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.

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

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

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.

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:

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.

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.

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

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

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.

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.

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

Operational Organ gram ofOrdinary Life

Chittagong

S/C

Feni

S/C

Dhaka

S/C

Comilla

S/C

Bogra

S/C

Khulna

S/C

Directly maintained

by Head Office

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 ChandpurS/Cell

1.Thakurgaon

S/Cell2. Natore SCell

Jessore

S/Cell

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.

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.

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

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.

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:

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.

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.

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.