A Report

On

Delta Life Insurance Company Limited

 Submitted To:
Prof. Dr. Md. Mosharraf Hossain
Department of Management Studies
Jagannath University

Submitted By:
Group: Zenith
3rd Year 1st semester
Department of Management Studies
Jagannath University

Date of Submission:
 GROUP LIST

SL Name ID Remarks

1 Md. Kowsar Alam B-170202105

2 Joy Borman B-170202137

3 SM Nayemur Rahman B-170202140

4 Mafuza Akter B-170202147

5 Md. Touhidul Islam B-170202152

6 Nabila Rahman B-170202156

7 Md. Atik Hasan B-150202170

Letter of transmittal
19 February, 2020
Prof. Dr. Md. Mosharraf Hossain
Department of Management,
Jagannath University
Sub: Submission of Report on “Delta Life Insurance Company Ltd.”

Dear Sir,
With great pleasure, we, the members of Zenith group would like to
submit our report on “Delta Life Insurance Company Ltd”. We are
grateful to you for giving us the opportunity to work on an insurance
company. We gave our level best to make the report with information
and fact. Despite of some setbacks, with our dedication, we were able to
finish the report on time with quality.

We tried our best to make the report possible, and we sincerely hope that,
our report on “Delta Life Insurance Company Ltd” will be satisfactory to
you.

Sincerely yours,
On behalf of the group member of Zenith.

1.1 Background of the Delta Life Insurance Company Limite At a

glance
Facts and figures about Delta Life Insurance Company Ltd.

Year of establishment of the company : 1986

Founder Chairman and Managing Director : Late Shafat Ahmed Chowdhury

Present Chairman : Mr. Syed Moazzem Hussain

Present Managing Director : Mr. Das Deba Prashad

Present Deputy Managing Director : Mr. A B M Saiful Haque

First Policy Issued : December 17, 1986

Introduction of Grameen Bima : December 1988

Introduction of Gono Bima : October 08, 1993

Delta BRAC Housing : September 08, 1996

Delta Care Hospitalization Plan (Group) : October 19, 1996

Introduction of Health Insurance : December 04, 1999

Merging of Gono and Grameen Bima : January 04, 2003

Establishment of Delta Insurance Institute : March 07, 2006

Origin:
As we are the student of business administration we have been authorized by our guide teacher to
prepare a report on the activities of the general idea of lending‟s of Delta Life Insurance
Company given to the customers; analyze the methods of determining their risk assessment of
lending‟s. Along with, the way of offering the products of the company will be examined.

Purpose:

The purpose of this report is the writing purpose as well as to know about the activities of the
companies, their activities, rates, performances.

Objectives:
1. Broad Objectives:
A broad objective is to find out the overall activities of Delta Life Insurance Company ltd. Also
about their services and rates which is different in different situation.

2. Specific Objectives:

1. To find out the general activities of Delta Life Insurance Company

2. To find out their services.
3. To find out the different products.
4. To find out the different types rates.
5. To find out the different types condition
Limitations:
In this short time, we have tried to give our maximum effort to provide the information about the
total activities of Delta Life Insurance Company ltd. To prepare this report we face some
limitations, like 1. Privacy of the company.

Policy Conditions

1.Money Back Term Insurance Plan

The main objective of Money Back Term Insurance Plan is to provide much needed emergency
financial support to the policy holder’s family in case of unfortunate loss of life. The rate of the
premium is very low compared to other endowment schemes as savings is not a main
considerable factor here.

KEY FEATURES:

 The rate of premium is very low.

 Full Sum Assured is paid on death at any time during the term of the policy.
 Deposited Premium plus 10% of Sum Assured is paid at maturity.
 Flexible Payment Option (Yearly, Half Yearly & Quarterly)
HOW DOES THE PLAN WORK?
You pay premium until claim or maturity whichever is earlier and receive Sum Assured in the
unfortunate event of loss of life and deposited premium at maturity.

HOW MUCH WILL WE PAY?

 Maturity Benefit: On maturity you get the deposited premium plus 10% of Sum Assured
as refund.
 Life Cover Benefit: In the unfortunate event of loss of life, your nominated beneficiary
will receive Sum Assured.
 Discontinuance Benefit: If you opt to discontinue the premium after two years, you will
receive the discontinuance benefit (if any).

2.Child Protection Plan

Today’s child is tomorrow’s responsible citizen. The principle objective is to provide future for a
child by ensuring his or her financial security. Under this policy, you can put aside a fixed
amount of money for your child and this savings will ensure a bright future for him in turn.

FEATURES:

 The principle objective of this plan is to ensure child’s future financial security
  Under this policy both Premium Payer and the named child will be insured.

 In the event unfortunate death of the premium payer, the insured child will get 1% of sum assured as
monthly stipend till the maturity

3.Double Benefit Endowment Insurance Plan 

This policy is for someone has a lump sum amount of money that he or she would like to put
aside and watch it grow. In this policy, you pay the full premium once and get twice the amount
of Sum Assured after ten years. In case of earlier death during the term of policy, your nominees
get the same treat. This will help you ensure the financial security for yourself as well as your
family in case you are not around to support them.

FEATURES

 A single premium equal to Sum Assured to be paid as at the commencement of the policy.

 Double the amount of Sum assured is paid either on maturity or on death during the policy term.

 This is a fixed term plan and policy is issued for 10 years.

 Can take loan from the policy after two years in case of financial hardship.

 This is a very attractive investment option for Non-Resident Bangladeshi as premium has to be paid only
once

4.Three Payment Insurance Plan

The main objective of Three Payment Insurance Plan is to provide emergency financial support to
the policy holder during the term of the policy as well as much needed financial security to family
in case of unfortunate loss of life. It lets you decide how much you would like to get back before
the maturity by deciding on the amount of Sum Assured for your life cover based on your current
financial position as well assurance of financial return for your family in case of your untimely
death.

KEY FEATURES

 50% of Sum assured is paid in two installments before the maturity.

 Remaining 50% plus accrued bonus is paid on maturity

 Full Sum assured plus accrued bonus is paid on death at any time during the term of the policy.
  Flexibility to add supplementary benefits or rider based on your choice for a nominal extra premium

 Can take loan from the policy after two years in case of financial hardship

 Flexible Payment Option (Yearly, Half Yearly & Quarterly)

5.Biennial Payment Plan

The main objective of Biennial Payment Plan is to provide financial support to the policy holder
on regular basis during the term of the policy as well as much needed financial security to family
in case of unfortunate loss of life. It lets you decide how much you would like to get back before
the maturity by deciding on the amount of Sum Assured for your life cover based on your current
financial position as well assurance of financial return for your family in case of your untimely
death.

KEY FEATURES

 A portion of Sum Assured is paid in installments before the maturity.

 Remaining Portion of Sum Assured plus accrued bonus is paid on maturity.

 Full Sum Assured plus Accrued Bonus is paid on death at any time during the term of the policy.

 Flexibility to add supplementary benefits or rider based on your choice for a nominal extra premium

 Can take loan from the policy after two years in case of financial hardship

 Flexible Payment Option (Yearly, Half Yearly & Quarterly)

6.Flexible Insurance Plan 

The main objective of Flexible Insurance Plan is to provide not only emergency financial support
to the policy holder during the term of the policy as well as much needed financial security to
family in case of unfortunate loss of life but also a flexible payment option so that the policy
holder can get a tailored scheme according to his or her needs. It lets you decide how much you
would like to get back before the maturity by deciding on the amount of Sum Assured for your
life cover based on your current financial position as well assurance of financial return for your
family in case of your untimely death.

KEY FEATURES:

 Rate of premium is same regardless of age of the policyholder.

 The Sum Assured is equal to the total premium paid over the term of the policy.

 Policy Holder can keep the policy in force by paying premium for half the term of policy and get the full
benefit at maturity.
  Flexible Payment Option (Yearly, Half Yearly & Quarterly)

7.PREMIUM PAYMENT
Over-the-Counter: Customer can visit any of the following Delta Life offices and pay their
premiums. The mode of payment can be cash or any other financial instrument.

 Ordinary Life Service Points

 Gono Grameen Service Points

Associated Bank Counters: One can pay at any of our partner Bank branch counters. The list of
bank and branches is as given here.

Door-to-Door Collection: Our field agents collect premiums for micro insurance policies
directly from our customers.

Mobile Banking Premium Payment: Customers also have the option to pay to the following
mobile account via their Rocket mobile bank accounts

8.Money Back Term Insurance Plan

The main objective of Money Back Term Insurance Plan is to provide much needed emergency
financial support to the policy holder’s family in case of unfortunate loss of life. The rate of the
premium is very low compared to other endowment schemes as savings is not a main
considerable factor here.

KEY FEATURES:

 The rate of premium is very low.

 Full Sum Assured is paid on death at any time during the term of the policy.

 Deposited Premium plus 10% of Sum Assured is paid at maturity.

 Flexible Payment Option (Yearly, Half Yearly & Quarterly)

1. Single Premium Endowment Plan-405

9.SINGLE PREMIUM ENDOWMENT PLAN
This plan is made for those who avoid payment of premium in installments and want to invest a
handsome amount at a time. Premium is equal to Sum Assured & paid in advance.

KEY FEATURES:

 Single premium is paid in advance.

 Double the Sum Assured is paid at Maturity.

 Financial benefit for Two and a half times of the Sum Assured is paid to Nominee at unfortunate death.

10.Group Endowment (GEN) Insurance

Scheme This is a special type of Group Term Life Insurance Scheme which provides for
the stated sum assured on death of an insured while in service (except suicide in the first year of
insurance coverage and AIDS) with provision for payment of Sum Assured in case of survival of
an insured up to retirement age or maturity.

BENEFIT OFFERED TO AN INSURED UNDER GTR SCHEME:

Death Benefit: Payment of sum assured on death of an insured while in service, for any reason
(except suicide in the first year of insurance coverage and AIDS) occurring anywhere in the
world.

Maturity Benefit: Payment of full sum assured or a % thereof, in case of survival of an insured

to retirement age (e.g. 60 years).

Insurance Discontinuation: Payment of surrender value of premium paid (except extra premium

if any) for the period of actual membership, if premium payment is stopped after at least 3 (three)
consecutive years of payment in respect of an insured, for any reason other than death or
retirement

11. Endowment plan with and without profits The most common and widely popular, this plan
provides for a fixed sum at end of a particular term or at earlier death of the assured. The plan is
available under both options i.e. with profit and without profit. This is a straightforward coverage
allowing a person to plan his future needs for security and projected savings through means of
insurance eds. for security and projected savings through means of insurance.

12.One-two-three endowment plan with profits provides for high security at earlier death of
the assured before expiry of term (10 & 20 years) or the sum assured at expiry of the term. The
plan provides for double the sum assured at premature death due to illness or treble the sum
assured if death occurs directly as the result of an accident along with accrued bonuses till death
or maturity as the case may be.
13. Installment payment plans with or without profit:

a) Three payments plan Given for terms like 12, 15, 18, 21 years with or without profits
this plan provides for one fourth of the sum assured upon expiry of each one third of the
term and on death at anytime within the term the full sum assured - payment of one or all
the installments notwithstanding. In case of survival to the end of the term remaining
portion of the sum assured along with profits is paid after deducting the installments
already paid.

b) Bi-annual payment plan - is given for 10, 15 & 20 years' term and provides for payment
of a portion of sum assured bi-annually after expiry of the 4th year of the policy, if the
policyholder is then living.
14. Premium back term Insurance plan without profits These are comparatively low cost
plans. These plans provide for payment of sum assured in case of premature death within the
term or refund of all premiums paid at end of term, sum assured keeps on increasing at 8% p.a.
on each successive policy anniversary and such increased sum is paid at death during the term.
On survival up to the end of term, all premium paid during the term is paid. A guaranteed
profit equal to 10% of sum assured is paid along with full premium at end of term as survival
benefit. On death before maturity, the sum assured is payable.

15. Pension Plan without profits. Under plan pensions are provided at quarterly intervals from
an age designated by the policyholder for life, guaranteed for a minimum period of 10 years i.e.
if the pensioner dies anytime within 10 years his designated nominee will get pension for
remaining term of 10 years. Before pension starts, if the assured policyholder dies, 10 times the
annual pension is paid as a lump-sum to his nominee and the policy is terminated upon such
payment. There is another plan that while providing for full protection against premature death
as described above, provides for pension from a designated age as elected by the policyholder at
an increasing rate i.e. pension will increase @10% at intervals of two years. Payment of pension
is guaranteed for at least ten years and thereafter as long as the pensioner lives.

Both these pension plans provide for waiver of premium in case of permanent and total
disability due to accident before commencement of pension.

16. Child Educational Protection Plan with profits: Multiple benefits in the form of
scholarship, monthly annuity etc. in addition to sum assured is available under these plans.
Under one plan sum assured or a part thereof is also payable to the policyholder in case the child
dies prematurely.

17. Tri-dimensional Policy: Built-in benefits for payment of 50% sum assured immediately if
critical illness is diagnosed. Premium and the sum assured will thereafter be halved and the
policy continues. Under this plan, a spouse may also be covered for major disease benefits.

18. Moving Term Plan: Policies under the plan are initially issued and is to be taken for a minimum
term (6 to 10 years) as elected by policy holder. Any time within this minimum term if death occurs,
full sum assured is payable. At the expiry of the minimum term, the policy may be surrendered for
full refund of premiums paid. However, the policyholder need not terminate his policy at end of the
minimum specified period. The policy will automatically continue till age 65
years of the policyholder unless he terminates it earlier. The survival benefit comprises of refund
of all premiums paid along with bonuses. In case of premature death the nominee(s) is paid the
sum assured plus all premiums paid till death, or all premiums paid with profit accrued till death
whichever is greater.

Bonus
DLIC pays attractive bonuses to its with-profit policies. The present rate of policy
bonuses are as following:

a) A compound reversionary bonus @ 5% of paid up sum assured. This bonus is not paid
on the installments withdrawn from the date of such withdrawal.

b) A simple reversionary bonus ranging from Tk. 10 to Tk. 15 per thousand sum assured per
year depending on term.

c) A terminal bonus equal to 10% to 12% of sum assured at maturity of policy

depending on terms if the policy would have been in force for at least 2/3rd of its
term.

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. Exclusive features of Group
Insurance are:
Insurance coverage to a number of individuals under a single contract

 Simple insurable conditions

 Easy administrative procedure
 Prompt claim settlement
 Affordable premium
  Tax exemption on premium

Delta Life offers a host of Group-Life Insurance schemes from which an organization/ employer
may choose for benefits of its members/employees, as may best serve their interest according to
organizational setup.
To be treated as a group, the following criteria need to be fulfilled.

 A “Group” Should comprise of at least 15 members

 It should be a legitimately organized body

Group clients of Delta Life Insurance Company Limited include:

 Semi-Government organization, autonomous bodies

 Private, Non-Government Organizations (NGO's)
 Educational & Financial Institutions
 Public Limited Companies
 Associations, Business organizations etc

Group Life Insurance Schemes offered by Delta Life are of two types:
 Traditional Schemes: for insurance coverage of members/employees of a group
 Exclusive Schemes: for insurance coverage of clients of financial institutions