Department of Business Administration- BBA

Assignment On: Life Insurance Product of Sunlife Insurance Company Limited Course Title: Principles of Insurance Course Code: BBA-3226
Submitted To

Mohammed Bin Amin

Lecturer of SMUCT Submitted By

Md. Sujan Mia

ID: 103-401-096 19 Batch, 4th Semester
th

Submission Date: 03-12-2012

Letter of Transmittal
Date: 03rd December, 2012. To Mohammad Bin Amin Lecturer of Shanto-Mariam University of Creative Technology Uttara, Dhaka. Subject: Submission of Assignment on Life Insurance Product of Sunlife Insurance Company Limited. Dear Sir, Here I submitting my assignment on Life Insurance Product of Sunlife Insurance Company Limited prescribed by you in you course Principles of Insurance. For this Purpose, I have gone through internet for the relevant information of the assigned topic. Please call me for any further information at your convenient time and place. Yours truly, Md. Sujan Mia ID: 103-401-096 19th Batch, 4th Semester Shanto-Mariam University of Creative Technology Uttara,Dhaka.

Content
Serial Number 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

Topic Sunlife Insurance Company Limited Mission Vision Corporate Objectives Life Insurance Products of Sunlife Insurance Co. Ltd. Plan-01 Child Protection Assurance-With Bonus Plan-02 Single payment Endowment Assurance-with Guaranteed Profits Plan -03 Pension Bima without Bonus PIan-04 Endowment Assurance-with Guaranteed Prom PIan-05 Five Payments Endowment Assurance-with Bonus Plan-06 Endowment Assurance with Bonus Plan-07 Three Payments Endowment Assurancei-wiffi Bonus Plan-08 Yearly Renewable Group Term Assurance Plan-09 Group Endowment Assurance - Without Bonus Plan-10 Deposit Pension Scheme (OPS) Plan-11 Biennial Payment plan with profit Plan-12 Premium Collection Procedure

Page Number 04 04 04 05 06 06 06 07 08 08 09 09 10 10 11 11 12

Sunlife Insurance Company Limited

Life Insurance is not a new phenomenon in Bangladesh. During nearly 200 years insurance companies, including General and life started operation in this subcontinent. After libation in 1971 the Government of Bangladesh nationalized the insurance industries in 1972. From 1984 the Govt of Bangladesh allowed insurance companies to operate in the private sector. Sunlife insurance Company Limited (SLICL) a third generation life insurance company in Bangladesh, was incorporated on March 1, 2000 under the companies Act 1994, as a public Ltd. company to carrying out life insurance business in Bangladesh. SLICL is sponsored by a group of renowned business personality of the country involved with various business such as insurance, real estate, aluminum, bank, university, money exchange etc.

Mission
To provide unequal service, protect our policy holders interest and contribute for economic stabilization of the company. To maintain stakeholders interest with fair and transparent operation.

Vision
To be a leading life insurance Company and to be a company with due solemnity and corporate social responsibility to the society uphold by taking life risks of the policyholders.

Corporate Objectives
Ensure the financial betterment and welfare to the insured and the dependant. Help in bearing the childrens marital and educational expense. Mitigate multifarious needs and ensure the welfare of individual & family. Forced national savings and socio economic uplift ment at national plane. Creation of job opportunities for the unemployed educated people.

Life Insurance Products of Sunlife Insurance Co. Ltd.

Plan-01 Child Protection Assurance-With Bonus Target Clients : Child jointly with his parents. Father will pay the premium, in absence of father, mother will pay the premium considering her ability to pay. Child in the range of 6 month to 15 Years but age at the time of maturity to be not exceeding 30 years. Minimum 20 years and Maximum 55 years. Minimum 20 000 Maximum: un limited Plan-02 Single payment Endowment Assurance-with Guaranteed Profits. This plan is very popular in Bangladesh . Details of the plan is as under: Premium collection procedures : Term : Size of Insurance Coverage/Sum Assured : Age limit at the time of entering Single payment, once at the being of the policy contract 10 Years. Minimum :1k. 10,000, Maximum : un limited. Minimum 18 years.

Age limit

Age limit of premium prayer Sum Assured

Maximum 50 years. into the policy contract : Risk coverage and benefits Death risk of the policyholders are covered. The amount : of death claim payable to the family members/nominee of the deceased policyholder is double of the amount of sum Assured.

Plan -03 Pension Bima without Bonus Premium collection procedure : Age Limit : Yearly or half yearly. Age at the time of entering into the policy contract Minimum 18 Years. Maximum 55 Years. But age at the time of self retirement. Minimum 45 years.Maximum 65 years. 10 times of total annual pension.

Size of Insurance Coveragel Sum Assured : Target group :

Risk coverage on death :

Any man engaged in any profession. Any woman engaged in the profession of (I) Doctor (ii)engineer, (iii) any service holder. On death of the policyholder before beginning pension. the nominee of the policyholder will get 10 times of total annual pension. One Example

The age of Mr. X is 35 years. He interested to get 1k. 5,000/- per month as pension after completion of his 50 years old. (i) What will be annual premium. (ii) What will be the death claim in case f death before commencement of Pension per month is Tk. 5.000/ Annual pension Is 5,0001- x 12 1k. 60,000/Annual premium for Tk.1,000/-annual pension as per premium rate chart#3 is 1k. 491.30. So, annual premium islk. (491.30 x 60000)/1000 29478/- for annual pension 1k. 60,000)

PIan-04 Endowment Assurance-with Guaranteed Prom Premium Yearly/half yearly. Collection Procedure : Size of policy or Minimum : 30,0001-, Maximum : un limited Sum Assured : Term/Duration of 10.15, 20, 25. 30 years.Fixed Profit for per Tk. 1,000/the policy : is tk. 20, 30, 40, 50, & 60 for 10, 15,20, 25 & 30years term policies respectively. Profit will be payable after maturity only. Risk Coverage & Death risk of the policy holder are covered. The benefit : amount of death claim payable to the family members/nominee of the deceased policy holder is equal to sum Assured After expiry of the terms of the policy, if the policy holder remain alive he will be entitled maturity amount equal to sum Assured with guranted bonus. Age limit : Age at the time of entering at the policy contract Minimum 18 years Maximum 55 years PIan-05 Five Payments Endowment Assurance-with Bonus Premium Collection Procedure : Term / Duration of the policy : Age at the time of entering into the policy contract : Sum Assured /Size of insurance covered Yearly/half yearly. 15, 20, 25 & 30 years. Minimum 18 years. Maximum 55 years. Minimum : 20,000. Maximum : Un Limited.

Plan-06 Endowment Assurance with Bonus Premium collection procedure : Term/duration of the policy contract : Sum Assured : yearly! half Yearly.

10, 15,20,25 S 30 years

Minimum 30,000 Maximum Un limited. Minimum -18 years Maximum -50 years Age at the time of For non educated female maximum age -45 years In entering into all cases age of the policyholder at the time of Policy contract : maturity must not be exceeding 60 years Age at the time of Maximum 60 years. maturity : Risk Coverage & Death risk of the policy holder are covered.The benefit : amount of death claim payable to the family memberslnomiriee of the deceased policy holder is equal to sum Assured with accrued bonus. After expiry of the terms of the policy, if the policy holder remain alive he will be entitled maturity amount equal to sum Assured with accrued bonus, Plan-07 Three Payments Endowment Assurancei-wiffi Bonus Premium yearly! half Yearly. collection procedure : Term/ Duration of 12, 15, 18,21 &24 years. the policy : Sum Assured : Minimum : 30,000 Maximum Unlimited. Age limit At the time of entering Into policy contract Minimum 18 Maximum 53

P1an-08 Yearly Renewable Group Term Assurance Target Group : Risk Coverage : Staff of any organization. Member/Shareholder/ Partners of any organization. The death claim, will be paid to the nominee of the policyholder equal to the amount of sum Assured. After the maturity. if the policyholder remain alive no amount will be paid to him. Minimum - 18 years. Maximum -65 Years.

Age at the time of entered into Policy contract : Renewal of contract : The term of the contract Is only for one year. After one year the contract to be renewed. Plan 09 Group Endowment Assurance - Without Bonus

Target Group : . Staff of any organization. Member/Shareholder/Partners of any organization. Minimum member of a group is 10 Risk Coverage : On death of any insured the claim amount and in case of maturity the maturity amount will be paid and it will be equal to sum Assured and the amount will be paid to the employer organization. Age Limit : Age at the time of entered into policy contract: Minimum -18 years. Maximum -55 Years. Term/Duration of Up to 55 to 60 years old of the policyholder. the contract :

Plan 10
10

Deposit Pension Scheme (OPS) Premium Monthly. Term/Duration of the policy contract : 10 collection years. procedure : Age limit :At the Minimum 18 years. Maximum 45 years. (both male time of entering or female) into policy contract: Monthly premium Taka 200, 300, 400, 500, 600, 700, 800, 900, 1000, installment : 1100 and Maximum 2,000/ Risk Coverage : On death of the policy holder nominee family member will get full euro Assured with accraed bonus as death claim. On the other hand after the maturity of the term If the policy holder remain alive, the company will provide Assured amount with bonus to the Pension : policyholder. The policyholder may get pension as under

Plan 11 Biennial Payment plan with profit Premium payment procedure : Term / Duration of the policy : Age at the time of entering in to the policy contract Age Limit : Half yearly/Yearly. 10,15 & 20 years. MinImum: 18 Maximum: 55

Plan-12 Premium Collection Procedure

11

Premium Collection Procedure : Tem/Duration of the policy : Age at the time of entering into the policy contract : Sum Assured/Size of insurance Converage :

Monthly. 12,15&18 years. Minimum 18 years. Maximum 45 years. Minimum 13,400/- Maximum 2,00,000/

12