LIFE INSURANCE

1. Assignment on
“Sonali Life Insurance Company Limited”
Acknowledgement:
Many Acknowledgements are due to a multitude of people who have
immensely helped us with this study. Regardless of the fact of having
tremendous load of responsibilities, they chose to support us by
providing adequate information.
It is also great pleasure to us in expressing my immense indebtedness,
deep sense of gratitude, sincere appreciation and profound regards
toT.M Kabir(AMD) of Sonali Life , Sonali Life Insurance Company
Ltd. for giving us the opportunity for study.

2. Letter of Transmittal:
Date: 23august, 2014
Shamima Akter
Lecturer,SEU Business School
Southeast University
Subject: Submission of Assignment on “Sonali Life Insurance Company
Limited”
Respected Madam,
It is an immense pleasure for us to submit the assignment on “Sonali Life
Insurance Company Limited” which we have prepared by communicating directly
with T.M KABIR(AMD) on Sonali Life Insurance Co. Ltd.
I sincerely believe that this assignment will help us to enrich our adaptability
quality in the long run when we will involve ourself in practical field .We are
grateful for your valuable advices and great cooperation. We tried our best to go
deep into the matters and make full use of our capabilities in making the
assignment meaningful, though there may be some mistakes and short comings.
We shall be pleased to answer any kind of query you think necessary.
Now We have placed this report before you for your kind approval. We hope that
my assignment will satisfy you. For any of your further queries We would be at
your disposal at your convenience.
Thank You
Sincerely
________________
Rafat Ara Toma ID-2013210000001
Mehedi Hossain Shuvo ID-2013210000008
Ashfiqul Islam ID-20132100000
Md.Shahid Hossain ID-20132100000
Monir Iqbal ID-2013210000006

3. Table of Content:
Chapter one(01)
No. Name
01. Introduction
02. Objectives of the report
03. Scope of The Report
04. Methodology
05. Limititions of The Study
Chapter two(02)
No. Name
01. Background
02. Mission
03. Vision
04.
Chapter Three(3)
No. Name
01. Product name

4. 02. Policy
03. Terms and condition
04. Premium Policy
05. Nominee
06. Maturity of Insurance
Introduction:
Objects of The Report:
 To know the activities of ordinary life Insurance.
 To know the activities of Group & Helth insurance.
 To know the product offer by Sonali life insurance company.
 To learn the various types of Accounts of Delta life insurance
company.
 To learn the customer’s perception about insurance.

5. Scope of the assignment:
To fulfill the objectives of my assignment, the employees of Sonali life
Insurance Company Ltd helped us a lot. People of each department have
assisted us a lot by devoting their time and showing their general and
even confidential documents. Their incredible support creates a great
scope for us to prepare this report. This report will provide at least a
minimum understanding about the insurance business in Bangladesh.
Methodology:
The report is prepared on the based of secondary data thought .We also
collect some primary data from primary sources. Following ways we
collect our data:

6. I. Secondary source
&
II. Primary source
Secondary sources
 Different manuals regarding policy issues published by
Sonali life.
 Annual report of Sonali life.
 Files and Folders.
 Memos and circulars.
 Website.
Primary sources
 Conversation with Sonali life insurance AMD.
 Conversation with the client.

7. Limitations of the study:
Insurance sector is very sensitive and competitive by its nature. So data
of this report is not available and the interviews might not disclose
accurate facts and figures about Accounts and other activities. There
were many problems while we was preparing this assignment. A
wholehearted effort was applied to complete the report and to bring a
reliable and fruitful result. In spite of having the wholehearted effort,
there exits some limitations, which acted as barrier.
The limitations were:
1. Confidentiality is the main problem; as a result some confidential
facts were not sufficiently disclosed by the respective personnel.
2. Lack of available up-to-date information.
3. The employees of Sonali life Insurance Company Ltd. had no
eagerness to supply more information because of extra hardness.
4. As because Sonali Life Insurance Company Ltd. is a large
Company; it is very difficult to understand each and every aspect
of its operation within a very short period of time.
5. Insufficiency of valuable data and information.
6. Lack of proper books, journals etc.
7. Lack of experience.
8. Lack of time and resource.
9. Lack of perfect co-operation of some employees.

8. Background:
Established in 2013, Sonali Life Insurance Co. Ltd. was incepted in the
board rooms of an organization formed thirty years ago. The vision set
for Sonali Life Insurance Co. Ltd. was significant as it was necessary –
to create value in savings and aid in the financial needs, while insuring
one’s life. And thirty years later, the Board members of Rupali Insurance
Co. Ltd. decided to protect and nurture the hopes and dreams of
Bangladeshi families. They set out on a bold and transparent initiative to
create the best life insurance company in the country, while formulating
synergies using their own strengths and opportunities. In less than three
months of operations, Sonali Life Insurance Co. Ltd. has launched over
21 branches and service centers across the country, with over BDT 180
Million paid-up capital. It utilizes the network strengths of Rupali
Insurance Co. Ltd., while at the same time promoting itself using the
strategic locations of the parent company. Sonali Life Insurance Co.
Ltd’s mission is to be the premier provider of income solutions,
investments and protection plans that are required for financial security

9. and retirement. Together with utmost transparency and customer service
orientation, it has implemented the country’s first fully integrated ERP
system based on life insurance.
“To the most trusted life insurance company by securing the financial future of
our customers.”
“To be the premier provider of income solutions, investments and protection
plans for the betterment of our citizens.”
Rationale of the study:
We know that banks play an important role not only countries economy
but also contribute its overall economical development such as capital
formation, investment, industrialization, growth of trade and commerce.
That’s why we have chosen the topic which is “overall Insurance

10. activities of Sonali “which describes how Sonali performs to satisfy
their customer. We think the topic help us to understand the how take
risk Insurance.
Background of the Sonali Life Insurance Company Limited
At a glance
Facts and figures about Sonali Life Insurance Company Ltd.
Year of establishment of the company : 2013
Founder Chairman and Managing Director :Noor-E-Hafza
Vice Chairperson: : Fauzia Quamrun Tania
Managing Director : Ajit Chandra Aich
Director : S Mohammad Danial
Head of PR :Ishra Tahiyat
First Policy Issued :13th
February, 2013
Sonali Life’s Present Workforce*:
Head office and ordinary life = 1800
Development = 21679
Total = 23479
Division of Delta Life Insurance Co. Ltd.

11. Division
Ordinary Life Insurance Group & Helth
Insurance
Ordinary Life Insurance:
Sonali Life offers a wide variety of ordinary life product/plans ranging
from the most common endowment type to more modern and
sophisticated plans like endowment with open term, increasing
protection with provision for premium refund etc. The plans have been
designed keeping in view the diverse and multifaceted needs of the
insuring public belonging to different strata of the society. Some of the
popular plans are briefly described below.
Group Life Insurance:
Group Insurance is an instrument for providing life insurance coverage
(protection) to a number of individuals under a single contract (policy)
who are associated together for a common interest other than insurance.
It is the most cost effective means to provide immediate financial
support to an insured member and/or his family in case of devastating
events like-death, disability, disease as well as retirement. Group
Insurance has already established its importance as a component of
“Employee Benefit Package” in Bangladesh.

12. Health Insurance:
Health Insurance is now considered indispensable in developed
countries. In the present finance social perspective of Bangladesh as
well, Health Insurance has now become an essential, dependable,
acceptable and the most cost effective means to make the modern
treatment facilities affordable to all socio-economic classes of people,
especially the fixed income group.
Values-Truest:
Team work
Respect for all People
Unquestionable integrity
Excellence in every thing we do
Speed in servicing
Truthful

13. OperationalOrgan gram of
OrdinaryLife
Chittagong
S/C
Feni
S/C
Dhaka
S/C
Comilla
S/C
Bogra
S/C
Khulna
S/C
Directlymaintained
byHeadOffice
Manikgonj
S/Cell
Tangail
S/Cell
Munshigonj
S/Cell
Sylhet
S/Cell
Faridpur
S/Cell
Luxmipur
S/Cell
Barisal
S/Cell
Dhaka
S/Cell
Cox's Bazar
S/Cell
Maizdee
S/Cell Chandpur
S/Cell
1.Thakurgaon
S/Cell
2.NatoreSCell
Jessore
S/Cell

14. Partners:
Dragon Group--:
Dragon Group is a renowned and well established group in Bangladesh,
which has operations in Spinning, Sweater manufacturing, Socks, Retail
outlets , Real Estate and Insurance industry.
Dragon sweater and spinning Ltd.--:
Dragon Sweater and Spinning is a 100% composite export oriented
spinning and sweater manufacturing facility, having its own 20000
spindle Acrylic Spinning plant and with its own sweater manufacturing
project with annual capacity of approximately 4 million pieces of
sweater. The company is supplying sweaters to world¹s biggest
renowned buyers like Wal-Mart, C&A, Zara and Primark.
Rupali Insurance Company Ltd.--:
Rupali Insurance Company Limited as a Public Limited Company under
the Companies Act, 1913 and a first generation & top-tier Non-life
Insurance Company in Bangladesh came into existence in May, 1988
and started it’s Commercial operations on 25 June, 1988.
Perag socks industries ltd.--:
Perag Socks Industries Limited is a concern of Dragon Group and this company
produces socks which are sold in the Bangladesh market through a networked
distribution channel of whole salers , retailers and franchises.

15. Dragon Information And Technology--:
Dragon Information Technology & Communication Ltd is committed to
provide quality solutions and training services to our customers that
make us stand out from our competitors. We are Microsoft Partner for
providing quality training. We have always believed that to be
successful in Business, a satisfied customer is the key
Management:
1) To run and manage the affairs of the Sonali life Insurance
company Ltd. smoothly, efficiently within the frame-work of the rules
and regulations of the company and guidelines given by the Board and
the Committees and to promote a healthy organizational climate for
most effective utilization of the services of the company’s employees in
achieving the goal of the company.
2) To ensure optimum client’s service and satisfaction through
appropriate insurance strategies and expansion.
3) To endeavor most in talent hunting to be recruited for various jobs
and business of the company through it’s laid down procedure for
smooth effective and efficient operation of the Sonali life insurance co.
ltd..
4) To ensure maintenance of proper accounts of every aspect of the
company.
5) To ensure timely submission of financial, administrative and other
information to the regulatory agencies of the Govt.

16. 6) To evolve most economic system of managing the company to keep
the expenditure of the company under control within budget.
7) To develop an efficient and effective system through optimum
utilization in available human resources for development of company’s
business and speedy and profitable growth of the company itself.
8) To ensure the most profitable use of company’s fund through
proper and effective investment. To prepare appropriate investment port-
folio for the approval of the Committee/Board.
9) To ensure economic purchase of equipment, furniture, vehicle,
stationery, other consumable stores.
10) To judiciously and expeditiously settle claims against any risk
undertaken by the company.
11) To avoid any and all such business where company may run for
unnecessary/undesirable/inevitable risk and claims.
12) To prepare judiciously plan for expansion of company’s business
through opening of branches.
Product name:
 Endowment
Assurance Plan
 Anticipated
Endowment
Assurance Plan-
3 stage
 Anticipated
Endowment
Assurance Plan-
5 stage
 Ordinary
Insurance
Plan

17. Premium Policy:
Example 01.
 Money Back Term
Insurance Benefit
 Child
Protection
Assurance Plan
 Education
Expense
Assurance Plan
 Ordinary
Endowment
Insurance
 Single Premium
Insurance Plan
 Assurance Cum
Pension Plan
 Denmohar
Bima Plan
 Hajj Bima
Plan
Name of the Plan (1) : Endowment Assurance Plan (With Profits)
Term of the Policy : 10/15/20/25/30/35 years in terms of applicant's age.
Supplementary Cover : DIAB, PDAB & HI
On Maturity : The policyholder will receive full Sum Assured
together with accrued bonuses on Maturity at the end of
the term.
In case of assured's
death during policy term
:
Full Sum Assured Alongwith Accrued Bonuses Will Be
Paid At Death Before Maturity.
Special Benefits :
1. On death: full sum assured alongwith accrued
bonuses will be paid at death before maturity.
:
2. ON MATURITY: The policyholder will receive full
‘Sum Assured’ together with accrued bonuses on
Maturity at the end of the term.

18. Age 20
Choose a Policy: DIAB
Policy Duration: 5 year
Installment Type: One Time
Total Policy Amount: 100,000
Supplementary Policy: DIAB
Supplementary Policy Duration: 5
Policy Risk Category: First Class
Basic Premium amount is: 106200
Supplementary Amount is: 1250
Premium amount is: 107450
Nominee:

19. Required Documents for Death Claim
 Original Policy documents.
 Receipts of all premium installments.
 Nominee.
 The latest medical certificate / death certificate issued by a doctor.
 Certificate issues by the Cemetery Committee.
 National Identity Card - Original copy
 Nominee must complete the forms provided by the company.
 Nominee must complete the forms provided by the Company doctor.
 Fill in the forms provided by the company by persons work as identifier.
We give our best effort to settle any claims within very short time. All valid claims
will be paid within 14 days after all the required documentation has been submitted
to Sonali Life Insurance Company Limited. You can download a claim form from
our website and you can apply online for the claim. A completed claim form, along
with the required supporting documents, should be submitted within the
notification period.

23. Dear Sirs,
Peace be upon you.
On behalf of myself and Members of Board of Directors, I am pleased to welcome
you to the website of Sonali Life Insurance Company Limited.
The Company is proud to be the insurer and financial security provider for each
and every citizen, individuals and companies. The integration and foundation of
our company based on our fully integrated and online system from the beginning
of our operation is an achievement in itself considering the current structure of the
Life Insurance sector of Bangladesh.
It is a matter of great satisfaction for us to note that, in this short span of time, the
Company has already established itself as a risk carrier of repute and introduced
innovative life insurance products in the market to meet the changing requirements
of the clients. The transparency provided to all our clients through our online
system is an innovative and positive step towards our vision and mission of the
company. This is also showing other companies within this sector, the right and
truthful way of conducting business where the prime focus is the monitoring,
servicing and satisfaction of our clients.
Reviewing the results of the company's operation till date, and its financial
position, one can notice the considerable growth of the asset base and shareholders
equity of the Company over a period of time. The asset and reserve base of the
Company is strong enough to meet current liabilities and any contingent liabilities
that may arise in future.
We seize this opportunity to thank God for his mercy and pray to Him to give us
perseverance and strength to make further growth thereby meeting the ambitious
targets being set by the shareholders and customers.

24. With the support of our clients, our goal is to ensure that we, Sonali Life Insurance
Company Limited, will be one of the best servicing companies with the honest and
innovative vision that we have started our operations.
With best regards and thanks.
Allah-Hafez
Noor E Hafza
Chairman
Sonali Life Insurance Company Limited.