First ever women only insurance policy in Bangladesh

With a view to widening the brand identity, Green Delta Insurance Company (GDIC), a first generation and top of the list general insurance company of the country, has set to pace for the first time a new insurance policy styled 'Nibedita'. The scheme baptized as 'Nibedita', a Bangla word in the feminine gender, denotes that it is meant solely for the women of Bangladesh. This all women insurance policy spearheaded by GDIC was inaugurated in May 2013 by the then Minister of Industries, Government of the People's Republic of Bangladesh, Mr Dilip Barua. Since then the project passed through a pilot phase. On the 29th April, 2014 the policy was launched commercially in a media conference held in the corporate HQ of the company at the Green Delta Aims Tower, 51 52 Mohakhali C/A, Dhaka. It was widely attended by both the electronic and the print media. This auspicious ceremony, setting a milestone in the private insurance sector of Bangladesh, was attended, among others, by Mr Nasir A Chowdhury, the founder MD & Adviser, Ms Farzana Chowdhury, MD & CEO, Mr Farid Chowdhury, Sr Addl MD, Mr ASA Muiz, ex Add MD and Consultant, Mr Nazim Tazik Chowdhury, DMD, Mr Syed Moinuddin, DMD & Company Secretary, Mr Wafi S Khan, CEO of GDIC's subsidiary Green Delta Brokerage Ltd, Mr TH Forhad, Sr ED, Mr Rafiqul Islam, ED & Chief Investment Officer, Mr Nazrul Islam, Sr ED, Mr Syed Kaiser Ahmed, Sr ED, Mr Kabir Chowdhury, ED, Ms Papia Rahman, ED, Ms Nazma Akhter, ED and other senior executives of GDIC. The Adviser and the MD addressed the conference explaining the details of the project and responded to the questions of the journalists and media men and women present. Ms Shomi Kaiser, an eminent actress, a noted media personality and MD of the advertising firm   Dhan Shiri Communications Ltd - was the Chief Guest. She was honored by the GDIC Management for subscribing a policy worth Tk 1,000,000, the highest sum that can be insured under 'Nibedita' scheme.

The event was significantly covered by the print and electronic media highlighting the salient features of this newly introduced insurance product. The on line editions of some of the vernacular & English dailies also covered this memorable occasion. Local online web portals also followed suit. Wide coverage with photographs of the ceremony in the newspapers and video presentations in TV Channels were encouraging.

On the objective of launching a female only insurance policy by GDIC, its 2013 Annual Report read, "Nibedita is a comprehensive insurance scheme, with a wide range of coverage of accidental death, bodily injury due to accident, death during childbirth etc. It will also extend coverage for carrying legal expenses incurred for divorce proceedings, trauma allowance for rape, robbery, acid victims etc".

The project excludes existing disability, death, injury and disability caused by the adverse effect of in taking intoxicated substances, liquor and drugs. It also excludes death from convulsions of nature, suicide or willful infliction of injury, death or injury directly or indirectly caused by insanity, death or injury due to war, invasion, armed hostilities provocated by foreign armies, civil war, revolution, insurrection, mutiny etc from the benefits offered by the scheme.

This package will provide the following benefits to the women policy holders bracketed in the age group of 18 to 65 years. The package is aimed at the self-dependency of the rural and urban women. The insured sum under the scheme is Tk 100,000 to Tk 1,000,000 (the highest limit). It will give trauma allowance to the victims of rape, road bully, robbery and acid victims. Per capita net premium is Tk 580.

Save the above exclusions the policy will cover death from accident, physical injury due to accident causing total or partial disability, disability, death caused as a result of insect, snake bites, attacks of domestic or wild animals, death or physical incapacity caused by flood, earthquake, landslide, cyclone and other natural calamities. It will also cover death at childbirth either during normal delivery or caesarian operation. Further, the coverage includes loss or damage of household goods, personal effects from fire, lightening, riots, storm, typhoon, flood, tidal surge, cyclone, earthquake and other natural disasters. It will provide trauma allowance in the eventuality of being victims of rape, road bully, robbery, acid throwing. The tenure of the policy is 1 year.

One of the objectives of this newly introduced policy is to help our womenfolk to attain self-dependence which corresponds to goal 3 of the Millennium Development Goals (MDGs) namely to promote gender equality and empowering women. Almost half of our population is female. Therefore, an insurance policy with coverage facility to the women only is undoubtedly a good step forward to help them to be self-dependent. But there lies the question of sustainability of the scheme. As per the annual report referred to earlier, GDIC is committed to sustainability as far as its management is concerned. In spite of being the largest insurance company of Bangladesh it might not be possible for it to bring the overwhelming majority of the target groups into the network of this newly introduced policy who live in remote villages. The 38 branches of the company, all located in the capital city, Divisional HQ and District HQ will not be able to bring the benefits of the policy to our rural womenfolk. Therefore, to make the policy sustainable, GDIC could come in partnership with the reputed players in the field of women advancement and capacity building down to the grassroots level. Well-reputed and networked NGOs working in the development of urban and rural women, say BRAC, might be the likely partners of GDIC's progress to make this new insurance venture for our vulnerable and marginalized womenfolk viable and at the same time a sustainable one.