INSURANCE

Presented by

Mohammad Ashfaqur RahmanCompliance Professional

www.linkedin.com/in/ashfaqsaphal

ashfaq.saphal@gmail.com

Road Map

HEALTH INSURANCE AND UNEMPLOYMENT INSURANCE

GROUP INSURANCE

HEALTH & UNEMPLOYMENT INSURANCE

risk of being reduced or lost completely– by reason of a disabling injury or sickness

Disability can never be a purely personal, individual thing

both life insurance and health insurance are income protection

HEALTH INSURANCE

Income replacement Reimbursement of Medical expenses Stimulus Adequate Health Care Maintenance of Credit Safeguard of the insurance Business Insurance Health Conservation

UNEMPLOYMENT INSURANCE

Disability unemployment (loss-of- time insurance)

against contingencies of life– unemployment, old-age etc

Disability unemployment insurance in Bangladesh

does not have comprehensive social insurance programme

Bangladesh Labour Law 2006– Workman compensation– Maternity Benefit– Provident Fund, Gratuity, Pension, etc.

Group Insurance

provides protection to the employees during – their working years – and the childbearing

winning the loyalty of employees guarantees cordial relations between the

employer and the employees

Insurable Groups

to cover the employees of – commercial– Industrial– Banking– semi-Govt. Institution etc

may also cover members of clubs, associations

Considerations in selecting

obtained insurance. continuous flow of new entrants. a single administrative organization Safeguards should be established to

– produce a normal distribution of risks– to avoid the inclusion of an undue proportion

may applicable for group of companies also

Inception

i. 25 for group endowment assurance ii. 100 for group term assurance.

Assurance

It may be a flat amount for all employees It may be based on the employee's salary; It may be according to the employees position It may depend on the length of the employee’s

service. It may be based on any two or more factors

mentioned above.

Premium Payment

Employer Employee Mutual Understanding

Types

Group Term Insurance Scheme– assured become payable only at the death

Group endowment insurance scheme– The premium depends on the age at entry of the

individual employee Conversion privilege

– convert with the full or part of his group insurance into an individual

Conversion privilege

convert with the full or part of his group insurance into an individual

Premium based on the standard rate Prior to separation with organization Will not exceed the group policy amount

Settlement of Claims

promptly by the company In the case of group insurance (life insurance)

claim raised by company For the accidental benefit claim inquiry may take

in place