Bancassurance

Key Benefits of Bancassurance

Safeguarding the Family

Creating a resort for bad times

Minimizing Credit Risk

Increasing Revenue

What is Bancassurance

Bancassurance is a form of partnership with Banks and Life Insurance Companies to sell Life-Insurance & other assurance products. There is a huge scope of tagging banking products with Life insurance products that can be a perfect combination to make Banking products more attractive. In hedging the Credit Risk, assurance can be impactful to tackle the risk due to Customer’s death or disabilities. If combined with right spirit and implemented with efficiency, Bancassurance can be a win-win situation for all the participants’ viz., banks, insurers and the customer

Why Guardian Life Insurance

Guardian Life Insurance is looking to partner with the Banks who are willing to re-discover Insurance industry as a vital source of their NFI Revenue. Our Bancassurance team is ready to provide your Bank a sustainable Insurance tagged product proposition that will surely help grow the overall banking portfolio. Our collaborative relationships will add up value to your Banking business. Our team of experts is ready to analyze your needs and create an innovative cost-effective solution designed to enhance the VAS for your customers. As we uplift the commitment of our sponsors i.e. Apex, Brac & Square “to revolutionize the insurance spectrum of Bangladesh”- we believe in innovation and service to deliver best in class services for you and your customers.

Benefits for Bank Customers

Safeguarding the family from the difficulties of giving the loan back.

Creating a Resort for Bad times. Even after immense health hazards that might lead to disabilities; installment payments will not hamper.

Health benefits as add-on benefit that comes with Life coverage.

Benefits for Banks

Increasing Revenue through the sale of insurance products (Minimum investment with high return. More utilization of existing Channels/Branches/Sales Points)

Minimizing Credit risk exposures in Mortgage/Personal/SME/Loan & Credit cards.

Motivating Staffs through additional income opportunity through incentives/commission income earned from selling Insurance Products.

Credit Risk Mitigation Products

Credit Card Shield

Having credit card is good while your Customer is active and earning enough to pay the bills. But due to sudden unexpected incident may cause discomfort both for the Bank and the Customers as defaults due to Customer death or disability. The credit card outstanding then becomes a serious burden for the Card Holder or his/her family. Our credit card shield product will remain as a trusted friend to give relief to cover the uncertainties at this difficult time by paying the Outstanding to the Bank. Also the Family will get a sum equal to outstanding as Death Benefit.

Various features that Banks can add with their Credit Cards:

Offers up to 200% of outstanding balance of credit card due to natural death or PTD.
Covers critical illness
Health Benefit (both Outpatient Department [OPD] and In patient Department [IPD]

Mortgage Risk Diversification

Banks or Financial Institutions (FI) give mortgage loan that is just not a simple Loan but it is a key to fulfill the dream of owning a Home. As uncertainties in our life may shatter many dreams-Mortgage Loan, if turned out to be default, adds woe to the bank portfolio and to the life of the deceased borrower’s family.

Banks can hedge the default risk due to Death or Disability of the borrower by partnering with Guardian Life Insurance Ltd. in the form of Mortgage Assurance. Guardian remains as a trusted partner with the bank customer to safeguard their family by paying the remaining outstanding to the bank/Financial Institution. Our robust underwriting team will help the banks/FI to mitigate their credit risk.

Protection ‘for outstanding loan balance
Cover death (both natural & ADB) and permanent total disability

Personal Loan risk Diversification

Personal loan is great for both the Bank/FI and the Borrower. This any purpose Loan brings in high revenue for the Bank. But due to the uncertainties of Life and Health hazard of the Borrower, this portfolio might be a ‘Pain in the Brain’ for the Bank/FI.

Our ‘PL Assurance’ will come as a rescue for limiting the Credit Risk of Banks/FIs. We are committed to repay the loan to the Bank/FI in case of death or disability of the Borrower. This is a great tool to reduce the Portfolio Risk of the Banks/FIs. So this is a smart solution for the Smart Banks/FIs offered by Guardian Life Insurance.

SME Loan Risk Diversification

As a bank, you give hope to millions of Entrepreneurs through SME loan and help flourish the strongest driving force of inclusive economic growth. But the downside risk of SME lending like NPL is also high. And if the risk arises due to the life casualty or other severe health hazards, both Bank and the Borrower face acute problem.

To mitigate such risk of lives, Guardian Life SME Banking Assurance can be a prudent way to diversify the risk of SME portfolio. Guardian is ready to make lives of borrowers worry free. We will pay the outstanding liabilities to the Bank in cases of life casualties.

Employee Banking Insurance Plan

Many employers consider employee insurance benefits as an additional cost to the Company. What is the very Employees Account that a Bank Opens to facilitate Salary/Benefit payment also provide Employee Insurance Coverage?

Guardian Life Employee Banking Insurance schemes, will give you customized Insurance Coverage with minimum cost bundled with the Employee/Salary Accounts.

Please call us to get the Customized Solution ‘Right Now!’

Depository Insurance Products

Casa Assurance Products

Guardian life offers attractive deposit insurance scheme for current and savings accounts for the bank customers. In case of any death or casualties the account holder family can get lump sum/specific amount to cover their loss.

All death covered (except exclusions)
Single/half yearly/Monthly premium option
Medical Coverage

Bancassurance for Women

Banks are admiring the undeniable role of women in society and continue to explore avenues that empower women. To expand the opportunities of women entrepreneurship and facilitate the economic development of women banks are offering full range of customized products.

Guardian Life aims to boost women’s self-esteem and enhance their decision-making power through presenting much needed protection from health hazards and economic security that are designed as per different financial needs of women.

All death covered (except exclusions)
Critical illness coverage for Cervical & Breast Cancer

Senior Citizen Protection

Priority Banking; especially segment specific propositions-are now popular among Bank clients. With this trend, Banks are now more careful in offering customized solutions to Senior Citizens. Senior citizens feel privileged if their bank takes special care for them.

Guardian Life is ready to add more values to the Senior Citizen Accounts of your bank with its special solution for caring the life and health needs of the Senior Citizen Account Holders of the Bank. Take the help of our expert team who will bundle a good deal of benefits to add to the Senior Citizen Account of your Bank.

Wide range of ages
DPS maturity amount guaranteed
Broader death coverage-Natural & Accidental

Customized Deposit Insurance Plans

As a bank you are safeguarding the deposit of your client to ensure their financial security as well as protect their families. But every family is different. So why not your deposit plan be customized with our Guardian Life Deposit Insurance Plan as per the need of your deposit accountholders. We offer a range of attractive deposit insurance solutions that can be linked with your deposit scheme.

Wide range of ages
DPS maturity amount guaranteed
Broader death coverage-Natural & Accidental

Benefits we are offering

Natural Death Benefits

A death occurring in the course of nature and from natural causes (as age or disease) as opposed to accident or violence. In case of death of the borrower during the insured tenure, a set amount of money will go to the people nominated as beneficiaries.

CI (Critical Illness)

If you are diagnosed with Critical illness, you can focus on recovery with support from Guardian Life CI illness solutions. It's designed to support you and your family financially while you deal with your diagnosis – so you can focus on your recovery without worrying how the bills will be paid.

Maternity Insurance Benefits

Maternity insurance is a supplementary benefit that will cover maternity treatment expenses to the insured during the period of coverage inclusive of child birth expenses.

PTD (Permanent Total Disability)

PTD is any lasting disability, injury or illness that affects your ability to earn a living. This benefits can be recognized immediately in case of total and irrecoverable loss of sight of both eyes, and two or more limbs (at or above wrist or ankle). In case of Permanent Total Disability of the borrower during the insured tenure, Guardian Life helps to cover the costs of rehabilitation, debt repayments and the future cost of living.

ADB (Accidental Death Benefit)

ADB is a policy that pays benefits to the beneficiary if the cause of death is directly from an accident caused through external and violent means. If an insured dies due to accident, a set amount of money will go to the people nominated as beneficiaries.

HI (Hospitalization Insurance)

Hospitalization Insurance is a supplementary benefit that will cover the hospitalization treatment expenses to the insured due to illness or injury sustained during the period of coverage inclusive of pre-admission and post discharge follow up treatment expenses.