Insurance companies have existed in Bangladesh since the pre-independence period. However, the industry took off after independence, when all insurance companies were nationalized. In the 1980s, the competitive landscape grew again with the entry of private companies. Today, there are over 81 companies offering insurance through various schemes. So which will be the best insurance companies in Bangladesh in 2023? Let’s take a look.
Top 10 Insurance Companies in Bangladesh 2023
There are many insurance companies in Bangladesh that offer life insurance services. However, based on some criteria such as popularity, customer satisfaction, financial stability, and product diversity, here are the top seven life insurance companies in Bangladesh in 2023:
Metlife Insurance Co Ltd
Formerly known as American Life Insurance Company Ltd., Metlife Insurance started its journey in the country in 1952. Over the years, the company has established itself as one of the most reliable insurance companies in the country. The company has over 1 million customers in Bangladesh and a robust workforce of over 16,000 employees.
You can choose from a range of services offered by Metlife. Their main services include Individual Life Insurance, Education Protection Plan, Retirement Plan, Accident and Health and Employee Benefits. The financial strength of the company is also noteworthy, as it holds an AAA rating. As the largest insurance company in Bangladesh, Metlife leads by example when it comes to customer and employee satisfaction.
Jiban Bima Corporation
Jiban Bima Corporation, or the Life Insurance Company, is a state-owned insurance company in Bangladesh. The corporation came into existence in 1973 after an ordinance decreed the nationalization of all private insurance companies in the country except foreign ones. The company had a humble start with just a life fund of BDT 1.5 million in 1973. Over the years, the company has earned the trust of the people as a leading government life insurance company, and despite a declining customer base, the company has been able to maintain profits year after year. In 2020, the life fund of the company stood at BDT 20 billion, which is a huge jump compared to its early days.
The company has a diverse range of schemes comprising over 30 different sectors. The premium plans are also flexible and slightly less expensive compared to those of private companies. There are service centers all over Bangladesh, so premium deposition and claims shouldn’t be a problem.
Delta Life Insurance Company Limited
After the Nationalization Ordinance was revoked in 1984, Delta Life Insurance Co. was one of the first companies to enter the private insurance scenario. The company was established by a few Bangladeshi citizens working abroad at that time. The idea was to provide the people of Bangladesh with first-class insurance services available in Western countries. With this vision in mind, the company hasn’t had to look back since its inception.
For more than three decades of its operations, Delta Life Insurance has been recording a profit year after year, with the latest fiscal year’s growth being 5.35% higher than that of 2018. The company holds around BDT 38 billion in insurance funds, which is also one of the highest in the country. They offer a range of services in over 5 different sectors. You can register from any of their numerous customer service points.
Popular Life Insurance Company Ltd
Popular Life Insurance Co is another prominent life insurance company in Bangladesh. The company was established in the year 2000 and has since been one of the leading insurance companies in the country. Over the years, the company has been growing its customer base and has been recording profits year after year. At the end of the fiscal year 2018, the company had a cumulative life fund of BDT 17 billion and a cumulative investment of BDT 13 billion.
The company has a robust workforce of over 15000 employees. Basically, Popular Life offers insurance services through its agents in remote areas in addition to its corporate offices in the city and divisional areas. Currently, the company offers 15 different schemes based on its personal and micro-insurance platforms.
Sandhani Life Insurance Company Limited
Sandhani Life Insurance Company Limited (SLIC) is a leading life insurance company in Bangladesh, serving its customers since 1990. SLIC offers a variety of insurance products to meet the needs of different segments of society, such as microinsurance, ordinary life insurance, group insurance, education insurance, Hajj insurance, and more. SLIC is committed to providing the highest quality of service to its policyholders, shareholders, employees, business partners, and the community.
If you are looking for a reliable and trustworthy life insurance company in Bangladesh, you may want to consider Sandhani Life Insurance Company Limited (SLIC). SLIC has been in the insurance business since 1990 and has a network of agents throughout the country. SLIC provides life insurance coverage to all kinds of people, from the poor to the rich, from students to the religious. SLIC strives to achieve consistent operating performance and maximize the return on investment for its shareholders and policyholders.
Meghna Life Insurance Company Limited
For over 20 years, Meghna Life Insurance has been diligently providing insurance solutions to the people of Bangladesh at all economic levels. The company was established in 1996 by some like-minded professionals, and since then, the company has been striving to achieve excellence in the field.
The company had a very humble beginning compared to other similar insurance companies, but its reliability and service soon made it one of the most prominent players in the insurance market. At present, the company has an asset value of BDT 15 billion, which has been increasing year over year since its inception. The company has a total workforce of around 14,000 across Bangladesh. The remarkable thing about Meghna Insurance Co. Ltd. is the easy disbursement of the claims.
Currently, the company offers 8 different schemes under 5 different sub-heads. The company also offers an Islamic insurance scheme, which is quite popular among the people.
Golden Life Insurance Limited
Golden Life Insurance Limited started its journey in 1999. The company obtained its PLC license in the same year before commencing operations. Golden Life Insurance aims to make microinsurance more accessible. The company wanted to bridge the maturity gap, which at that time was between 10 and 20 years. With this revolutionary approach, the company soon gained popularity among the masses.
The company offers a cumulative total of 10 different schemes, most of which are based on Islamic Sharia. The company has more than 8,000 business development executives across Bangladesh who work to ensure that insurance is easy and accessible, even in remote areas. Golden Life has paid out over BDT 35 billion worth of claims, which speaks volumes about its commitment to the sector and its customer base.
Final Words
The insurance sector in Bangladesh is quite diverse. There are life insurance companies as well as general insurance companies offering services in a variety of schemes. It’s not all smooth sailing, however, and there have been reports of claims mismanagement against many insurance companies. However, the ones we have mentioned here have maintained a good track record over the years and have been trusted insurers for people. These are easily the top insurance companies in Bangladesh in 2023, and you can easily sign up with them depending on your preference.
We hope this article was useful for you and helped you learn more about the 10 best insurance companies in Bangladesh. If you have any questions or comments, please feel free to share them with us. We would like to hear from you.
