Schemes Title

ORDINARY LIFE

Popular Life offers a wide variety of ordinary life (Akok Bima) product/plans ranging from the most common endowment type, pension plan, different types of payment (two/three/four/five) plans etc. The plans have been designed keeping in view the diverse and multifaceted needs of the insuring people belonging to different strata of the society. Some of the popular plans are briefly described below.

I. Endowment plan with profits (Tables-01) The most common and widely popular, this plan provides for a fixed sum at end of a particular term or at earlier on death of the assured. This is a straightforward coverage allowing a person to plan his future needs for security and projected savings through means of insurance i.e. for security and projected savings through means of insurance.

II. Instalment payment plans with profits :

a) Biennial payment assurance plan (Tables-02) - is given for 10, 15 & 20 years' term and provides for payment of a portion of sum assured bi-annually after expiry of the 4th year of the policy, if the policyholder is then living.

The amount of instalment and when payable is shown in the table below

Term
Amount of instalment
When payable
Amount of Sum Assured payable on maturity
10 Yrs.
20%
Upon expiry of 4th, 6th, 8th yrs.
40%
15 Yrs.
15%
Upon expiry of 4th, 6th, 8th, 10th 12th yrs.
25%
20 Yrs.
10%
Upon expiry of 4th, 6th, 8th, 10th, 12th, 14th, 16th & 18th yrs.
20%

b) Three payment endowment assurance plan (Tables-03) Given for terms like 12, 15, 18, 21, 24 years with profits this plan provides for one fourth of the sum assured upon expiry of each one third of the term and on death at anytime within the term the full sum assured - payment of one or all the instalments notwithstanding. In case of survival to the end of the term remaining portion of the sum assured along with profits is paid after deducting the instalments already paid.

c) Four payment endowment assurance plan (Tables-04) - is given for 12, 16, 20, 24 & 28 years term with profits. This plan provides 15% sum assured upon expiry of one fourth of the term, 20% sum assured upon expiry of two fourth of the term, 25% sum assured upon expiry of three fourth of the term and the remaining 40% of the sum assured along with accured profits is paid at maturity.

d) Five payment endowment assurance plan (Tables-05) - is given for 10, 15, 20, 25 & 30 years term (with profit). This plan provides 10% sum assured upon expiry of one fifth of the term, 15% sum assured upon expiry of two fifth of the term, 20% sum assured upon expiry of three fifth of the term, 25% sum assured upon expiry of four fifth of the term, and the remaining 30% of the sum assured along with accured profits is paid at maturity.

III. Money back term assurance without profits (Table - 06) - This plan is comparatively low cost plans. This plan provides full sum assured in case of premature death within the term or refund of all premiums paid at end of term.

IV. Child protectin plans with profits (Table - 07,09) : Multiple benefits in the form of scholarship, monthly annuity etc. in addition to sum assured are available under these plans. Under one plan (Table-07) sum assured or a part thereof is also payable to the policyholder in case the child dies prematurely.

V. Assurance cum Pension and Medical Benefit plan (Table - 08) - without profits. Under this plan pensions plus medical benefit are provided from an age designated by the policyholder for life, guaranteed for a minimum period of 10 years i.e. if the pensioner dies anytime within 10 years his designated nominee will get pension plus medical benefit for remaining term of 10 years. Before pension starts, if the assured policyholder dies, 10 times the annual pension plus 10% of medical benefit be paid as a lump-sum to his nominee and the policy is terminated upon such payment.

VII. Single Payment Endowment Assurance with profits (Table No. 10): It is a single Premium Policy offering for either 10 or 15 years term. Full sum assured alongwith accured bonus be paid either normal tennure of the policy expires or on death anytime before date of maturity. Premiums are based on the age of the proposer. This plan perfectly suits the needs of the executive class.

VIII. Mohorana Bima Plan with profits (Table No. 11): All muslims have to abide by the rules of Mohorana while getting Married. The objective of this plan is for those Muslims to pay their Mohorana in due course and obey the commandments of the Almighty ALLAH. This policy term is consists of 10, 15 and 20 years. Full sum assured alongwith accured bonus be paid either normal tennure of the policy expires or on death anytime before date of maturity. Premiums are based on the age of the proposer.

VII. Hajj Bima with profits (Table No. 12): The Holy Hajj is one of the pillers of all Muslims to perform if possible (i.e. having financial capability). The objective of this policy to ease the financial aspects. This policy offered for 10 15 and 20 years term. Full sum assured alongwith accured bonus be paid either normal tennure of the policy expires or on death anytime before date of maturity. Premiums are based on the age of the proposer. This plan perfectly suits the needs of those who aspire to perform the Holy Hajj.

MICRO INSURANCE

Popular Life offers a wide variety of micro insurance products (Khudro Bima) product/plans ranging in 2001 to facilitate the rural people to save their hard earned money alongwith the coverage of insurance. Products are ranging fron the most common deposit pension scheme, small saving scheme plans etc. The plans have been designed keeping in view the diverse and multifaceted needs of the rural insuring people belonging to different strata of the society. Some of the popular plans are briefly described below:

I. Islami DPS Akok Bima with profits (Tables-28) Based on our socio economic prospective, Popular Life introduced monthly basis small saving scheme. The prospective of this plan to facilitate the rural low income group to have certain amount of money at the end of specified period. Premium starts from Tk. 200 to Tk. 3000 and term of the policy is given for 12, 15, 18 & 20 years term only.

II. Islami Deposit Pension with profits (Table - 57) - This plan aims at low income people of our society. This plan provides full sum assured alongwith bonus in case of premature death or successful completion of term.

III. Small savings term deposit scheme with profits (Table - 51, 55, 56) : Sum assured ranging from Tk. 6000 to Tk. 60,000. Term of the policy is given for 12, 15 and 18 years. Full sum assured is provided alongwith accured bonus in case of premature death of the policy holder or at the end the policy term.