The First Insurance Claim Payment of Micro Insurance Agreement between Guardian Life and Bank Asia
Recently Guardian Life Insurance Limited paid the first insurance claim under their microinsurance agreement.
Agent banking is a new, prominent and comprehensive banking process in terms of financial inclusion in Bangladesh. In order to strengthen the rural economy and make the banking services easier & safer for the people, Bank Asia launched this service in Bangladesh in 2014 which has now become the largest agent banking service provider in the country. All the farmers and micro-entrepreneurs are now getting an easy loan facility from the agent banking service where Guardian Life’s Microinsurance facility was added in January 2019 to make the borrowers life secured.
Under this agreement, the borrowers of Bank Asia’s Agent Banking service are covered by Guardian Life’s insurance facilities and consequently, Bank Asia’s Agent Banking service is accelerating day by day.
In continuation, marginalized people are taking microloans through Agent Banking of Bank Asia under the life insurance facility of Guardian Life. Unfortunately, one of the borrowers passed away and Guardian Life paid out the entire loan to Bank Asia which eventually freed the borrower’s family from debt.
As this was the first insurance claim to be paid under this agreement, a formal event was arranged to pay the claim to Bank Asia. Nominee, Robin Mahmood and Bank Asia representatives Sardar Akhtar Hamid, Senior Executive Vice President and Head of Channel Banking Division; Iftekhar Ahmed, Assistant Vice President, Head of Small Business; Ishtiaq Ahmed Rahat, First Assistant Vice President; Saleh Ahmed, Relationship Manager and many other high ranking officials and employees were present.
On behalf of Guardian Life, Mohammad Sajjadul Karim, Deputy Managing Director; Md. Touhidul Islam, Vice President; Irtifa Binte Jalal, Senior Officer; Md. Touhidur Rahaman, Officer; Antara Bhattacharjee, Officer were present in the event.