Bangabandhu Education Insurance launched

The government has started implementing the Bangabandhu Education Insurance for the welfare of the students of the country with the overall cooperation of the Insurance Development and Regulatory Authority (IDRA).

The financial transactions of the Bangabandhu Education Insurance will be done through the school banking accounts of the students.

There will be no service charge for the transaction, according to a Bangladesh Bank circular issued on Sunday. 

The central bank said the Jiban Bima Corporation will act as the insurer. The monthly premium policy range is set at Tk 25, and the yearly amount is Tk 300.

The total amount of the insurance is Tk 1 lakh. The premium insurance policy term will be one to 12 years.

Life Insurance Corporation Managing Director Zahurul Haque told The Business Post the Bangabandhu Education Insurance policy is a gift to the insurance sector in the Mujib Year. 

He added this insurance policy will help reduce the rate of school dropouts. 

Students aged between five and 17 will be brought under the insurance policy. The parents will make the policy on behalf of the students. The parents’ age must be between 25 and 65.