Life Insurance has become a dire necessity to cope with the diverse challenges and threats in this world of pandemic. However, providing life insurance in a traditional manner proves to be challenging to mass population. Microinsurance can be a very effective model in this case in order to reach out to the farthest population. Guardian Life launched its Micro Credit Shield Plan with the microfinance borrowers of BRAC under Guardian BRAC Bima (GBB) Project back in 2016. Currently the GBB Project covers over 10 million lives of BRAC microfinance borrowers and their spouses.
As a continuation of this effort, Guardian Life has recently signed another microinsurance agreement with RDRS Bangladesh, which is one of the biggest development organizations of the country. RDRS Bangladesh is always striving to change the condition of rural poor through empowerment. RDRS currently provides development opportunities & services to 3.4+ million underprivileged families across 29 districts and are currently working with 396 community-based organizations known as federations that are seeking to empower their grassroots members.
Guardian Life will now provide the life & disability coverage to the borrowers of RDRS Bangladesh. Additionally, the nominee of the insured / borrower will receive a funeral cash benefit incase if the borrower expires. This will allow the dependent family members of the policyholders / borrowers to be financially protected even after his / her death. Through this agreement both parties are working hand in hand to protect around 10 lac lower-income borrowers from potential financial risk and ensuring their sustainable livelihoods.
Mr. Sheikh Rakibul Karim, Chief Executive Officer, Guardian Life Insurance Limited and Mr. Tapan Kumar Karmaker, Executive Director, RDRS Bangladesh signed this agreement on behalf of their companies.
Md. Fayzer Rahman, Senior Director, Microfinance from RDRS Bangladesh and Majedur Rashid Chowdhury, Head of Finance & Accounts; Ahmed Istiaque Mahmud, Head of Bancassurance; Abdul Halim, Head of Microinsurance; Touhidul Islam, Vice President, Microinsurance; Irtifa Binte Jalal, Executive Officer, Microinsurance from Guardian Life Inurance Limited were also present at the signing ceremony.