim procedure * Prompt claim settlement upon death of an insured * 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 revalue in case of Policy discontinuation & exclusion * Conversion Privilege to take unmarried Life Insurance Policy in lieu * Option for supplementary covers to enhance benefit Group Endowment Life Insurance (GEN) * I nsurance coverage worldwide round the clock Continuous Contract, unless concluded by either company * Simple Claim procedure * Prompt claim settlement upon death of an insured * Exclusion & Inclusion of members under coverage at any time * Premium rate-age dependant and variable * Payment of sum assured as per contract on retirement * Payment of Surrender Value in case of discontinuation * Conversion Privilege to take psyche Life Insurance Policy in lieu * Option for supplementary covers to enhance benefit Group Pension Scheme * Provides for quarterly/ each year pension based on last salary * Continuous Contract, unless terminated by either party * Scope for taking Death in Service benefit Scope of taking 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 dependant and variable * Payment of Surrender Value in case of discontinuation * Option for s upplementary covers to enhance benefit Features&Benefits Basic Schemes Group Term Life (GT) Group Term Life with Premium Refund (GTR) Group Endowment Scheme(GEN) Age Limit for Insurance reporting 18 years to 60 Years 18 years to 60 Years 18 yrs. to the age ofretirement (max. 60 yrs) Duration of Contract 3 years in each appeal 10 years or 15 years in each spell Continuous Contract, if not terminated Scope for Inclusion & Exclusion Yes Yes YesScope for Inclusion& Exclusion Yes Yes Yes Scope forAlteration of Sum secure Yes Yes Yes Premium Rate Single & Fixed (irrespective of age Low Single & Fixed (irrespective of age) Variable age dependantpremium rate Benefits Death (payment ofInsured amount on death) Yes Yes Yes Maturity Benefit no(prenominal) None Payment of Sum Assured asper 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 Total Disability (PTD) 3. Permanent partial(p) Disability (PPT) 4. Dismemberment Benefit (DB) 5. major(ip) Disease Benefit (MDB) whole 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 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 emergent accidental 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 happening of defined r isks. * Permanent & partial tone Disability Benefit (PPD) Provides for certain percentage of the sum assured as per schedule on happening of the defined risks. * Dismemberment Benefit (DB) Provides for a certain percentage of Sum Assured as per schedule 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 threatening diseases 4. 3. Exclusive Schemes These are schemes, especially designed for financial institutions, in order to secure 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 Home Loan Borrowers of Delta Brac Housing * Depositors Insurance e. g Scheme for Smart 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 prem ium is payable for the whole period of coverage before commencement of insurance. *Details about the schemes are provided with Insurance proffer How to get a Group Life Insurance Proposal? For Proposal fill in the Proposal Request take shape and disperse it to us at our contract address For Quotation fill in the Proposal Request change and shoot down it to us at our contract address accompanied by the list of members to be insured with following details Sl Name cognomen Date of Birth Sum Assured *If sum assured depends on salary, mention salary and pronenessd multiple to determine Sum Assured Claims are settled to the concerned organization. 4. 4 Health Insurance Health Insurance Health Insurance is now considered indispensable in authentic countries.In the present financial-social perspective of Bangladesh as well, Health Insurance has now find an essential, dependable, acceptable and the most cost effective means to make the modern preaching facilities af fordable to all socio-economic classes of people, especially the fixed 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 hospitalization (In-patient) intercession coverage plans * hospitalization insurance Insurance Plan (Group)- offered to Members of a group and their dependants (if desired) * hospitalization Insurance Plan (Individual) offered to an Individual as well as his or her dependant family members also known as 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 hospitalization 4. 4. 3 Overseas treatment coverage plan for travelers * Overseas Medicliam Policy (OMP) A pre-requisite for visa application 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 * reference Fee * Medicine Accessories * aesculapian Investigations * Surgical Operation Ancillary Services like Blood Transfusion, Ambulance Service, fecundation etc. General Features of the Scheme * No need for preliminary medical Examination during enrolment. * preaching coverage round the clock inclusive of Accidents and Emergencies. * Coverage offered to Bangladeshi National as well as resident foreigner. * sermon at any renowned hospital or clinic by advisor of own choice. * Preferential 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 note for each insured to facilitate preferential services. Option for Maternity Benefit and Overseas Treatment coverage. * Provision for i nclusion of spouse 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 grades to choose 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 infirmity * Pre-existing condition for certain period * Psychiatric disorders and narcotic addiction * Attempted suicide and self-inflicted injury * dental consonant Treatment Pre or post hospitalization expenses and out patient treatment expenses * War risk, civil commotion or violence * bend health checkup * Treatment for family planning purpose, contraception and infertility 4. 4. 5 Group Hospitalization Insurance Plans Types of plan offered Standard Plan Distinctive Hospitalization Insurance Plan of Delta Life Customized Plan Tailored to the need and desire of the client. Standard Plan Five distinguishs of benefits are offered under standard plan to choose from Benefit per Hospitalization Benefit Grades Mastercare Supercare Deluxcare Exclusivecare Royalcare Max. Benefit (Each Insured Per Year) Tk. 25,000 Tk. 45,000 Tk. 5,000 Tk. 100,000 Tk. 140,000 Hospital Stay (Maximum days) 10 12 15 18 20 fashion Rent (Actual use 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 Visit One Visit Daily) Tk. 300 Tk. 500 Tk. 500 Tk. 500 Tk. 500 Routine Investigations (Actual Expenditure upto a Maximum Amount) Tk. 1,000 Tk. 1,200 Tk. 1,400 Tk. 1,600 Tk. 2,000 Medicines Accessories (Actual Expenditure upto a Maximum Amount) In Case of Surgical Treatment Tk. 2,000 Tk. 4,000 Tk. 6,000 Tk. 8,000 Tk. 10,000 In Case 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 Intermediat e Tk. 12,000 Tk. 14,000 Tk. 16,000 Tk. 20,000 Tk. 22,000 Charges include for Surgeon, Assistant, Operation Theater Anaesthesia 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 Schedule 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 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 supercharged on the Basic Premium of the beneficiary groupGroup usher out Schedule sizing of Group Size of Group Uo to 100 Uo to 100 101 500 101 500 501 1000 501 1000 1001 2000 1001 2000 2001 Above 2001 Above No Claim Discount Schedule No Claim Years Discount on Renewal Premium One Year 10% Two 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 fixed 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 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 Fill in the Proposal Request Form and send it to our contact address.. * For Quatation Fill in the 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 *Status Benefit Grade *Status means rank of an employee or his relationship with dependant (spouse/children) Individual Hospitalization Insurance Plan * Bengali Leaflet * Proposal Form Overseas Mediclaim Policy (OMP)This is a distinctive Health I nsurance 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 visiting any Country of the World (except regular army 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 explosive and unexpected illness or accident while on offer 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 Overseas Mediclaim Policy * Fill in a Proposal Form. * Attach photocopy of the first five pages of the passport * set up required amount of premium in cash as per Premium Rate Chart. Send those these to Health Insurance Department at the honcho office of Delta Life *Physical presence or dart of proposer is not required. *it takes only about 30 minutes to get an Overseas Mediclaim Policy. Proposal Form is also available at Head Office and Agency Offices of Delta Life Insurance Co. Ltd. d