EBL launches DPS with life insurance coverage
Monday, 29 June 2009
FE Report
Leading private commercial bank Eastern Bank Limited has introduced the latest in its array of financial products, 'EBL Secure DPS'- a monthly savings scheme with complete life insurance coverage.
This savings scheme, which is claimed to be the first of its kind in the country, is unique in sense that it offers guaranteed maturity value of the deposit to the nominee of the depositor in case of his/ her sudden demise.
"The innovative product is designed to provide a kind of social safety net for the middle class people through which a depositor can assure much needed financial support for his spouse or family after he/she is dead," EBL Managing Director and CEO Ali Reza Iftekhar said on the eve of launching the product.
Under the scheme, a depositor can save Tk. 500 up to a maximum of Tk. 13,000 monthly with built in insurance premium for a period of five years with attractive interest rate, the Bank authority informed.
The maturity value at the end of the five years' deposit time may range from Tk. 36,973 in case of Tk. 500 monthly deposit to Tk. 961,300 in case of Tk. 13,000 monthly desposit, they added.
"For example, if a depositor's monthly installment amounts to Tk. 3000, the maturity value at the end of the five years' time would stand at Tk. 221,838," EBL Head of Marketing Nazeem Anwar Choudhury said.
"However, if a depositor dies at any point during the DPS period after depositing a single installment, the full maturity value of Tk. 221,838 will be paid back to the nominee of the depositor subject to fulfillment of insurance requirements," he added
The EBL scheme, which offers auto installment deposit facility from the EBL Account, also features option to open multiple schemes up to the total installment value. Global insurance giant American Life Insurance Company is providing the life insurance coverage in the EBL Secure DPS scheme.
Leading private commercial bank Eastern Bank Limited has introduced the latest in its array of financial products, 'EBL Secure DPS'- a monthly savings scheme with complete life insurance coverage.
This savings scheme, which is claimed to be the first of its kind in the country, is unique in sense that it offers guaranteed maturity value of the deposit to the nominee of the depositor in case of his/ her sudden demise.
"The innovative product is designed to provide a kind of social safety net for the middle class people through which a depositor can assure much needed financial support for his spouse or family after he/she is dead," EBL Managing Director and CEO Ali Reza Iftekhar said on the eve of launching the product.
Under the scheme, a depositor can save Tk. 500 up to a maximum of Tk. 13,000 monthly with built in insurance premium for a period of five years with attractive interest rate, the Bank authority informed.
The maturity value at the end of the five years' deposit time may range from Tk. 36,973 in case of Tk. 500 monthly deposit to Tk. 961,300 in case of Tk. 13,000 monthly desposit, they added.
"For example, if a depositor's monthly installment amounts to Tk. 3000, the maturity value at the end of the five years' time would stand at Tk. 221,838," EBL Head of Marketing Nazeem Anwar Choudhury said.
"However, if a depositor dies at any point during the DPS period after depositing a single installment, the full maturity value of Tk. 221,838 will be paid back to the nominee of the depositor subject to fulfillment of insurance requirements," he added
The EBL scheme, which offers auto installment deposit facility from the EBL Account, also features option to open multiple schemes up to the total installment value. Global insurance giant American Life Insurance Company is providing the life insurance coverage in the EBL Secure DPS scheme.