Finance Minister AMA Muhith has said there will be no duplicity with policyholders committed by the insurers within next two-three years as the government is taking action against irregularities.
"There are a good number of complaints against the insurers for not giving payment at the end of terms as per policy. But the government is working to ensure that all the policyholders duly get their money," he said.
He also said the Insurance Development and Regulatory Authority (IDRA) is enhancing its capacity to check irregularities in the insurance sector.
Mr Muhith was speaking as the chief guest at a launching ceremony of a smartphone application-based digital term life insurance product called 'Easy Life'. Guardian Life Insurance Ltd organised the programme at the city's Dhaka Club on Monday evening.
State Minister for ICT Zunaid Ahmed Palak, IDRA Chairman Md Shafiqur Rahman Patwary, Managing Director of Square Pharmaceuticals Ltd Tapan Chowdhury and Managing Director and Chief Executive Officer (CEO) of Guardian Life M M Monirul Alam attended the function, among others.
In his speech, the finance minister also said insurance was not very attractive business in Bangladesh earlier when most of the people believed the sector to be a scandalous one.
"Most of the customers accused the insurers of not paying their dues."
The minister said the insurance regulator is doing their best to help any client get their dues from the insurer.
He also shared his experience about insurance policy taking with the audience.
The IDRA chairman said Bangladesh's insurance sector is still lagging behind the neighbouring countries. The regulatory body is doing its best to restore the people's trust in insurance, he added.
He also lauded Guardian Life for launching a digital insurance product which ensures transparency by using technology.
Mr Tapan Chowdhury said sponsors of Guardian Life are committed to using modern technology in the insurance sector.
"Easy Life is a reflection of such endeavour," he said, adding that proper use of technology does not only give an impetus to a business but also ensure better services for clients.
The officials of Guardian Life said Easy Life is the first online term life insurance in Bangladesh. A customer can avail the service within 15 minutes through a smartphone application.
A customer can get maximum coverage of Tk 1.0 million as low premium as Tk 1,834, they said.
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