How Many Types of Insurance in Bangladesh | Insurance Q&A

How many types of insurance and what are they – this question still lingers in the minds of the people of rural Bengal like a hungry cat. While many are familiar with the term insurance, some are just as ignorant. This is still a nightmare, especially for some innocent people in rural areas. ‘Whose’ culinary they can not understand at all. So its opportunities are regularly deprived.

So first we need to know what is insurance? And how many types of insurance and what are they? In today’s article we have arranged some basic issues related to insurance. By reading to the end of this you will know how many types and what is insurance and some important information about life insurance corporation. So let’s get started.

How many types of insurance and what are they?

Simply put, insurance means a contract. In the language of the book, insurance is a bilateral agreement or an agreement between two parties. Insurance is a contract that a customer executes with a company for a certain period of time. There are usually 3 types of insurance.

1. Life insurance.

2. Health insurance.

3. General insurance.

Life Insurance: Life insurance guarantees the financial security of a person’s life.

Health Insurance: Health insurance is a type of contract that provides the insurer with protection against the medical expenses of an accident, illness or serious illness.

General insurance: human wealth such as; Ensures safety of cars, houses, mills, etc.

Many people living in the society have misconceptions about insurance. Many people think that insurance is a kind of investment. In other words, many people think that insurance is a kind of deposit method which later pays interest on our risk. Here we confuse Insurance with Investment Scheme. Insurance is insurance.

That is to ensure the safety of any future accident. This is not a service investment scheme provided by a bank. Remember, insurance provides financial compensation for various future losses Otherwise, it does not help you financially.

You can better understand the subject by describing it with an example. Suppose you took out a health insurance for yourself. According to the contract of the insurance company, you have to pay a premium of TK 3,000 every year. The higher the premium you pay, the more the insurance company will pay for any of your losses.

The insurance company will not pay you even 1 taka from the premium you have deposited every year. However, if you have to be hospitalized for a health problem, the insurance company will bear the cost.

Therefore, by now you must have understood well the types and types of insurance. Let’s take a look at some questions about Life Insurance Corporation. And consistently we will try to answer all those questions.

Life Insurance Corporation Question:

Q: How did the Life Insurance Corporation originate?

Answer: After the independence of Bangladesh in 1972 all the life insurance and general insurance companies in Bangladesh were nationalized. This nationalization reduced the number of companies and formed a total of 5 companies. Among them were two companies, Surma Jeevan Bima Corporation and Teesta Bima Corporation. Later, by order of the President, these two companies were merged in 1983 to form the Life Insurance Corporation.

Q: What is the establishment of the Life Insurance Corporation?

Answer: 14th May 1983.

Q: How many types of insurance schemes are there in the Life Insurance Corporation?

A: Life Insurance Corporation has been providing their insurance services through 15 types of insurance schemes.

Q: Is the Life Insurance Corporation responsible to the government?

A: Life Insurance Corporation is a self-financed commercial organization. So it is not accountable to the government or the bank in any way.

Q: What is the life fund of the Life Insurance Corporation?

Answer: Till 2016, the life fund of Life Insurance Corporation was estimated at TK 182.72 crore.

Q: What are the policy statistics of Life Insurance Corporation?

Answer: According to the calculated calculations till 2017, the number of policies of the Life Insurance Corporation is 3,8,98.

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Is life insurance corporation government?

In the above section we have discussed how many types of life insurance and what and some questions related to life insurance corporation. This time we will face another question. That is, is the life insurance corporation government?

Yes, life insurance corporation is a government organization. It is the first insurance company of the government of Bangladesh to be established with a deficit of more than Rs. At present, the insurance company of the government of Bangladesh. Selina Afroza is serving as chairman.


now you must have got a good idea about insurance. Insurance can make a significant contribution to the lives of ordinary people. If its popularity is not so much in our country, then people have realized the need for it in other countries. We should all consider insurance policies to ensure the safety of ourselves and our families.

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