Jiban Bima Corporation is the only state-run life insurance corporation in Bangladesh.
The Jiban Bima Corporation (JBC) is the largest state-owned life insurance company in Bangladesh. It was established in 1973 with the merger of two state-owned companies, the East Pakistan Industrial Development Corporation (EPIDC) and the West Pakistan Industrial Development Corporation (WPIDC). The JBC provides a wide range of life insurance products and services to individuals and businesses in Bangladesh.
The primary function of the JBC is to provide life insurance protection to the people of Bangladesh. The JBC offers a variety of life insurance products, such as whole life, term life, and universal life insurance. Whole life insurance provides coverage for the lifetime of the policyholder. Term life insurance provides coverage for a specific period of time, such as 10 years or 20 years.
The Jiban Bima Corporation is a Bangladeshi state-owned insurance company and is the largest insurance company in the country. The company was founded in 1972 and offers a wide range of insurance products including life, health. The company also provides reinsurance services.
Major functions of Jiban Bima Corporation:
PUBLIC SERVICES OF JBC
- Selling of social life insurance
- Claims settlement of endowment policy
- Claims settlement of death benefit policy within 90 days from death of the life assured
- Claims settlement of mature life policy
- Revival of lapse policy through different mechanism
- Documentation of income tax rebate for the policyholders within 03 working days of the assured application
- Loan service to the policyholder up to 90% of the maturity value of the sum insured (No loan is granted for children education and marriage insurance policy)
- Exemption of fine in the lapse policy
- Assignment of the life insurance policy
- Nominee change service to the policyholders
- Grace period for life insurance policies within 30 days from the due date
INSTITUTIONAL SERVICES OF JBC
- Issuance of the policy document
- Office file maintenance of all life policies
- Demand notice
- Lapse notice
- Bonus certificate
- Service to the regional office
- Policy issuance within short time after issuance of the FPR
- Managing real state of the JBC BD
INTERNAL SERVICES OF JBC
- Information service to the Finance Ministry of Bangladesh
- Information service to IDRA BD
- Information service to BBS (Bangladesh Bureau of Statistics)
- Preparing fund for insurance claims of regional offices
- Inter-departmental communications
- Employee grievance mitigation
LIFE INSURANCE PRODUCTS OF JBC
Bangladeshi people have many life insurance products to choose from. Some of the most popular life insurance products in Bangladesh are whole life insurance, term life insurance, and universal life insurance. Whole life insurance is a type of permanent life insurance that offers coverage for the policyholder’s entire lifetime. Term life insurance is a type of temporary life insurance that offers coverage for a set period of time, usually 10-20 years. Universal life insurance is a type of permanent life insurance that offers flexible coverage options and cash value accumulation.
No matter what type of life insurance product you are looking for, there are plenty of options available in Bangladesh. When choosing a life insurance policy, it is important to consider your needs and budget. Make sure to compare different policies before making a decision.
In conclusion, the Jiban Bima Corporation is a vital organization that provides many important functions. These functions include providing insurance for farmers, helping with agricultural development, and providing loans for farmers. The Jiban Bima Corporation is an important part of the financial sector in Bangladesh and helps to ensure the money security of the lives of the people.
For more details of the JBC citizen charter (Bangla document) of Jibon Bima Corporation, you can have a look at JBC portal.
Bangladesh has another corporation for non-life insurance – Sadharan Bima Corporation, to know SBC’s functions, you can read here.
Mr. Abdul has been in insurance sector of Bangladesh for a decade. He is an Associate Member (ACII) of Chartered Insurance Institute of London.