This report on practical orientation has been originated above thinking.
1.1 OBJECTIVES OF THE STUDY
This study is aimed at providing us invaluable practical knowledge about Insurance Policies & Financial Strength of a insurance company. It will also help us to develop our concept of Insurance and its operations. The objectives are
- To relate theoretical knowledge with practical experience function of the Insurance Company.
- To be acquainted with hoe Insurance Company perform its operation.
- To know about the types of Insurance of Detla Life Insurance Company.
- To present our observation and suggestions of the Insurance Company.
- To make ourselves more confident and active in future to handle our job.
- Understand the financial strength of Detla Life Insurance Company.
- Appreciate the role of Insurance Company play today’s world.
1.2 SCOPE OF THE STUDY
We have been assigned Insurance and risk Management in Green Delta Insurance Company Ltd. And thus paved us the way to get ourselves familiarized with the Insurance environment for the first time indeed. We have had an opportunity to gather experience by gathering knowledge in the different departments of this company. The area of concentration of this report is confident in investigating different aspects of the Insurance as well as Financial Strength and prospect and by this way an endeavor is made to give recommendations for removing the problems.
1.3 METHODOLOGY OF THE STUDY
In order to prepare the report more meaningful and presentable, two sources of data and information have been used widely.
- Data Collection Method
The data collection method of this study consisted of both primary and secondary sources. Majority of this information was collected from secondary sources.
- Data Sources
Primary Sources: The primary sources include interviews with the Executive.
Secondary Sources: The secondary sources of data are the annual reports, official documents.
The “Primary Sources” are as follows-
Face-to-face conversation with the respective officers and staffs of the Branch.
- Information conversation with the clients.
- Practical work exposures form the different of the departments of the Branch covered.
- Relevant file study as provided by officers concerned.
-
- The “Secondary Sources” of data and information are –
- Annual Report (2007) of Delta Life Insurance Company Ltd.
- Various books, articles, compilations etc.
1.4 LIMITATIONS OF THE STUDY
It is a obvious that every study has some limitations. The study we have made is of great importance and require me huge work. While conducting we had to face to number of problems. Those limiting factors that hampered our smooth workings on Insurance Company and finally in preparing this report are as follows:
- The organization maintains strict confidentiality about their Policy and other information.
- Any type of such presentation requires a long time. But we did not have that much time to concentrate in our Work. Duration of this study was too short to have a sound understanding of the overall Company.
- Scope of our study is so wide that analytical and comprehensive study is not possible.
- Lack of sufficient books, papers and periodical take us go on serious brainstorming while preparing this report.
2.1 ABOUT DELTA LIFE INSURANCE COMPANY
Delta Life Insurance Co. Ltd. established mainly through the initiative of a group of Bangladeshi professionals then working abroad along with a few enthusiastic local entrepreneurs, started its operation in December, 1986 after the Government of Bangladesh allowed the private sector to operate in the insurance sector in 1984 to carry on the business of insurance in the Private Sector. A brief explanation as to the growth of life insurance business in Bangladesh is in order here. Bangladesh declared independence from the Pakistani rules on March 26, 1971 following which she had to witness a bloody liberation struggle with the occupation forces lasting for 9 months before they were defeated. Insurance business which was exclusively carried on in private sector before independence was nationalized after liberation in 1972 primarily to address the emerging situation of eroding public confidence in the industry that was left staggeringly short of resources in the face of huge losses caused by the war of liberation. After a series of experimentation, a state-owned body, namely Jiban Bima Corporation (JBC), established in May, 1973 for transacting the life insurance business, took over the assets and liabilities under life portfolios of all erstwhile private insurance companies and started business in its own name. However, things did not improve; rather, in many respects became more exacerbating and the Government then thought it better to allow private sector participation in insurance business.
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 fulfillment 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 them slave 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.
Delta Life can take pride in moulding the saving habits of the lower and middle class people and transforming them into prospective policyholders. The potential is now so strongly perceived that all life insurance companies – old and new alike – operating in the country have started their own micro insurance products.
2.2 BOARD OF DIRECTORS
| Chairman | Mr. Syed Moazzem Hussain |
| Vice Chairman | Dr. Muhammad Raushan Ali |
| Directors | Dr. Syed Mukarram Ali |
| Mr. Mohd. Syedul Islam | |
| Md. Nurul Huda | |
| Mrs. Farida R. Ahmed | |
| Mrs. Fahmida R. Naser | |
| Mrs. Farida Mostafa | |
| Dr. Nasiruddin Ahmed | |
| Dr. Sadiqur Rahman Malik | |
| Mr. Mahmud Hassan | |
| Mr. Habibur Rahman Khan | |
| Mr. Monzurur Rahman | |
| Mr. Aziz Ahmed | |
| Mr. Md. Abdul Wahab | |
| Mr. Borhanuddin Ahmed | |
| Mr. Arif Ahmed | |
| Mr. Md. Nurul Islam | |
| Mr. Kazi Fazlur Rahman | |
| Mr. Golam Sarwar | |
| Mrs. Adeeba Rahman | |
| Mrs. Syeda Soyeli Ahmed | |
| Ms. Anika Rahman | |
| Ms. Saika Rahman |
2.3 MANAGEMENT
| Managing Director | Mr. Das Deba Prashad |
| Deputy Managing Director | Mr. A.B.M. Saiful Haque, MCS |
| Executive Director | Mr. Md. Akram Hussain, FCA |
| Executive Vice President | Mr. Sultan-Ul-Abedine Molla, FICS(Company Secretary) |
| Brigadier General
M. Mosharraf Hossain (Retd.) |
|
| Mr. Md. Abdul Khaleque, FCA | |
| Mr. Md. Anisur Rahman | |
| Mr. Shamsuddin Chowdhury, FCA | |
| Mr. Md. Zahirul Islam Talukdar | |
| Mr. Anwarul Haque | |
| Mr. Md. Abdul Hai | |
| Dr. Ashraf Uddin, MBBS | |
| Joint Executive Vice President | Mr. Azizul Huq |
| Senior Vice President | Mr. Syed A. K. Aminul Haque |
| Mr. Md. Hafizur Rahman Khan |
3.1 POLICIES OF DELTA LIFE INSURANCE CO. LTD
There are four policies of delta life insurance company. These are given below
Delta Life offers a wide variety of ordinary life product/plans ranging from the most common endowment type to more modern and sophisticated plans like endowment with open term, pension plan with built in provision for increasing pension, increasing protection with provision for premium refund etc. The plans have been designed keeping in view the diverse and multifaceted needs of the insuring public belonging to different strata of the society. Some of the popular plans are briefly described below.
SOME POPULAR PLANS
I. Endowment plan with and without profits (Tables-01 & 41*) The most common and widely popular, this plan provides for a fixed sum at end of a particular term or at earlier death of the assured. The plan is available under both options i.e. with profit (Table-01) and without profit (Table-41). 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.
II. One-two-three endowment plan with profits (Table-02) provides for high security at earlier death of the assured before expiry of term (10 & 20 years) or the sum assured at expiry of the term. The plan provides for double the sum assured at premature death due to illness or treble the sum assured if death occurs directly as the result of an accident along with accrued bonuses till death or maturity as the case may be.
III. Installment payment plans with or without profit :
a) Three payments plan (Tables-03, 43*) Given for terms like 12, 15, 18, 21 years with or without profits this plan provides for one fourth of the sum assured upon expiry of each one third of the term and on death at anytime within the term the full sum assured – payment of one or all the installments notwithstanding. In case of survival to the end of the term remaining portion of the sum assured along with profits is paid after deducting the installments already paid.
b) Bi-annual payment plan (Tables-04 & 44*) – is given for 10, 15 & 20 years’ term and provides for payment of a portion of sum assured bi-annually after expiry of the 4th year of the policy, if the policyholder is then living.
The amount of installment and when payable is shown in the table below
| Term | Amount of installment | When payable | Amount of Sum Assured payable on maturity |
| 10 Yrs. | 20% | Upon expiry of 4th, 6th, 8th yrs. | 40% |
| 15 Yrs. | 15% | Upon expiry of 4th, 6th, 8th, 10th 12th yrs. | 25% |
| 20 Yrs. | 10% | Upon expiry of 4th, 6th, 8th, 10th, 12th, 14th, 16th & 18th yrs. | 20% |
Notwithstanding the payment of any number of installments, the policyholder remains covered for full risk and on death occurring before maturity, full sum assured is payable.
* The higher numbered table refers to without profit premium rates.
| IV. Premium back term Insurance plan 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 sum assured keeps on increasing at 8% p.a. on each successive policy anniversary and such increased 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 a guaranteed profit equal 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.
V. Pension Plan 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 terminated upon such payment. There is another plan that while providing for full protection against 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 @10% at intervals of two years. Payment of pension is guaranteed for at least ten years and thereafter as long as the pensioner lives. Both these pension plans provide for waiver of premium in case of permanent and total disability due to accident before commencement of pension. VI. Child Educational Protection Plan with profits: Multiple benefits in the form of scholarship, monthly annuity etc. in addition to sum assured is 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. VII. Tri-dimensional Policy: Built-in benefits for payment of 50% sum assured immediately if critical illness is diagnosed. Premium and the sum assured will thereafter be halved and the policy continues. Under this plan, a spouse may also be covered for major disease benefits. VIII. Moving Term Plan: Policies under the plan are initially issued and is to be taken 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 surrendered 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 plus all premiums paid till death, or all premiums paid with profit accrued till death whichever is greater. IX. Single Premium Multiple Security Plan: It is a single Premium Policy offering multiple security for 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. POLICY CONDITIONS
|
||||||||||||||||
|
Bonus: DLIC pays attractive 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 simple 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. AVERAGE 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. 1,00,000 sum assured endowment policy per thousand sum assured per year shall be as following:
|
||||||||||||||||
| 3.2 MICRO INSURANCE
A Movement For Socio-Economic Security Gono-Grameen Bima A Non-Profit Initiative Of Delta Life Insurance Co. Ltd. Delta Life first launched Micro-insurance product in 1988 through its Grameen Bima Project(GRB) to cater 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 name 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 efficient 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 teeming millions and its experiences are now used to advantage not only by indigenous companies but also other micro-savings organizations abroad. TARGET GROUP AND THE PRODUCT In GNB/GRB the formalities are minimum. Insurance cover is given under Group Insurance concept. A person interested in a policy submits a simple two- page proposal form; it is signed or thumb-imprinted by him/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 Taka 5,000/=(US $ 100.00) or less, be of good health and supply a Declaration of Good Health (DGH) at the time of submitting the Proposal form. Death 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 weekly or monthly. Premium rate is the same irrespective 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. POLICY DOCUMENTS AND MICRO INVESTMENT (LOAN) POLICY DOCUMENTS Upon acceptance of the proposal, a pass book is issued to the policyholder detailing all terms and conditions of the policy. The pass book serves as the purpose of recording 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. 3.3 MICRO INVESTMENT (LOAN) 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, together with the service charge, is repayable in 12 equal monthly installments. The repayments are collected from door to door by the organizers. Recently a decision has been taken to establish small collection booths in the villages. A person must be a policyholder and pay premiums for at least one year before being eligible for a loan. The maximum loan given is Taka 5,000/=(US$ 100.00) per policyholder. The loans are for income generating activities (IGA) only. Policyholders form a committee of 5 to 7 members. 3 policyholders selected by the committee are given the first loan. After recovery 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. |
||||||||||||||||
| 3.4 GROUP LIFE INSURANCE
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 devastating events like-death, disability, disease as well as retirement. Group Insurance has already established its importance as a component of “Employee Benefit 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 · Tax 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, autonomous bodies · Private, Non-Government Organizations (NGO’s) · Educational & Financial Institutions · Public Limited Companies · Associations, Business organizations etc Group Life Insurance Schemes offered by Delta Life are of two types: · Traditional Schemes: for insurance coverage of members/employees of a group · Exclusive Schemes: for insurance coverage of clients of financial institutions TRADITIONAL SCHEME: These are the commonly offered “Group-Life Insurance” schemes and are also known as Basic Schemes: These are: · Group Term Life Insurance Scheme (GT): ————————–} Short TermContract · Group Term Life with Premium Refund Scheme (GTR)—— } · Group Endowment Life Insurance Scheme (GEN)————- } Long Term Contract · 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:
|
| Features & Benefits | Basic Schemes | ||
| Group Term Life (GT) | Group Term Life with Premium Refund (GTR) | Group Endowment Scheme (GEN) | |
| Age Limit for Insurance Coverage | 18 years to 60 Years | 18 years to 60 Years | 18 yrs. to the age of retirement (max. 60 yrs) |
| Duration of Contract | 3 years in each spell | 10 years or 15 years in each spell | Continuous Contract, if not terminated |
| Scope for Inclusion & Exclusion | Yes | Yes | Yes |
| Scope for Alteration of Sum Assured | Yes | Yes | Yes |
| Premium Rate | Single & Fixed (irrespective of age), Low | Single & Fixed (irrespective of age) | Variable; age dependant premium rate |
| Benefits: | |||
| Death (payment of Insured amount on death) | Yes | Yes | Yes |
| Maturity Benefit | None | None | Payment of Sum Assured as per 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 |
| Supplementary Covers e Basic Scheme | Optional | Optional | Optional |
SUPPLEMENTARY COVERS:
To provide insurance protection against few devastating conditions other than death, and to enhance insurance benefit in case of sudden 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 risks.
- Permanent & Partial 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
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: Scheme for “Home Loan Borrowers” of Delta Brac Housing
Depositor’s Insurance: 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 premium is payable for the whole period of coverage before commencement of insurance.
HOW TO GET A GROUP LIFE INSURANCE PROPOSAL?
For Proposal: fill in the Proposal Request Form and send it to us at our contract address
For Quotation: fill in the “Proposal Request Form” and send it to us at our contract address accompanied by the list of members to be insured with following details.
| Sl. No. | Name | Designation | Date of Birth | *Sum Assured |
* if sum assured depends on salary, mention salary and desired multiple to determine SA
o Claims are settled to the concerned organization.
3.5 HEALTH INSURANCE
Health Insurance is now considered indispensable in developed countries. In the present financio-social perspective of Bangladesh as well, Health Insurance has now become an essential, dependable, acceptable and the most cost effective means to make the modern treatment facilities affordable to all socio-economic classes of people, especially the fixed income group.
As pioneer of Health Insurance in Bangladesh, Delta Life Insurance Company offers several Health Insurance schemes, which are as follows:
· Hospitalization (In-patient) treatment coverage plans
Hospitalization Insurance Plan (Group)– offered to Members of a group and their dependants (if desired)
· Hospitalization Insurance Plan (Individual) – offered to an Individual and/ or his/her dependant family members also known as “DeltaCare Hospitalization Plan”.
o Out-patient treatment coverage plans
· Out-patient Insurance Plan———————————-} Offered as an adjunct to Group Hospitalization
· Out-patient Management Plan——————————-} Offered as an adjunct to Group Hospitalization
o Overseas treatment coverage plan for travelers
· Overseas Medicliam Policy (OMP) – A pre-requisite for visa application offered only to Individuals traveling abroad.
HOSPITALIZATION INSURANCE PLANS
Covers in-patient (Hospitalization) treatment expenses of an insured member
o Expenses Covered under Hospitalization Insurance Plans:
* Hospital Accommodation
* Consultation Fee
* Medicine & Accessories
* Medical Investigations
* Surgical Operation and
* Ancillary Services like Blood Transfusion, Ambulance Service, and Dressing etc.
GENERAL FEATURES OF THE SCHEME
o No need for preliminary Medical Examination during enrolment.
o Treatment coverage round the clock inclusive of Accidents and Emergencies
o Coverage offered to Bangladeshi Nationalas well as resident foreigner.
o Treatment at any renowned hospital or clinic by consultant of own choice
o Preferential service at Designated Hospital.
o Direct payment of treatment expenses by the company at Designated Hospital.
o Reimbursement of expenses for treatment at non-designated hospital.
o Membership ID Card for each insured to facilitate preferential services.
o Option for Maternity Benefit and Overseas Treatment coverage.
o Provision for inclusion of Spouse & Children under the plan.
o Provision for inclusion of new member under the plan.
o Coverage up to 65 years under Group HI & 60 years under Individual HI plan
o Two types of plans with several benefit grades to choose from
o Option to choose more than one grade according to status of the members of a group.
o Option to alter benefit grade during renewal.
EXCLUSION FROM COVERAGE
MAJOR EXCLUSIONS INCLUDE: –
o Congenital infirmity.
o Pre-existing condition for certain period.
o Psychiatric disorders and narcotic addiction.
o Attempted suicide and self-inflicted injury.
o Dental treatment
o Pre or post hospitalization expenses and out patient treatment expenses.
o War risk, civil commotion or violence
o Routine health checkup
o Treatment for family planning purpose, contraception and infertility.
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 Grades of benefits are offered under standard plan to choose from
| Benefit Grade | Master care | Supercar | Deluxe care | Exclusive care | Royal care |
| Max. Benefit each insured per year | Tk. 25,000 | Tk. 45,000 | Tk. 75,000 | Tk. 1,00,000 | Tk. 1,40,000 |
BENEFIT SCHEDULE & PREMIUM RATE
| Age Attained (in Years) | |||||
| Benefit Grades | Mastercare | Supercare | Deluxecare | Exclusivecare | Royalcare |
| 18 to 35 Yrs | |||||
| Employee | 600 | 1,080 | 1,535 | 1,920 | 3,360 |
| Spouse | 510 | 920 | 1,310 | 1,630 | 2,855 |
| 35+ to 45 Yrs | |||||
| Employee | 750 | 1,350 | 1,795 | 2,160 | 3,780 |
| Spouse | 635 | 1,145 | 1,520 | 1,835 | 3,210 |
| 45+ to 50 Yrs | |||||
| Employee | 1,050 | 1,890 | 2,300 | 2,640 | 4,620 |
| Spouse | 895 | 1,605 | 1,955 | 2,245 | 3,930 |
| 50+ to 55 Yrs | |||||
| Employee | 1,500 | 2,700 | 3,060 | 3,360 | 5,880 |
| Spouse | 1,275 | 2,295 | 2,605 | 2,855 | 4,995 |
| 55+ to 60 Yrs | |||||
| Employee | 2,100 | 3,780 | 4,075 | 4,320 | 7,560 |
| Spouse | 1,785 | 3,215 | 3,420 | 3,670 | 6,425 |
| 60+ to 65 Yrs | |||||
| Employee | 3,150 | 5,670 | 6,113 | 6,480 | 11,340 |
| Spouse | 2,678 | 4,823 | 5,130 | 5,505 | 9,638 |
| Each Child (Below 25 yrs.) | 510 | 920 | 1,310 | 1,630 | 2,855 |
MATERNITY BENEFIT (Maximum in Tk. as per benefit Schedule above)
| Mastercare | Supercare | Deluxecare | Exclusivecare | Royalcare | |
| Normal Delivery | 5,000 | 7,500 | 10,000 | 12,500 | 15,000 |
| Caesarian Delivery | 10,000 | 15,000 | 20,000 | 25,000 | 30,000 |
For Maternity Benefit, an Extra Premium @40% shall be charged on the Basic Premium of the beneficiary group.
| Group Discount Schedule | No Claim Discount Schedule | ||
| Size of the Group | Percentage of Discount (%) | No Claim Year(s) | Discount on
Renewal Premium |
| Up to 100
101 – 500 501 – 1000 1001 – 2000 2001 & Above |
Nil
5% 7.5% 10% 12.5% |
One Year
Two Consecutive years Three Consecutive years |
10%
20% 30% |
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 us at our contract address
For Quotation: fill in the “Proposal Request Form” and send it to us at our contract address accompanied by the list of members to be insured with following details.
| Sl. No. | Name | Date of Birth | *Status | Benefit Grade |
| . |
- Status means rank of an employee or his relationship with dependant (spouse/children).
INDIVIDUAL HOSPITALIZATION INSURANCE PLAN
Overseas Mediclaim Policy
This is a distinctive Health Insurance 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
OMP issued by Delta Life is universally accepted by all foreign Embassies in Bangladesh.
Types of Policy
Plan –A : for visiting any Country of the World (except USA & Canada)
Plan –B : for visiting all Countries of the World
Coverage under both Plan –A & Plan –B exceeds EURO 30,000
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 sudden and unexpected illness or accident while on tour abroad.
Maximum Benefit:
Plan-A US$ 50,000
Plan-B US$ 1, 00,000
How to take out an “Overseas Mediclaim Policy”
Fill in a “Proposal Form”
Attach Photocopy of the first five pages of the passport
Enclose requisite premium (Cash) as per “Rate Chart”
Send those these to Health Insurance Department at the Head office of Delta Life
* Physical presence or Photograph of proposer is not required.
* Only about 30 minutes time is needed to issue a Policy
* “Proposal Form” is also available at Head Office and Agency Offices of Delta
4.1 DELTA LIFE AT A GLANCE
(Amount in core)
| Year | Premium Income | Income in
Investment |
Life Fund | Asset | Claim Payment | |
| Number | Amount | |||||
| 2004 | 210.25 | 56.22 | 680.83 | 744.04 | 22704 | 37.81 |
| 2005 | 257.51 | 60.67 | 849.40 | 922.44 | 36698 | 52.60 |
| 2006 | 303.44 | 90.35 | 1042.11 | 1145.15 | 98069 | 91.41 |
| 2007 | 341.18 | 112.56 | 1206.36 | 1368.23 | 222009 | 177.18 |
| 2008 | 387.28 | 125.24 | 135.07 | 1512.37 | 209211 | 239.49 |
Source: The Daily Prothom Alo,(19.05.09).
PREMIUM INCOME
(Taka in Core)
PREMIUM & LIFE FUND
(Taka in Core)
ANALYSIS OF UTILIZATION OF INCOME (IN %)
4.2 RATIO ANALYSIS
Current Ratio: Current Assets/ Current Liabilities
2006 = 1.90
2007 = 1.84
Liquidity Ratio: Liquid Assets/ Current Liabilities
2006 = 1.88
2007 = 1.82
Working Capital Ratio: Working Capital / Current Liabilities
Working Capital = Current Assets – Current Liabilities
2006 = 0.85
2007 = 0.81
Debt Equity Capital Ratio: Total Liabilities / Shareholders Capital
2006 = 2.05
2007 = 2.03
Interest Coverage Ratio: Profit Before Tax / Interest
2006 = 4.60
2008 = 4.70
Proprietorship Ratio: Shareholders Capital / Total Assets
2006 = 0.45
2007 = 0.46
Net Profit Ratio: Net Profit/ Net Income * 100
2006 = 65%
2007 = 66.43%
4.3 SWOT ANALYSIS
S – Strength
1. Delta Life Insurance Company always maintains business and professional ethics.
2. They do settle claim within very shout period.
3. They work as merchant banker, underwriters, placement agent, portfolio manager
4. Their treaty limit is high.
W – Weakness
1. They permit fund at once.
2. Their capacity of fulfillment of liabilities is not good.
O – Opportunity
1. Delta Life Insurance Company sale share in capital market.
2. They are the member of stock exchange.
3. They have company “Delta-Brac Housing Company & Delta Life Financial Corporation (DLFC)”.
T – Threat
1. Some of insurance company may be threat for them.
2. If they can not use modern technology it may create threat for company.
5.1 RECOMMENDATION
Day by day the world is becoming more dependants to insurance. Now day insurance is very valuable product in world. People want to transfer their risk to other parties. And insurance company play vital role. Delta Life insurance Company is one of the companies which give protection to people and take risk. They provide various types of life insurance policies. Delta Life Insurance Company is trying to start their business outside the country.
5.2 CONCLUSION
Delta Life Insurance Company is well known company in Bangladesh. They are very popular in their field. They transfer peoples risk assure them to give them satisfaction. They provide peace of the mind. Delta Life Insurance Company performs other social activities. They have subsidiary companies which are member of stock exchange. In Bangladesh Delta Life Insurance Company has a strong base in insurance field.
REFERANCE:
1. Head Office, Delta Life Insurance Company Ltd.
2. WWW.deltalife.org. Com.
3. The Daily Prothom Alo