What are the things to keep in mind before insuring?
Insurance is calculated by calculating future uncertainties. Although the insurance sector started in Bangladesh with the establishment of General Insurance and Life Insurance Corporation in 1973, today, March 1, is being observed as National Insurance Day for the first time. A quarter of a crore people in the country are covered under various types of insurance, though many do not have a positive idea about insurance. However, economic analysts say that insurance can ensure the future security of an investor, while at the same time his risk is institutionally shared.
What is insurance?
Professor Hasina Sheikh, Director, Department of Banking and Insurance, Dhaka University, said that insurance is the transfer of the risk of possible loss of life, property or property to an institution in exchange for a certain amount of money.
Before insuring, one has to look at, know and understand the relevant insurance terms so that the individual or insurance company accepts partial or all possible risks of the client in return for money. Hasina Sheikh said, “Insurance is a kind of investment. It means you are depositing a certain amount of money now considering the uncertainty of the future. After a certain period of time you will get your money in hand. It is like sharing your risk with another person.”
Suppose, health insurance or health insurance, where you are depositing a certain amount of money against your own health situation, the purpose is that if you have an accident, the insurance company will pay a part or a large part of your health expenses. This is the amount of money you are depositing, it is called premium. In case of illness or accident, the health insurance listed hospitals usually have to pay the insurance to the customer after receiving the ‘cashless’ service or service. If you do not get the promised money after the expiration date, you need to know what protection the customer has. Professor Hasina Sheikh said, “Simply put, it is like paying to protect yourself from possible future losses.”
What kind of insurance is introduced in Bangladesh?
There are usually two types of insurance in Bangladesh – life insurance and general insurance. In life insurance a person can insure the life of himself or any member of the family. In this case, after the death of the insured person, the entire sum insured will be paid to the family or the nominee. And general insurance includes all types of insurance including health, trade, industry, agriculture, vehicles. There are a total of 6 insurance companies in Bangladesh, of which 32 are life insurance and 48 are general insurance companies. These include a life insurance and a general insurance state-owned company. There are also two foreign insurance companies.
What are the things to keep in mind?
Professor Hasina Sheikh said that the network of insurance companies in Bangladesh extends to remote areas of the country, so there is a lot of opportunity for financial institutions to work. He said, “You have to go to the bank to open an account, deposit money and do other work. But to insure, the insurance agents go to the customer’s house and persuade him to work, so the hassle is avoided and there is no need to wait for any service at the bank.” That’s why village farmers now insure their agricultural products and livestock. ”
But there are many negative experiences of getting money after the end of the insurance period, which is why Professor Hasina Sheikh said that a customer has to take care of a few things before taking out insurance. Before insuring, you need to see, know and understand the relevant insurance terms.
Rules for depositing premium and what to do after the deadline.You need to know exactly how much money you will get after the expiration date and within how many days you will get the promised money. If the promised money is not received in time after the expiry of the term, the customer has to know what legal protection he has.
Professor Hasina Sheikh, Director, Department of Banking and Insurance, Dhaka University, said the biggest problem in the insurance sector in Bangladesh is the crisis of confidence. Although insurance has been introduced in Bangladesh for more than 48 years, there is some confusion and lack of knowledge among the general public about insurance. At the same time, there are complaints of problems in getting insurance money after maturity or after the death of a family member in the case of life insurance. ” In that case, he doesn’t know what to do with the customer. He thinks that the lack of proper training and skills of insurance agents in the country is one of the reasons behind this. “At the same time, if an organization breaks a promise, it must be punished.”
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