Nitol launches car insurance policy with EMI facility

FE Report | July 25, 2019 00:00:00

(L-R): A.K.M. Monirul Hoque, Chairman of Nitol Insurance, Sheikh Kabir Hossain, President of BIA, Shafiqur Rahman Patwari, Chairman of IDRA, Habibullah Don, Chairman of Bangladesh Reconditioned Vehicles Importers Association, Abdul Matlub Ahmad, Chairman of Nitol - Niloy Group, S. M. Mahbubul Karim, Managing Director & CEO of Nitol Insurance Company Ltd. posing at the launching ceremony of car insurance policy 'Nirapod' in the capital on Wednesday

Nitol Insurance, a local privately-owned non-life insurer, on Wednesday launched an online-based comprehensive car insurance policy with a feature of paying premiums in equal monthly installments (EMIs).

The policy named 'Nirapod' has third-party death compensation worth Tk 500,000, which is usually Tk 20,000 in practice in the country. It has the facility to settle claims up to Tk 5,000 without survey.

Insurance Development and Regulatory Authority (IDRA) chairman Shafiqur Rahman Patwary joined the function in the city as chief guest while president of Bangladesh Insurance Association (BIA), an organisation of 77 life and non-life privately-owned insurers, Sheikh Kabir Hossain and chairman of Nitol-Niloy Group Abdul Matlub Ahmad attended it as special guests.

Speaking at the function, IDRA chairman Mr. Patwary urged all the non-life insurers to introduce such type of products to attract clients and help raise the insurance sector contribution to the GDP.

"Our contribution to the GDP is merely 0.45 per cent and it could be increased through introduction of such new and innovative products and exploring new areas," he said.

BIA president Sheikh Kabir Hossain said the third-party insurance system should be abolished as none get the compensation in such system. He said that there is hardly any country having such third-party insurance system.

Mr. Kabir, however, lauded the features of the new product like the car tracking system along with EMIs.

Mr. Abdul Matlub Ahmad expected that the product will emerge as number one in the motor insurance sector.

Chairman of Nitol Insurance Company Limited AKM Monirul Hoque and its Managing Director and Chief Executive Officer (CEO) S.M. Mahbubul Karim were also present at the launching programme.

[email protected]