Guardian Brac Bima (GBB)

Microinsurance

GLIL always tries to challenge the status quo and introduce new business models. Leading the industry with paradigm shift is what GLIL is known for. Being the “best group insurer” and pioneer of “financial inclusion” through microinsurance has made GLIL already a rather well reputed Life Insurance brand in the country. It is the fastest growing life Insurance Company of Bangladesh covering over 5 million lives under micro insurance.

We had started our piloting project of Guardian BRAC BIMA (GBB) with BRAC in June’15 (piloting in 92 branches of BRAC). After successful completion of our 1.5 years’ pilot project, as of this January’2017, Guardian Life Insurance Limited, in partnership with BRAC, joined the market making its Credit Shield Insurance product available nationwide to a further 5 million of BRAC’s clients across the country.

The service legal agreement (SLA) signing ceremony of BRAC and Guardian Life Insurance Limited was held at BRAC Centre on 12 January 2017. BRAC’s founder and chairperson, Sir Fazle Hasan Abed; executive director, Dr Mohammad Musa; senior director, Asif Saleh; director of microfinance and ultra poor programmes, Shameran Abed; chief executive officer of Guardian Life Insurance Limited, M M Monirul Alam, and managing director of Square Pharmaceuticals Limited were present at the ceremony.

Clients can be helped in 3 ways.


Principal Loan Outstanding Amount prior to death irrespective of the number of loans will be waived within the coverage limit for all policy-holders.

Death benefit of BDT 10,000 for lower loan amount holders or BDT 20,000 for lower loan amount holders will be provided in situation of borrower / 2nd insured death. If policy provided to two different people from same household and they are covered by both policies then for both loans principal outstanding will be waived but death benefit will be provided by only one policy.

Clients’ savings with BRAC are reimbursed with full benefits to the family. And all these benefits come at a nominal, one time (per loan) premium.

  • All BRAC Microfinance current borrowers (a) borrower as first insured and (b) primarily his/her spouse/children from the same households as second insured for dual policy can get insurance coverage per Loan and in absence of spouse/children, parents can be covered as second insured. For adopted children, names of proposed insured must be specified in the Application Form. Both first and second insured must be physically sound and active.
  • Both insured persons’ age limit should be18 to 65-N (N means duration of the loan).
  • Pre-existing Health impairments like cancer, paralysis, Kidney or Liver Disease (which can cause Kidney or Liver failure), history of stroke or major heart attack or loss of 15kg or more weight of borrower or 2nd insured person in last 12 months- will be out of this coverage.
  • Coverage limit should not be more than BDT 10 lacs.

How to Enroll under GBB Project-

  • Customers fill the application form to get enrolled. (An insurance’s portion will be tagged with the main application form of loan to enroll)
  • Field Officers help customers to fill out the application form.
  • Respective Area Supervisors check the correctness of application form.
  • Respective Accounts Officers collect premium amount from customers & give input in BRAC’s official software.
  • Respective Accounts Officers export a CSV file of day end enrollment-list in the GLIL’s WEB-PORTAL. Or, BRAC-HO shares a clients’ list with GLIL-HO on monthly basis.
  • After month end, BRAC pays GLIL the total collected premium of all the branches.

How to Submit a Claim-

  • Nominee informs the branch office about the death.
  • Field Officers will help nominee to collect all docs required for claim settlement. A checklist is provided by GLIL with BRAC’s field force to have a better understanding on claim-processing.
  • Nominee submits all the docs to Guardian-HO by “Courier/*WEB-PORTAL”.
  • GLIL’s Claim dept. checks all the docs & gives its decision within 05 days if the docs are satisfactory.
  • GLIL Ho sends an email & mobile SMS to Respective Area Supervisors about the claim decision.
  • After month end, BRAC is paid in total for all the settled claims. A list of paid claims is shared with BRAC.

*To give a prompt service to BRAC, Guardian IT team has developed an option in its Web Portal where BRAC is able to send the claim documents by capturing photos through their SMART PHONE/TAB now.

Winner of “Innovative Insurance Product of the Year-2017” at Insurance Asia Awards 2017 for it’s Guardian-Brac Bima Project (GBB).

Pioneer of Microfinance Project: Guardian-Brac Bima.

Securing the futures of more than 5 million People.

4 out of every 100 people in Bangladesh is under GLIL’s MI Coverage.

Providing the funeral benefit BDT 10000 / BDT 20000 to the deceased family within 24 hours.

Capable to settle a claim of GBB within 03 working days if all the papers are efficient.

Able to pay the claim amount within 05 working days.

Digital Claim Sending – BRAC’s field staffs are able to send the claim’s docs by capturing photos through their SMART PHONE/TAB at present.

Social Business tagged with Micro-insurance ensures secured business.

  • Insurance coverage secures the loan portfolio from day-1.
  • The organization can enjoy an extra income in the form of profit from the insurer.
  • The difficult task of collecting the refundable outstanding loan amount from the family of the deceased will be abolished.
  • Enhancing the productivity of branch/service unit.
  • Regular loan products will be more attractive.
  • No stress for the deceased family to manage the funeral costs.

We are working for long time basis to find out the new potential customers like NGO’s, Commercial Banks and NBFIs etc. We are ready to offer you various types of Micro-Insurance Products as per your requirements. If you are interested to involve with us, please contact with us (Micro Insurance Team-Guardian Head Office).

Book an Appointment

Guardian Life Insurance Limited started its business activities from 1st January 2014 and has already achieved good reputation in the Insurance Industry and is looking to grow further in the coming years. The paid up capital of the company is 18.20 Crore and authorized capital is set at 200 Crore. Guardian Life Insurance Limited is striving to ensure trust in the hearts of our stakeholders through good governance. Guardian Life Insurance Limited has started its journey with the promise of helping build a better and more secured future for our valuable customers by providing them with world class insurance products and excellent customer service. The company will utilize a dynamic and caring knowledge-driven workforce coupled with the latest in technology in order to exceed the valued customers’ expectations. Innovation, proper risk management and prudent investment mechanisms are our tools in ensuring maximum financial benefits for our customers.

Guardian Life Insurance Limited started its business activities from 1st January 2014 and has already achieved good reputation in the Insurance Industry and is looking to grow further in the coming years. The paid up capital of the company is 18.20 Crore and authorized capital is set at 200 Crore. Guardian Life Insurance Limited is striving to ensure trust in the hearts of our stakeholders through good governance. Guardian Life Insurance Limited has started its journey with the promise of helping build a better and more secured future for our valuable customers by providing them with world class insurance products and excellent customer service. The company will utilize a dynamic and caring knowledge-driven workforce coupled with the latest in technology in order to exceed the valued customers’ expectations. Innovation, proper risk management and prudent investment mechanisms are our tools in ensuring maximum financial benefits for our customers.

Guardian Life Insurance Limited started its business activities from 1st January 2014 and has already achieved good reputation in the Insurance Industry and is looking to grow further in the coming years. The paid up capital of the company is 18.20 Crore and authorized capital is set at 200 Crore. Guardian Life Insurance Limited is striving to ensure trust in the hearts of our stakeholders through good governance. Guardian Life Insurance Limited has started its journey with the promise of helping build a better and more secured future for our valuable customers by providing them with world class insurance products and excellent customer service. The company will utilize a dynamic and caring knowledge-driven workforce coupled with the latest in technology in order to exceed the valued customers’ expectations. Innovation, proper risk management and prudent investment mechanisms are our tools in ensuring maximum financial benefits for our customers.

Guardian Life Insurance Limited started its business activities from 1st January 2014 and has already achieved good reputation in the Insurance Industry and is looking to grow further in the coming years. The paid up capital of the company is 18.20 Crore and authorized capital is set at 200 Crore. Guardian Life Insurance Limited is striving to ensure trust in the hearts of our stakeholders through good governance. Guardian Life Insurance Limited has started its journey with the promise of helping build a better and more secured future for our valuable customers by providing them with world class insurance products and excellent customer service. The company will utilize a dynamic and caring knowledge-driven workforce coupled with the latest in technology in order to exceed the valued customers’ expectations. Innovation, proper risk management and prudent investment mechanisms are our tools in ensuring maximum financial benefits for our customers.

Guardian Life Insurance Limited started its business activities from 1st January 2014 and has already achieved good reputation in the Insurance Industry and is looking to grow further in the coming years. The paid up capital of the company is 18.20 Crore and authorized capital is set at 200 Crore. Guardian Life Insurance Limited is striving to ensure trust in the hearts of our stakeholders through good governance. Guardian Life Insurance Limited has started its journey with the promise of helping build a better and more secured future for our valuable customers by providing them with world class insurance products and excellent customer service. The company will utilize a dynamic and caring knowledge-driven workforce coupled with the latest in technology in order to exceed the valued customers’ expectations. Innovation, proper risk management and prudent investment mechanisms are our tools in ensuring maximum financial benefits for our customers.

Guardian Life Insurance Limited started its business activities from 1st January 2014 and has already achieved good reputation in the Insurance Industry and is looking to grow further in the coming years. The paid up capital of the company is 18.20 Crore and authorized capital is set at 200 Crore. Guardian Life Insurance Limited is striving to ensure trust in the hearts of our stakeholders through good governance. Guardian Life Insurance Limited has started its journey with the promise of helping build a better and more secured future for our valuable customers by providing them with world class insurance products and excellent customer service. The company will utilize a dynamic and caring knowledge-driven workforce coupled with the latest in technology in order to exceed the valued customers’ expectations. Innovation, proper risk management and prudent investment mechanisms are our tools in ensuring maximum financial benefits for our customers.

Guardian Life Insurance Limited started its business activities from 1st January 2014 and has already achieved good reputation in the Insurance Industry and is looking to grow further in the coming years. The paid up capital of the company is 18.20 Crore and authorized capital is set at 200 Crore. Guardian Life Insurance Limited is striving to ensure trust in the hearts of our stakeholders through good governance. Guardian Life Insurance Limited has started its journey with the promise of helping build a better and more secured future for our valuable customers by providing them with world class insurance products and excellent customer service. The company will utilize a dynamic and caring knowledge-driven workforce coupled with the latest in technology in order to exceed the valued customers’ expectations. Innovation, proper risk management and prudent investment mechanisms are our tools in ensuring maximum financial benefits for our customers.

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