Insurance

Insurance

Insurance is the system of spreading risk of one on to the shoulders of many. Insurance is a process which distributes the burden of the loss on a number of persons within the group formed for this particular purpose.

According to the experts of the Insurance

M .K. Ghosh and A.N Agorwala, “Insurance is a co-operative form of distributing a certain risk over a group of persons who are exposed to it.”

M.N.Mishra. “Insurance is a co-operative device to spread the loss caused by a particular risk over a number of persons, who are exposed to it and who agree to insure themselves against the risk.”

The concept of risk sharing developed in very ancient times. Insurance business started doing their activity during the British rules with the emergence of peoples republic of Bangladesh the government nationalized the insurance order (Nationalization) 1972.

Background of Fareast Islami life Insurance:

The Fareast Islami life insurance company ltd established with the advice of renowned business people, Industrialist, Economist and almost Islamic thinker. The company started its journey in 29th May, 2000 according to the act 1994 and Bima Act 1938. Among the Muslim countries of the world, Bangladesh is the second. The Bangladeshi Muslim people avoid interest based investment and most of their excess asset expensed in different ways. That’s why a huge amount of capital are using in unproductive areas. Fareast collect unused capital and invest in production of industry, increasing production, unemployment problem, creating self-sufficiency and development of economic base. This Fareast islami life insurance company ltd started islami life insurance business with these motives.

Mission and Objectives:

• Introducing and managing life insurance according to Islami Shariah.
• Profit of investment which follows Islami Shariah.
• Giving service to all insured’s of life insurance.
• All the insurers work together and help each other for the economic and social development of the company.
• They create employment with human resource development and training.
• Hospital, Madrasa, School, College, Charitable dispensary and in Natural disaster doing social responsibility.

Insurance company policy

Fareast divided three types of insurance policy for the benefits of the insureds. These are given below:

• Single insurance policy

• Group insurance policy

• Universal insurance policy.

Single insurance policy

• Meyadi Bima.

• Pension Bima.

• Hajj Bima.

• Four installments Bima.

• Denmohor Bima.

• Three installments Bima.

• One installment Bima.

• Children security Bima.

• Fareast DPS.

• Children education and Marriage Meyadi Bima.

• Two installments Bima.

• Five installments Bima.

Group Insurance Policy

• Group Shamoyik Meyadi Bima.

• Group Meyadi Bima.

• Group changeable Meyadi Bima.

Universal insurance policy

• Monthly installment Bima

• One installment Bima.

• Fareast DPS.

Assistance in Economic development

Fareast Islami life insurance company Ltd started with the Mission to provide financial securities to the individuals according to Islami Shariah. For this purpose they introduce many types of policies and many rates of premium for the benefits of the insured’s of all class.