Microinsurance

Micro-insurance is one of the formal risk management mechanisms to protect the mass community from the effect of their potential financial risks. Micro-insurance product is specially designed for the lower income people for ensuring their risk coverage in exchange of affordable premium. So any one can enjoy insurance benefits under this mechanism who, generally, do not have access to the traditional insurance due to higher premium.

Micro insurance plays a vital role in the economic development of any country. Bangladesh is now under the process of graduating as developing country. So micro insurance can create a vital role to ensure inclusive growth and support the livelihood of the vulnerable segment of the society and facilitate the sustainable economic growth of this country

Ongoing Program

Why Micro insurance?

Because their resources are so limited, poor people can experience great financial disruption when unexpected events befall them. If a breadwinner is injured or falls ill, there is not only the loss of income and labor, but the prospect that without cash in advance there will no treatments at all. If a breadwinner dies, not only must funeral expenses be paid, but continued cash for basic needs and education of the family is required. A poor person’s property may be limited to a few animals or crops and modest shelter, but the destruction of any of these may be a great blow to the family’s economy. Even small sums insured can ensure some protection and peace of mind (and dignity) for a poor person.

From the point of view of insures, however, small sums insured mean small premiums and low profit margins. Thus micro insurance has to be well-administrated, cost efficient, and delivered on a large scale if it is to benefit the poor, and those who provide the micro insurance.

Guardian Life Micro-insurance

Being the largest Micro Insurer in Bangladesh Guardian Life Insurance Ltd. is covering more than 10 million lives under different micro-insurance propositions. These micro insurance products are being offered though partnership modality. The beneficiaries or members of the partner organization i.e. MFI, Bank etc., can enjoy the benefits of offered products with affordable premium. With continuous innovation, Guardian Life is planning to explore the partnership opportunities with different organizations through tagging micro-insurance product with their product & services.

Features of Guardian Life Micro-insurance

  • Simplified Product offered to the insured
  • Economic Price considering the affordability of economic group
  • Customized offering based on the demand of the insured
  • Hassle free enrolment process
  • Fastest claim settlement to ensure best support
  • Win-win proposition for the partners

Current Offerings

  • Credit Shield Micro-insurance

This policy has been designed for the micro credit holders of MFIs, Banks and the Non-Bank Financials (NBFIs) for protecting them from the effect of their potential financial risks

Benefits

  • Life Coverage: A fixed amount of funeral cost due to the death of loan holder or secondary insured
  • Credit Coverage: Waiver of outstanding loan due to the death of loan holder or secondary insured

 

  • Saving Shield Micro-insurance

This policy has been designed for the micro savings holders of MFIs, Banks and the Non-Bank Financials (NBFIs) for protecting them from the effect of their potential financial risks

Benefits

  • Life Coverage: The maturity value of savings scheme due to the death of savings holder.

Current Programs

  • Guardian Brac Bima (GBB)

GLIL in partnership with BRAC tried to develop a proposition that could meet the needs of the community. Promoting this scheme through a trusted intermediary had instant benefits; the initial take up rate skyrocketed to 61% in 2016 and 76% in 2017 through voluntary participation. Partnership with BRAC gave the scheme significant reach, the availability of this product increased from 20 branches in 2015 & 650 branches in 2016 under pilot phase to 2530 branches in 10 weeks. GLIL has worked in two folds when it comes to the operations management and efficient claim processing, delivering on both quantity and quality. GLIL also introduced BRAC Guardian Bima Web Portal to drive effectiveness and efficiency in claim processing.

Benefits

  • Life Coverage: A fixed amount of funeral cost due to the death of loan holder or secondary insured
  • Credit Coverage: Waiver of outstanding loan due to the death of loan holder or secondary insured

GBB’s Achievements

  • GLIL achieved “Innovative Insurance Product of the Year-2017” at Insurance Asia Awards 2017 for Guardian-Brac Bima Project (GBB).
  • GBB has become the largest micro-insurance project in Bangladesh
  • More than 10 million lives is being secured under this proposition
  • Quickest claim settlement of the largest community has been possible through automated claim management
  • Settled claims of BDT. 1896 million under this project

 

  • Bank Asia Guardian Bima (BAG)

In 2019, Bank Asia & Guardian Life jointly initiated a credit shield product for the micro loan borrowers under Agent Banking channel of Bank Asia. Through this initiatives a large number of untapped community gets an opportunity to reside under the umbrella of insurance.

Benefits

  • Life & Credit Coverage: Waiver of outstanding loan due to the death of loan holder

Impact of Guardian Life Micro-insurance

  • Liability protection of the loan holders
  • Credit protection of partners, i.e. MFI, Bank & Non-Bank Financials (NBFs)
  • Asset protection of all stakes
  • A secured financial ecosystem
  • Secured socio-economy

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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