1. admin@24jobcircularbd.com : Abdul Hasem Gazi :
Services Of Fareast Islami Life Insurance
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Services of Fareast Islami life insurance

  • আপডেটর সময়: বৃহস্পতিবার, ১৯ মে, ২০২২
  • ২১৭ জন পড়েছেন:
Fareast Islami life insurance

Fareast Islami life insurance

A contract between an insurance policyholder and an insurer is known as a life insurance policy. For the premiums paid during their lifetime, the insurer promises to pay out a specified sum of money to the insured’s dependents in the event of their death. For the contract to be valid, the life insurance application must be enforceable.

There are numerous types of life insurance policies to choose from to suit a wide range of requirements and tastes. The primary decision of whether to get temporary or permanent life insurance is vital to consider depending on the person’s short or long-term needs to be insured.

What is Fareast Islami Life Insurance?

It is in the insurance business that Fareast Life Insurance Company, Ltd. is involved. Their major products are pension plans, endowment insurance, and corporate endowment insurance, as well as single premium pension plans and Fareast deposit pension schemes. As of May 2000, the company was created and is situated in Dhaka.

First established as a public limited company under Bangladesh’s Companies Act in 2000, Fareast Islami Life Insurance Business Limited was listed on the Dhaka and Chittagong Stock Exchanges Ltd. in 2005 before becoming a fully-fledged public company. Fareast Islami Life Insurance Company Limited has made a name for itself since its inception. With a consistent growth rate since its inception, the company has quickly extended its operations.

The company’s offices all over Bangladesh have sold and provided services for life insurance. Fareast Islami Life Insurance Company Limited puts quality and speed of service at the top of its list of priorities. They are always looking for better ways to help their customers. Fareast Islami Life has been around for more than a decade, but it has already made a name for itself as a dependable service provider. At the moment, the company has a paid-up capital of taka 747.42 million and an authorized capital of taka 1 billion. As of December 31, 2019, there were 7,262 people who owned shares. On the Dhaka and Chittagong Stock Exchanges Limited, the company has always had a place to go. As of December 31, 2019, each share of the company is worth taka 3,707.24 million.

Services of Fareast Islami life insurance

Pension plan: This pension plan’s primary purpose is to assure retirement security and comfort.

Guaranteed Payout- TK. 30,000 is the minimum amount of money required.

Premium- Every year, a minimum of TK. 1,728 must be paid

The term “Policy”- 05 years minimum

Amount of experience prior to the start date- aged 55 years and a half (Max)

Age of ripeness- 60 years of age or more (Max)

Payment method- Half-yearly, annually.

Benefits

Retirement advantage

The insured will get a pension for a minimum of ten years and subsequently for the remainder of their lives. Or, The insured can convert/cash out fifty percent of the pension and continue to receive the remaining fifty percent in installments.

 Death benefit

On the insured’s death within the policy’s term, the nominee(s) will get 10 times the yearly pension. Or, Upon the death of the insured during the guaranteed pension period of 10 years, the beneficiary(s) will receive the remaining installment of the guaranteed pension.

Payroll Taxes

The policyholder can take advantage of a tax break for the coverage.

Taxes are not owed on a death claim.

Hajj Plan

Taking advantage of this policy allows more people to participate in the Hajj and Omrah.

Guaranteed Payout- TK. 1,00,000 or less

Premium- TK. 6,120 per year as a minimum

The term “Policy”- For the next 10 to 20 years

Amount of experience prior to the start date- aged 55 years and a half (max)

Age of ripeness- 70 years (max)

 Payment method- Half-yearly, annually.

Benefits

Benefits of experience

If the insured lives to the end of the term, the whole Sum Assured will be paid to the insured, along with any collected bonuses.

Incapacity insurance

In the event of the insured’s death during the period of the policy, the nominee will get the sum assured plus earned bonuses (s).

Investment

After two years, the insured can take advantage of the investing option (up to 90% of the Surrender/Encashment value).

Surrender

After 2(two) years, the insured is eligible to receive the Surrender/Encashment value.

Payroll Taxes

A 5% tax deduction is applied to the Policyholder’s net payment of the whole premium deposited.

The policyholder can take advantage of a tax break for the coverage.

Taxes are not owed on a death claim.

Rider’s Protection

The following are the options available to the policyholder.

Accident Benefit with Double Indemnity and

Accident and Disability Insurance (PDAB)

Mohrana Plan

This policy contributes to the protection of the wife’s right to Mohrana.

Assured Sum- 30,000 TK as a minimum

Premium- Minimum TK. 1,833 per year

Policy Duration- ten, eleven, twelve, thirteen, fourteen, fifteen, and twenty years

Age at the start- 55 years old (Max)

At maturity, age-70 years old (Max)

Payment method- Half-yearly, annually

Holder of a policy- Males must be married.

Beneficiary- The policyholder’s wife must be present.

Benefits

Maturity benefit

If the insured lives until the end of the term, he or she will get the full Sum Assured plus any bonuses that have been earned.

Death benefit

If the insured dies during the policy’s term, the nominee will get the sum insured plus any bonuses that have been earned (s).

Investment

After 2 (two) years, the insured person can use the investment option (up to 90% of the surrender/cash-out value).

Surrender

After 2 (two) years, the insured person can get the Surrender/Cash Value.

Tax on income

The policyholder’s payment, less the total amount of premiums paid, is taxed at 5%.

The person who owns the policy can get a tax refund on it.

There’s no tax on a death claim.

Child’s Life Plan

The premium payer and the child’s life are both in danger under this arrangement. This policy is only available to men and educated women, and premium payments will stop if one of the policyholders or their children dies, but benefits will be paid in accordance with the laws and regulations.

Guaranteed Payout- Tk. 30,000 is the minimum amount of currency required.

Premium- Tk. 1,542 per year as a bare minimum.

The term “Policy”- Ages 10 to 24

Amount of experience prior to the start date

Insured: 20–50 years of age

Intended recipient child: 6 months – 15 years

Age of ripeness- Limit of 65 years for the policyholder

Beneficiary child: Minimum age of eighteen and maximum age of twenty-five

The method by which money is sent- Yearly

Eligibility for insurance coverage- An educated guy or a woman in a career.

Benefits

Advantage of maturity

If both the payor and the child survive until the end of the term, the child will receive the full Sum Assured plus accrued bonuses.

In the case of death Payor

As a stipend, 10% of the Sum Assured will be paid in advance to the beneficiary child each year. The child will be paid the Sum Assured at the end of the term, along with any accrued bonuses.

If the person dies, the Child who benefits

The payor will get an extra 10 percent of the benefit every year for 10 years.

The payment of stipends will halt immediately

The Sum Assured plus accrued bonuses will be paid to the nominee following the maturity date (s).

Revenue Tax

The Policyholder’s net payment is subject to a 5 percent tax deduction.

The coverage entitles the policyholder to tax deductions.

The death benefit is tax-free.

Pension Benefit Plan

Poor people can easily obtain this policy by paying a monthly premium with a different term. This policy also includes a pension benefit for the policyholder.

Assured Sum- Tk. 24,200 for a minimum of two units (12,100 x 2).

Monthly payment- Tk. 200 is the minimum.

Policy Duration- 10 to 20 years

Age at the start- 52 years old (Max)

At maturity, age- 65 years old (Max)

Payment method- Monthly, Quarterly, semi-annually, and annually in advance. There will be no partial payment of units.

Benefits

Maturity benefits

If the insured survives until the end of the term, the full Sum Assured plus accrued bonuses will be paid to the insured.

The death benefit

The nominee will receive the Sum Assured plus accrued bonuses if the insured dies during the term of the policy (s).

Pension

Instead of a one-time maturity benefit, policyholders can receive monthly pension benefits for 10, 15, 20, and 25 years.

If the insured dies during the guaranteed pension period, the nominee(s) will receive the remaining guaranteed pension installment.

Surrender

After 2(two) years, the insured can obtain Surrender/Encashment value.

Personal Income Tax

The Policyholder’s payment is tax-deductible at 5% of the total premium deposit.

The policyholder is eligible for a tax rebate on the policy.

The death benefit is tax-free.

FDPS Plan

The possibility of a monthly deposit premium can entice everyone. This policy also includes a pension benefit for the policyholder.

Assured Sum- Tk. 24,000 for a minimum of two units (12,000 x 2).

Monthly payment- Tk. 200 is the minimum.

Policy Duration- twelve years

Age at the start- Maximum age is 43 years.

At maturity, age- Maximum age is 55 years.

Payment method- Monthly, Quarterly, semi-annually, and annually Yearly planning. There will be no partial payment of units.

Benefits

During the policy(Survival Advantage)

After the first half of the policy period, 25% of the Sum Assured will be paid.

Advantage of maturity

The remaining 75% of the Sum Assured plus accrued bonuses will be paid.

The death benefits

The nominee will receive the Sum Assured plus accrued bonuses if the insured dies during the term of the policy (s).

Surrender

After 2(two) years, the insured can obtain Surrender/Encashment value.

Personal Income Tax

The Policyholder’s payment is tax-deductible at 5% of the total premium deposit.

The policyholder is eligible for a tax rebate on the policy.

The death benefit is tax-free.

MSP Plan

This policy is much more appealing to low-income individuals.

Sum Assured- Tk. 12,000 – 2,00,000

Policy Term- 10 and 15 years

age at the start- 18 to 50 years

Maturity age- 60 years (Max)

Payment Method- Monthly

Benefits

Advantage of maturity

If the insured survives until the end of the term, the full Sum Assured plus accrued bonuses will be paid to the insured.

The death benefits

The nominee will receive the Sum Assured plus accrued bonuses if the insured dies during the term of the policy (s).

Personal Income Tax

The Policyholder’s payment is tax-deductible at 5% of the total premium deposit.

The policyholder is eligible for a tax rebate on the policy.

The death benefit is tax-free.

Life insurance can assist you and your family during difficult economic times. Everyone should have insurance in their lives. If you want to protect your financial situation, you can select any of their plans.

read more: What is life insurance? Why do life insurance?

 

 

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