The Overall Condition of Insurance Companies in Bangladesh

Bangladesh is a very collective society means we live in family, love our family and think about their future a lot. According to the questionnaires, 5 out of 6 policy holders have taken the insurance policy for family safety. Moreover, if we summarize all 6 questionnaires then we can focus on some common factors which are discussed below.

Age: None of our policy holders are below 30 years old. A common age is above 40. It means at the young age Bengalis are not that much interested in making insurance policy, but after 40 years they started to get involved in making policy.

Income and sum insured accordingly: If we look at average monthly income, we can see that, most of them are earning above BDT 50,000 per month. So after fulfilling the basic needs, they involve themselves in insurance policies.

Consequently, the next concern is total sum insured by the policy holders that vary from BDT 100000 to BDT 800000. This is a handsome and big amount and obviously has a correlation with the policy holders' income level. Apart from it, in most cases, policy holders have to pay a premier of about BDT 40,000 to BDT 50,000 annually.

Dependent members: We found that, all of our policy holders have dependents and some assets like house, cars etc. Combining these two factors, they have policies; that means the policy holders wanted to create safeguard by making policies. In other words, they all want to protect their family from the risk of sudden death of the earning member (policy holder himself).

Policy undertaken: From our survey, we found that our policy holders holds endowment policy in most cases. This is a modern concept. It says that even after maturity, doesn't matter whether the policy holder is alive or not, he will get the total sum insured. On the other hand our observation dictates that a very few percentage of people hold term policy and whole life policy too.

Insurer Company: In Bangladesh Metlife Alico is a reputed name in the market of insurance companies. And according to our questionnaires, all of the policy holders took their policies from that organization. On other notation we also found that, for having policies in that company one more key factor worked as stimuli- the influence of the company's agents.

Due to some limitations, we were unable to justify the demerits of the policies undertaken by the 6 policy holders. Nevertheless, we can say that, all of the six policy holders are satisfied with their policies and the insurance company with which they are involved.