Pragati Life Insurance Limited was established on January 30, 2000as a

public limited company under the Companies Act, 1994 with thephilosophy
of maintaining competitiveness, balanced with prudent management and
fairness to all policyholders. The company obtained registration from the
Department of Insurance on April 11, 2000 under the Insurance Act, 1938 to
carry out insurance business. The Company started with a paid up capital of
Tk.30 million againstan authorized capital of Tk. 250 million. Now the
present paid upcapital stands to Tk. 84 milion. Pragati Life has been
sponsored by some renowned business entrepreneurs of the country linked
with different industrial groups. went for public issue in 2005 and arelisted
in both Dhaka Stock Exchange Limited and Chittagong Stock Exchange
Limited.Pragati Life has re-insurance agreement with world's largest
reinsurer-Munich Reinsurance Company, Germany since its inception.
Pragati Life is also the first insurance company in Bangladesh providing
status of policies through Push-Pull (SMS) service forits policyholders.

Vision:
This insurance will be recognized as the leader among all life insurance
companies in Bangladesh. It always apply high standards of integrity and
responsibility in their activities. Success will be built on their absolute
dedication to the satisfaction of their policyholders, through constant
innovation, operational efficiency, prompt services, cost effectiveness and
the talents of their people.

Dedication of service: They are dedicated to provide innovative products,

specially designed to meet their objectives while furnishing you with safety,
liquidity and a competitive rate of return at present and in the future. Pragati
Life representatives are not only committed to providing you with quality
products, they are here to serve you even after the sale. They are never far
away than your telephone.

Its vision: Mission and objectives are to emphasize on the quality of product,
process and services leading on growth of the company imbibed with good
governance practices.

Mission: Its Mission is to produce and provide quality and innovative

insurance product. Maintain stringently ethical standard in business
operation. Ensuring benefit to the policyholders, shareholders and the
society at large.

Facts & Financials:- (1)Customers(2) People

Customers:- There are two types of customer in PLIL.
They are: (1)Group Life and Health Insurance and
(2) Individual Life Insurance
1:- Group Life and Health Insurance: Group insurance is an insurance that
covers a defined group of people, for example the members of a society or
professional association, or the employees of a particular employer. Group
coverage can help reduce the problem of adverse selection by creating a pool
of people eligible to purchase insurance who belong to the group for reasons
other than the wish to buy insurance, which might be because they are a
worse than average risk. Group life insurance is typically offered as a piece
of a larger employer or membership benefit package. By purchasing
coverage through a provider on a "wholesale" basis for its members, the
coverage costs each individual worker/member much less than if they had to
purchase an individual policy. An insurance plan that provides healthcare
coverage to a select group of people. Group health insurance plans are one
of the major benefits offered by many employers. These plans are generally
uniform in nature, offering the same benefits to all employees or members of
the group. The eligible employees of the largest multinational companies,
largest bank, General Insurance, Government and Private Universities and
various types of factories in our country are the valuable customer’s of PLIL.
2:-Individual Life Insurance: Life insurance is a contract between an insured
(insurance policy holder) and an insurer or assurer, where the insurer
promises to pay a designated beneficiary a sum of money (the "benefits") in
exchange for a premium, upon the death of the insured person. Depending
on the contract, other events such as terminal illness or critical illness can
also trigger payment. The policy holder typically pays a premium, either
regularly or as one lump sum. Other expenses (such as funeral expenses) can
also be included in the benefits. Life policies are legal contracts and the
terms of the contract describe the limitations of the insured events. Specific
exclusions are often written into the contract to limit the liability of the
insurer; common examples are claims relating to suicide, fraud, war, riot,
and civil commotion. In our country the Upper class people, Middle class
People and also the lower class people is our customer.

Products:-(1) Individual Product Line (2) Micro Insurance( 3)Group Life(4)

Health Life
(1)individual product line:-There are 41 types individual product line
(2)Micro insuarance :-There 19 kinds of micro insuarance.
(3)Group Insurance(a) Products Group Term Life (GT): Scope: The Scheme
shall cover the risk of death while in service of an employee occurring any
where in the world and by any reason for an amount (sum assured) as per list
to be submitted by employer. Duration: The scheme for which premiums are
payable yearly shall be for a period of 3 (three) years initially and thereafter
may be extended for further period(s) on mutual agreement. Profit -Sharing
Rebate: At the end of three years period if there arises a profit under the
scheme i.e., if the resultant is positive after deducting management expense
and all claims from the total premium then a part of the resultant (depending
on the number of employees) is allowed as rebate and credited against the
renewal premium of the scheme. Profit sharing rebate is allowed for
organisations having more than 200 insurable employees. (b)Group Term
Life Insurance with Refund of Premium: Scope: Provides for the stated sum
assured at death by any reason of a member while in service. In case of
survival of an insured employee to retirement age, 100% or 50% of all
premiums paid on his account shall be refunded with or without profit as per
choice of the employer. Duration: Initially the contract will be concluded for
10 years after which it may be continued for further period(s) on terms and
conditions as may be mutually agreed. This scheme could be taken for a
fixed term of 10, 15 or 20 years. Surrender Value: The policy accrues
surrender value only after payment of at least two annual premiums. Group
Endowment Insurance: Scope: Provides for payment of full sum assured at
death by any reason of a member while in service. In case of survival of an
insured employee to retirement age, 100%, 50% or 25% of respective sum
assured shall be paid with or without profit as per choice of the employer.
Surrender and Paid-up value: The scheme acquires paid- up and surrender
values after at least two annual premiums have been paid.
(4)Hospitalization Plan:- Health is the most important asset of one's life.
Good environment, balanced diet and regular exercise help to prevent many
diseases but nothing can guarantee a continued disease free life.
Environmental pollution, ecological changes, lack of balanced nutritious
diet, increased traffic, continued mental and economic pressure, all
contribute to the chance of becoming sick. Almost everybody could afford
outpatient treatment, but when hospitalization is required, the heavy
expenditure incurred for hospital treatment adds to the worry and anxiety. In
order to be free from the worry and anxiety of hospitalization treatment
expenses you are requested to take a health insurance scheme of Pragati
Life. By paying a small premium you can ensure a high level of
Hospitalization treatment expenses.
Group & Health:-
(1)Group Insurance
(2)Group Insurance Product
(3)Network Hospitals [OPD Treatment]
(4)Group Supplementary
(1)Group insurance:It is a cost effective way of providing protection against
the financial loses caused by death, disability or retirement to a group of
individuals who are associated with the policyholder by some common
relationship other than insurance.
Pragati Life offers group insurance schemes to various groups such as
Employer-Employee, Professionals, Co-operatives, NGOs etc. The main
feature of the schemes are low premium, simple insurable conditions such as
employee not being absent from duty on grounds of ill health on the day of
entry, and easy administration by way of issue of a single master policy
covering all the employees/members. Group insurance is usually a service
benefit provided by the employer to its employees.
(2)Group Insurance Products
Scope: The Scheme shall cover the risk of death while in service of an
employee occurring any where in the world and by any reason for an amount
(sum assured) as per list to be submitted by employer.
Duration: The scheme for which premiums are payable yearly shall be for a
period of 3 (three) years initially and thereafter may be extended for further
period(s) on mutual agreement.
Profit -Sharing Rebate: At the end of three years period if there arises a
profit under the scheme i.e., if the resultant is positive after deducting
management expense and all claims from the total premium then a part of
the resultant (depending on the number of employees) is allowed as rebate
and credited against the renewal premium of the
scheme. Profit sharing rebate is allowed for organisations having more than
200 insurable employees.
Group Term Life Insurance with Refund of Premium:
Scope: Provides for the stated sum assured at death by any reason of a
member while in service. In case of survival of an insured employee to
retirement age, 100% or 50% of all premiums paid on his account shall be
refunded with or without profit as per choice of the employer.
Duration: Initially the contract will be concluded for 10 years after which it
may be continued for further period(s) on terms and conditions as may be
mutually agreed. This scheme could be taken for a fixed term of 10, 15 or 20
years.
Surrender Value: The policy accrues surrender value only after payment of at
least two annual premiums.
Group Endowment Insurance:
Scope: Provides for payment of full sum assured at death by any reason of a
member while in service. In case of survival of an insured employee to
retirement age, 100%, 50% or 25% of respective sum assured shall be paid
with or without profit as per choice of the employer.
Surrender and Paid-up value: The scheme acquires paid- up and surrender
values after at least two annual premiums have been paid
(3)Network Hospitals [OPD Treatment:-This insuarance offered discount in
every kind medical test in diagonestic centre
(4)Group Supplementary:-
Together with the basic insurance scheme, one or all of the supplementary
covers may be taken on payment of additional premiums.

Accidental Death Benefit (ADB):

An additional sum equal to sum insured is payable on death if caused by
accident.
Dismemberment Benefit (DB):
Full sum insured is payable in case of total and permanent disability caused
by accident such as loss of two hands above the wrist, or two feet above the
ankle, or total sight of both eyes or one of the said limbs along with another.
Half of sum assured is payable in case of partial and permanent disability
caused by accident such as loss of one hand above the wrist or one foot
above the ankle or total sight of one eye. (DB is allowed only in conjunction
with ADB, which will then be termed as AD&D)
Permanent and Total Disability (PTD):
In case of Total and Permanent Disability resulting from bodily injury
directly through accidental means, which prevents the Insured Employee
from engaging in any business, occupation or work whatsoever for
remuneration or profit and which disability has continued uninterruptedly for
a period of at least six months and has been certified to be incurable by a
physician approved by the Company, then subject to provisions of this
Contract, the Company shall pay to the Employer the sum insured stated in
the Schedule and the insurance for the said Employee shall terminate. In the
interpretation of this definition the Company will, however, recognise as
Total and Permanent Disability the entire and irrevocable loss of:
both eyes,
both hands above the wrist,
both feet above the ankle,
one hand above the wrist and one foot above the ankle,
one eye and one hand above the wrist,
one eye and one foot above the ankle. up policy for that particular member
will be reduced by 25% or 50% as stated in the policy.

Should an Insured Employee becoming totally and permanently disabled die

within 365 days from the date of such disablement the Company shall pay
the sum Insured as stated in the Schedule in respect of the said Employee.
Permanent Partial Disability (PPD):

In case of a Permanent Partial Disablement caused by an accident, indemnity

according to the terms and conditions mentioned hereinafter shall be made
by the Company to the Employer as specified in the following schedule and
where applicable, only one sum namely the larger sum will be paid for
multiple injuries resulting from one accident: -

Description of Permanent
Partial Disability Percentage of the
Sum Assured payable
HEAD
a) Complete deafness of both ears of traumatic origin 40
b) Complete deafness of one ear 10
c) Loss of one eye 50
d) Removal of the lower jaw 25
UPPER LIMBS
e) Loss of one hand above the wrist 50
f) Considerable loss of osseous substance of the arm (definite and incurable
lesion) 25
g) Total amputation of thumb 20 25
h) Total amputation offour finger including thumb 15
i) Total amputation of index finger only 10
j) Total amputation of middle finger only 8
k) Total amputation of ring finger only 7
I) Total amputation of little finger only
LOWER LIMBS
m) Loss of one leg above the knee 50
n) Total loss or total loss of use of lower limb below the knee 40
0) Total loss offoot 30
p) Anchylosis of the hip 30
q) Anchylosis of the knee20
r) Total amputation of all the toes 25
s) Total amputation offour toes including big toe 20
t) Total amputation of the big toe 10
u) Total amputation of one toe other than the big toe 3
Permanent disabilities not mentioned above shall be compensated in
accordance with their severity as compared to those listed. Permanent,
partial or total loss of the use of a limb shall be deemed to be the same as
permanent, partial or total loss of the said limb. No indemnity is payable for
any pre-existing degree of disablement and if further injury occurs, only the
difference between the condition prior to and after current injury shall be
considered.
Major Disease Benefit (MDB):

Under this supplementary insurance in the event of a member is diagnosed

to have one of the diseases mentioned below, but not until at least six months
have. been elapsed since the commencement of this supplementary
coverage, a certain percentage (25% or 50%) of the respective sum assured
shall be paid immediately. The diseases are: -
i) Myocardial infarction (Heart attack), ii) Stroke, iii) Coronary artery
surgery, iv) Cancer, v) Kidney failure, vi) Multiple sclerosis, vii) Paralysis,
and viii) Major organ transplant.

When MDB is paid, the sum assured in the original group policy for that
particular member will be reduced by 25% or 50% as stated in the policy.