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UNIVERSITY
BANG LADESH
REPORT ON FIN-311
MEGHNA LIFE INSURANCE CO LTD
PREPARED FOR
Md. Mahmudul Huq
Course Instructor
FIN-311
PREPARED BY
Md. Talha Chowdhury (071-12-348)
Sadman Shariar Biswas (071-12-341)
Md. Mustafijur Rahman (071-12-141)
Md. Shafif Ul Alam (071-12-347)
Md. Abdur Rakib (071-12-344)
Md. Mustafijur Rahman (071-12-591)
April04, 2009
To
Md. Mahmudul Huq
Course Instructor
Faculty of Business
ASA University Bangladesh
Dear Sir,
Here you have asked us to prepare a report on “Meghna Life Insurance Company
limited”. It is our great concession to submit the report. We have applied our knowledge
& analysis of various rules and theories to organization in this paper. We sincerely hope
this paper will fulfill all the requirements suggested by you under the course FIN-311,
Section: 1G.
We hope that our effort is of some concrete worth to you. If you have further query
regarding the paper, we are gladly remaining standby whenever you ask for it.
Yours Faithfully
.............................
At first we would like to thank all mighty Allah that he gives us the ability to complete
this assignment properly.
We would like to also thank to our honorable course teacher Md Mahmudul Huq because
of his guide line .Without his guideline, help and encourage it is totally impossible to
prepare this assignment successfully.
Meghna Life Insurance Company is the company which has selected by us for
this report. This company is providing lots of facility to its customers. This
company always tries to provide maximum financial security to a person and
families by giving modern Insurance facilities. Here in this report we have
focused mainly the services of the company, over view of the company of the last
five years .We have discussed lots of things about their main services such
as.Ordinary Life (Ekok Bima), Group Insurance, Loko Bima, Islami Bima
(Takaful), Islami Khudra Bima (Takaful).We have also showed the business plan
and the scheme of each service. We have focused on their different policy and
schemes special facilities. It has introduced innovative and attractive policies with
a view to attract different class of people of the country.
Table of content
Topic Page
Letter of transmittal
Acknowledgement
Executive summary 1
Chapter: 1 Introduction 2
Objective
Methodology 3
Limitations
Chapter: 3 Investigations 6
Chapter: 5 Conclusions
1. Introduction
Objective:
The main objective of this report is to represent the current services of the
insurances companies in Bangladesh and how they provide their services to their
customers. How much effective the policies for the general people which are
provided by the insurance company and the current benefits of the policies. At the
same time to get sensible experience to make a report about the insurance
company and to learn many things.
METHODOLOGY
In the report we collect information by both primary and secondary method. As primary
method we collect information from the company’s prospectus annual report and others
written documents. Not only that we also take several information by discussing with the
MEGHNA LIFE INSURANCE COMPANY respective officers.
As following the secondary method, we took information from our honorable teacher, our
text book; we also took information from the reference books by the help of our varsity
library. Not only that but also we received the help of internet to make our report a best
one.
LIMITATIONS
The main limitation that we faced that the time of preparing this report was not enough.
It’s a broad matter, if we got more time then we can represent it more specifically. Not
only those executive officers of MEGNA LIFE INSURANCE companies were not so
frankly. they don’t provide us sufficient information what we needed ,so we worked hard
and did more analysis to get the information .in the other hand our varsity library is not so
much rich, they can not provide us related books on our report. Another matter that
dishearten us that, all of our members were not serious enough as a result the responsible
persons of the group have faced problems.
Above all, though we have faced some problems, we have got some limitations but we
tried our best to make the report best one.
2. Overview of Company
a public limited company under the COMPANIES ACT 1994. It started operations on the same
day. Registered with the Department of Insurance on 1 June 1996, the company started its
business with an authorized capital of Tk 100 million divided into 1 million ordinary
shares of Tk 100 each and a paid up capital of Tk 30 million. In the ninetieth decade
some enthusiastic Bangladeshi professionals along with some others of similar state of
poverty From 1996 to 2006 Meghna Life paid 30.20 crore taka as death claim, taka 13.40
crore as survival benefit. This success has been possible due to constant guidance
supervision and ceaseless efforts of the Honorable Chairman and Directors and the
present competent management and to contribute to the nation for the upliftment of the
lot of common people It soon made a mark in the Life Insurance arena by not only being
the top listed among the Private sector indigenous companies, but by undertaking and
Meghna Life Insurance Company Ltd. has introduced innovative and attractive policies
with a view to attract different class of people of the country. At present Meghna Life
Insurance Company is offering the following policies in other 5 (five) different
categories:
Sl. Schemes
1. Endowment Insurance Plan - with Profits
2. 3 (three) Payment Insurance Plan - with Profits
3. Biennial Endowment Insurance - with Profits
4. Child Protection Endowment Insurance - with Profits
5. Insurance Cum Pension Plan - without Profits
6. Single Premium Guaranteed Benefit Plan - without Profits
7. Education Expense Insurance Plan - with Profits
8. Premium Back Term Insurance - without Profits
9. Islami Endowment Plan - with Profits
10. Islami Biennial Payment Assurance Plan - with Profits
11. Islami 5 (five) Instalment Insurance Plan - with Profits
12. Meghna Life DPS - with Profits
Group Insurance:
This scheme has been designed to make the officials and employees of Meghna Life
Insurance Co. Ltd. free from tension and financial hardship. With a very small premium,
very large amount of Sum-assured may be taken with regard to the risk of accident and
premature death. The arrangement of Group Insurance may be made if at least 10
members are there. In case of group term Insurance there may be 5 members. Premium
normally be paid on annual basis. The premium of this insurance may be paid fully or
partially by the employees and the employers.
Loko Bima:
Loko Bima Project was emerged on 13th June 1998. The aim and object of Loko Bima
Project is to arouse 90%. People of the country towards savings and to make them
conscious and self-reliant through Insurance. This project plays a very important role in
solving social problems of a large number of people by reduction of unemployment,
population control, development of cottage Industry, rural development so to say social
backwardness etc. The following are the plans of Loko Bima-
Sl. Schemes
1. Endowment Insurance plan - with Profits.
2. Child protection Endowment Insurance - with Profits.
3. Meghna deposit Premium scheme - with Profits.
4. Single Premium Insurance - with Profits.
Sl. Schemes
1. Islamic Endowment Insurance Plan (Takaful) - with Profit
2. Islami Takaful 3 (three) Payment Insurance Plan - with Profits
3. Islami Bima (Takaful) Biennial Endowment Insurance Plan - with Profits
4. Islami Bima (Takaful) Child Protection Endowment Insurance Plan - with
Profits
5. Islami Bima (Takaful) Insurance-Cum Pension Plan - without Profits
6. Islami Bima (Takaful) Single Premium Guaranteed Benefit Plan - without
Profit
7. Islami Bima (Takaful) Education Expense Insurance Plan - with Profits
8. Islami Bima (Takaful) Premium Back Term Insurance - without Profits
9. Islamic Endowment Plan (Takaful) - with Profits
10. Islamic Biennial Payment Assurance (Takaful) Plan - with Profits
11. Islami 5 (five) Instalment Insurance Plan - with Profits
12. Takaful Islami DPS - with Profits
Islami Khudra Bima (Takaful) :
The object of Islami Khudra Bima (Takaful) is to create habit of savings for the low
income group of people of Bangladesh, ensure profit and savings through modern
Insurance facilities and to introduce interest free Islami Bima. These are the following
plans-
Sl. Schemes
1. Endowment Insurance - with Profits.
2. Child Protection Endowment Insurance - with Profits.
3. Single Premium Guaranteed Insurance - with Profits.
4. Islami Khudra DPS - with Profits.
.
Supplementary Hospitalization Insurance Benefit
Those who are within the age of 18 to 55 years, they take this Insurance with the
principal policy.
The advantages of taking ADB as supplementary cover with any Life Insurance policy is
that if any policyholder dies due to accident the nominee of the insured will be provided
with an amount equivalent to the Sum-assured within 90 days. The rate of premium is
low in this Insurance as a result the Insured can take this policy as supplementary
Insurance on nominal condition.
In case of death the nominee of the Insured will get an additional amount equivalent to
principal Sum-assured. An amount equivalent to the Sum-assured is also paid to the
nominee of the policyholder instantly if both hands or both legs or both the eyes or one
hand and one leg are lost.
In case of fully and permanent disability, the policyholder will be given 10% of the
principal Sum-assured for next 10 years since the happening of accident as yearly
allowance.
In case of one leg or one hand and an eye are lost, the policyholder will be given 50% of
the Sum-assured instantly.
1. The main object of Meghna Life was to provide maximum financial security to a
person and families by giving modern Insurance facilities
2. Its other objectives are to turn it into a profitable savings institution through payment
of bonus at an attractive rate
3. Meghna Life has earned reputation in every corner of the insurance Industry
4. It can take pride of its prestigious achievements which are mounded with transparency,
accountability, impeccable working capacity, sincerity, honesty and sagacity
5. The company has diversified its products to match customer’s needs and satisfaction
6. it provides multifarious Life Insurance products to provide to the aspirations & needs
as well as religious beliefs to the clients
RECOMMENDATION
In Bangladesh Meghna Life Insurance Co. LTD is run successfully comparatively with
other insurance company. They have much better services to the people.
Meghna Life has earned reputation in every corner of the insurance Industry. It can take
pride of its prestigious achievements which are moulded with transparency,
accountability, impeccable working capacity, sincerity, honesty and sagacity.
The company has diversified its products to match customer’s needs and satisfaction.
Currently it provides multifarious Life Insurance products to cater to the aspirations &
needs as well as religious beliefs to the clients. There is no iota of doubt that Meghna life
will go forward with its new missions and visions in the day coming..
References