Islamic Insurance of Bangladesh

There are many smokes about life insurance in our country, there are many confusions. Many people think it’s just for a little help in old age. Some people think that the amount you get after 10, 15 or 18 years is too small. Not really. There are about a dozen things that should be taken up for life insurance policies.

If you are not: the life and death of man is in the hands of the Creator. We don’t want to lose loved ones. Yet many of us have to face this cruel truth. For example, this is my case. Suddenly you or I are not. Then we have to face a financial crisis, not just the grief of losing loved ones. A life-insurance policy may give family members a little courage to handle the initial push.

According to the rules, the policyholder gets full payment of the policy when the policyholder dies before the deadline is completed. Let’s say Rafiq Uddin has a policy of Rs 2million. He died before his term. In this case, his family will receive a total of Rs 2 million, which will protect them from the severity of the financial crisis.

Medical expenses: Many life-insurance policies include treatment and accident. In such a policy, someone who is in an accident will get the financial support that is required to lose his limbs. Let’s take a look at Rafiquddin. If his policy includes this, he will get one-fourth of the total amount of the policy if he loses one of his fingers in an accident. He will get Rs. 5 lakh for his Rs 2 million policy.

In some cases, certain diseases including kidney failure, heart attack, and medical costs are available.

Repayment of debt: Nobody wants to be involved in the debt that the family has left behind after his death. The loan can be a housing loan, a car purchase loan, a personal loan or a credit card loan. The family members were helpless when they lost their place of dependency; If they are under pressure from a large number of debts, they will be without knowledge. The life-insurance policy can relieve them by paying off their debts.

Helpful in achieving long-term goals: Life insurance policies can play a helpful role in meeting long-term goals. You can get great help with buying a flat or a house, higher education, etc.

Private employees’ retirement benefits: Public servants get pension benefits after retirement along with provision funds, gratuities, etc., which provide financial security for their later retirement life. Most private sector employees are deprived of this benefit. Life insurance can provide some financial security in your later retirement life.

Tax benefits: Some tax benefits are available in the case of life insurance. The amount of money that is deposited as a premium is tax free every year.

Stress savings: Sometimes it is difficult to balance between practice and practice in life. So whatever I earn, it costs a lot. There is no shortage of sectors to spend daily family expenses, child education, weddings, birthdays, etc. socializing, visiting, buying new furniture or electronic gadgets. It seems that the account book is completely empty. If there is a life insurance policy, you have to pay a premium to keep it running. And so slowly some savings are made, which can become larger at a time.

Comfort in the future: Death is inevitable. There’s no chance of avoiding it. So, there is no such concern in people’s minds about death. Concerns are raised about the future of the wife and other family members. If they don’t, they don’t have to worry about how they live, how they live, how they can meet their daily needs. A good life-insurance policy can greatly reduce this stigma. So as long as you live, you can live with ease.

Warning: There is no shortage of life-saving benefits. However, if you open a life-insurance policy in the wrong place or you are a fraudulent agent, the misery does not end. Sometimes the policy is cancelled or deprived of the desired benefits. So before opening the policy, we need to check on the companies concerned, check their track records. And we have to read the terms of the insurance agreement. In addition to insurance agreements, premium deposit receipts must be saved in the care of the insurance.

Updated: March 17, 2020 — 9:24 am

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