Insights Of Jiban Bima Corporation and Its Impact On

EconomyGroup Presentation

Of Group “B”

Group profile :

Akhund Manzurul Alam_2741 Md. Abdur Rakib_2738. Md. Saddam Hossain_2745. Sharmin Ara_2736. Kazi Afsana Rahman Niti_2749. Md. Redwan Islam_2417.

Content :

What is insurance and life insurance ? Evolution of Insurance Introducing Jiban bima Corporation Objectives of JBC Mission & Vision of JBC Location Services JBC provides Existing schemes of JBC Premium Calculator of JBC Business target of JBC Financial analysis of JBC Future business plan of JBC Impact of JBC on Economy Conclusion

What is Insurance ?

What is Life insurance ?

It is different from other forms of insurance, the subject matter of this insurance is life, of a human being where the insurer will pay the fixed amount of insurance at the time of death or expiry of certain period.

Insurance can be defined as a co operative device to spread the loss caused by a particular risk over a number of person who are exposed to it and who agree to ensure themselves against the risk

“If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance”

Suze Orman  American author, financial advisor, motivational speaker, and television host.

After Partition of India 1947

1.Eastern Federal Union Insurance company Ltd.

2.Muslim Insurance Company Ltd. 

2.Habib Insurance Company Ltd.

Prudential Assurance Company Limited

Evolution of insurance :

4.American Life Insurance Company Limited

1951

13

1961

17

1971

75

The total number of insurers (life and general) registered in Pakistanwith in (1951-1971)

Evolution of insurance in Indian subcontinent:

Foreign Companies in 1971

1.Norwich Union Life Assurance Society

2.Pearl Assurance Company Ltd.

3.Prudential Assurance Company Ltd.

Evolution of insurance (continued ):

4.American Life Insurance Company Limited

Evolution of insurance (continued ): :

Following the independence of Bangladesh in 1971, both life and general insurance business in the country was nationalized under the Bangladesh Insurance Order 1972 except foreign insurance companies. Five corporations were established to absorb, own and control the businesses of the 75 existing insurance companies, they were :

1.Bangladesh Jatiya Bima Corporation.

2.Karnafuli Bima Corporation.

3.Tista Bima Corporation.

4.Surma Jiban Bima Corporation.

5.Rupsa Jiban Bima Corporation.

Evolution of insurance (continued ):

1.Karnafuli Bima Corporation.

2.Tista Bima Corporation.

1.Surma Jiban Bima Corporation.

2.Rupsa Jiban Bima Corporation.

Sadharan Bima Corporation.

Jiban Bima Corporation.

On 14, May 1973

The Jiban Bima Corporation (JBC) is the lone state-owned life Insurance company in Bangladesh, which started its maiden journey on May 14,1973.

JBCs Board of directors:

M. Shamsul Alam _ Chairman and Director. Al-haj Muhammad Azizur Rahman Bachchu _ Director. Khondoker Rashidul Huq _ Director. Sk. Abdur Rafique _ Director. Amalendu Mukherjee _ Director. Parikshit Datta Choudhury _ Managing Director. ( Additional Secretary), Jiban Bima Corporation.

Jiban Bima Corporatation

Objectives of JBC :

Provide life insurance benefit to the people at a competitive cost.

Mobilize savings through various schemes and create funds for economic development of the country.

Offer products for maximum returns at minimum cost.

Create awareness among the people to develop savings habits.

Develop suitable schemes to meet the need of all classes of people.

Vision :“A business organization that covers risks

and offers profits to make life a matter.”

Mission:“To help people improve their standard of

livings with a saving content and create funds for nation’s economic development.”

Vision & Mission:

Location :

Online Services Online Premium Payment Bonus Information Tax Benefits / Rebates Special Service:

Jiban Bima Corporation has launched Banglalink Insurance Pay Service to collect Insurance Premium through Banglalink.

Services :

Existing Schemes:

Whole life assurance. Endowment assurance. Child protection policy. Children endowment. Anticipated

endowment assurance. Pension scheme policy. Single payment policy.

Group term insurance policy.

Group endowment policy.

Group variable endowment policy.

Group pension policy. Grameen bima policy. Joint life endowment

policy, and many more.

The JBC offers 31 different types of life insurance schemes, some of those are :

During the last five years JBC’s growth rate fell down substantially. An aggressive plan is urgent to keep the organization in profitable track. To achieve the above objective, JBC has planned to make extensive future business plan in the following areas stipulating new business target and increasing number of clients at the proposed growth rate of11% annually. 

Business Target of JBC:

Financial analysis of JBC :

Jibon bima Bank Jibon bima housing finance and investment New Schemes planning to allow overseas agencies in  1.London,

2. New York, 3. Los Angeles 4. UAE,5. Saudi Arabia 6. Malaysia, 7. South Korea and 8. Italy 

Future business plan:

Impact of JBC on Economy :

Life insurance provides security and safety. Life insurance brings peace of mind. Eliminates dependency . Life insurance encourages saving. Provides profitable investment. Life insurance fulfils the needs of a person. Provides employment

As JBC provides only life insurance so the impact of life insurance on economy is the same of JBC and they are as follows:

Conclusion:

Jibon Bima Corporation ( JBC ) has the largest network all over the country with 7 regional, 9 zonal, 68 sales and 354 branch offices and being the only government life insurance provider JBC has done its role profoundly over the years.