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Plan 01: Biennial Payment Plan (With Profit)

Features:

For ten year term, the policyholder will receive:

  1. 20% of the basic sum assured at the end of the 4th year, 6th year and 8th year after commencement of the policy;
  2. 40% of the basic sum assured together with accured bonuses on maturity of the policy.
    1.  

For fifteen year term, the policyholder will receive:

  1. 15% of the basic sum assured at the end of the 4th year, 6th year, 10th year and 12th year after commencement of the policy;
  2. 25% of the basic sum assured together with accured bonuses on maturity of the policy.
    1.  

For twenty year term, the policyholder will receive:

  1. 10% of the basic sum assured at he end of the 4th year, 6th year, 8th year, 10th year, 12th year, 14th year, 16th year, and 18th year after commencement of the policy;
  2. 20% of the basic sum assured together with accrued bonuses on maturity of the policy.
  3.  

Death Benefit:

The nominee of the policyholder will receive full sum assured on death of the policyholder within the term of the policy with bonuses accrued up to the date of his/her death.

Plan 02: Ordinary Endowment Assurance Plan (With Profit)

Introduction :

Endowment Insurance is most familiar & popular life insurance plan in the country. This plan encourages force savings to fulfill your dream. It ensures safe investment, provides financial security, and brings mental peace.

Features:

  • This plan assures the policyholder to receive the desired amount with accrued bonuses at the maturity of the policy or to the nominees for immature death of policyholder
  • Policy term may be for 10 years, 15 years, 20 years.
  • Policy holder may surrender the policy at least after the full payment of two consecutive year’s premium and will receive surrender value quoted at the time of surrender.
  • Policy holder may obtain a loan (maximum 90% of surrender value) against the policy by mortgaging it.
  • Accidental Death Benefits (ADB) & Permanent Disabilities Accidental Benefits (PDAB) may be covered
  • Income tax rebate may be obtained by taking the policy.
  • The claim amount is also tax free



Benefit:

  • Survival Benefit: The policy owner will receive full sum assured along with accrued bonuses on maturity at the end of the term.
  • Death Benefit: The nominee of the policyholder will receive full sum assured along with bonuses accrued on death of the policyholder within the term of the policy together with bonuses accrued up to the date of his/her death.
Plan 03: Three Stage Payment Insurance With profit

Introduction :

If you make the habit of savings today definitely you might lead a peaceful, quiet & happy life in future. Three Stage Payment Assurance Plan is the most fabulous & popular Life Insurance Plan to its prospective clients throughout the country. This Plan provides high insurance protection and attractive returns on paid premium. It encourages savings to fulfill insured’s prospective future life.

Features:

  • This plan assures emergency inflows of cash for necessity of policyholder
  • Premiums can be paid annually, half yearly & quarterly
  • Policy term would be for 12 years, 15 years, 18 years, 21 years & 24 years
  • This policy would be surrendered after two yearly installments are paid.
  • Policy holder may obtain a loan (maximum 90% of surrender value) against the policy.
  • Accidental Death Benefits (ADB) & Permanent Disabilities Accidental Benefits (PDAB) may be covered
  • Income tax rebate may be obtained by taking the policy.
  • The claim amount is also tax free

Benefit:
* Survival Benefit: The policy holder will receive 25% of the basic sum assured at the end of the one third of the premium payment term.

The policy holder will receive another 25% of the basic sum assured at the end of two-third of the premium payment term

The policy holder will receive remaining 50% of the basic sum assured together with accrued bonus on maturity at the end of the term

  • Death Benefit: The nominee will receive full sum assured on death of the policyholder within the term of the policy together with the bonus accrued up to the date of his/her death.
Plan 04: Four Stage Payment Insurance With profit

Introduction :

The Child of today is the future of tomorrow. Mercntile Islami life Insurance Limited is devoted to ensure their secured future through this Child Protection Assurance Plan.

Features:

  • This policy will cover both the lives of child & the policyholder.
  • The child’s minimum age at entry is 06 (six) months & the maximum age is 15 years and maturity age minimum 18 and mazimum 25 years.
  • Minimum and maximum age of policyholder for entry is 20 years is 55 years.
  • Premiums can be paid annually or half yearly.
  • Minimum and maximum policy term would be 10 years and 20 years respectively.
  • Minimum amount of the policy would be BDT 50,000 & maximum can be determined by policyholder’s desire
  • Policyholder may surrender the policy at least after the full payment of two consecutive year’s premium and will receive surrender value quoted at the time of surrender.
  •  

Policyholder may obtain a loan (maximum 90% of surrender value) against the policy by mortgaging it. Income tax rebate may be obtained by taking the policy. The claim amount is also tax free.

 

Survival Benefit:

  • If the policyholder and the child survive till the end of the term full basic sum assured along with accrued bonuses will be paid.
  • If after the death of the policyholder, the child dies within the term no benefits are payable within the term but end of the term full basic sum assured along with accrued bonuses will be paid.

Death Benefit:

  • If the policyholder (father or mother) dies within the term of the policy no further premium will be payable. In such an event the following benefits are payable:
  • 1% of the sum assured will be paid as stipend till the end of the policy term.
  • Full sum assured will be paid at the time of maturity.
  • If the nominee/child dies before the maturity the following benefits are payable:

 

  • SLPolicy term at child’s deathBenefits

    1

    		Not more than 06 months25% of the basic sum assured
    2More than 06 months but less than 12 months50% of the basic sum assured
    3More than 12 months but less than 24 months75% of the basic sum assured
    4More than 24 months100% of the basic sum assured
Plan 05: Five Stage Payment Insurance With profit

Introduction :

Five Stage Assurance Plan is fabulous & more attractive to provide financial support to you. This plan provides financial security as well as frequent and early returns on paid premium. You can further reinvest or utilize the partial returns to fulfill your future dreams as your choice.

Features:

  • This plan assures emergency inflows of cash for necessity of policyholder.
  • Premiums can be paid annually, half yearly & quarterly.
  • Policy term would be for 10 years, 15 years, 20 years, 25 years & 30 years.
  • This policy would be surrendered after two yearly installments are paid.
  • Policy holder may obtain a loan (maximum 90% of surrender value) against the policy.
  • Accidental Death Benefits (ADB) & Permanent Disabilities Accidental Benefits (PDAB) may be covered.
  • Income tax rebate may be obtained by taking the policy.
  •  

Survival Benefit:

  • The policyholder will receive 10% of the basic sum assured at the end of the one-fifth of the premium payment term.
  • The policyholder will receive another 15% of the basic sum assured at the end of two-fifth of the premium payment term.
  • The policyholder will receive remaining 20% of the basic sum assured at the end of three-fifth of the premium payment term.
  • The policyholder will receive remaining 25% of the basic sum assured at the end of four-fifth of the premium payment term.
  • The policyholder will receive remaining 30% of the basic sum assured together with accrued bonus on maturity at the end of the term.

Death Benefit: The nominee will receive full sum assured (with rider’s benefit, if applicable) on death of the policyholder within the term of the policy together with the bonus accrued up to the date of his/her death.

Plan 06: Hajj Bima With Profit

Features:

  • This plan assures the policyholder to receive the full sum assured together with accrued bonuses on maturity.
  • The nominee of the policyholder will receive full sum assured with accrued bonuses on death of the policyholder.
  • Minimum policy term would be for 5 years, and maximum would be for 15 years.
  • Minimum face amount/ basic sum assured of the policy would be BDT 100,000 and maximum would be BDT 10,00,000.
  • Premiums can be paid annually, half yearly & quarterly.
  • Minimum age of buying policy is 20 years and maximum age is 55 years.
  • This policy would be surrendered after two yearly installments are paid.
    • Policy holder may obtain a loan (maximum 90% of surrender value) against the policy.Accidental Death Benefits (ADB) & Permanent Disabilities Accidental Benefits (PDAB) may be covered.Income tax rebate may be obtained by taking the policy.The claim amount is also tax free.



Benefit:

  • Survival Benefit: The policyholder will receive the full sum assured together with accrued bonuses on maturity at the end of the term. The policyholder can utilize the maturity benefit for performing Hajj or for any other purpose. If he/she requires cash benefit before the maturity of the policy he/she can surrender the policy and receive cash surrender value to be quoted by the Company at the time of surrender of the policy.
  • Death Benefit: The nominee will receive full sum assured on death of the policyholder within the term of the policy together with accrued bonuses.
Plan 07: Den Mohor Bima With Profit

Introduction :

Denmohor Bima is unique insurance plan innovated by Mercantile Islami Life to provide financial security for the married or bachelor individuals to pay off the denmohor to their spouse. According to Mohamedan and Contract Law, it is obligatory for the husband to pay his wife this rightful money agreed upon the contract of marriage (kabinnama) as soon as possible. Mercantile Islami Life Insurance Limited is presenting you this plan to meet the expense of denmohor.

Features:

    • This plan is for incumbent male person whether married or bachelor to provide financial security to pay off denmohor to their spouse.
    • Minimum age of entry is 20 years and maximum age is 55 years.
    • Premiums can be paid annually, half yearly or quarterly.
    • Minimum and maximum policy term would be 10 years and 20 years.
    • Policyholder may surrender the policy at least after the full payment of two consecutive year’s premium and will receive surrender value quoted at the time of surrender.
    • Policyholder may obtain a loan (maximum 90% of surrender value) against the policy by mortgaging it.
    • Accidental Death Benefits (ADB) & Permanent Disabilities Accidental Benefits (PDAB) may be covered.
    • Income tax rebate may be obtained by taking the policy.The claim amount is also tax free.

Benefit:

  • Survival Benefit: The policyholder will receive full sum assured together with accrued bonuses on maturity at end of the term. The policyholder can utilize the maturity benefit for settlement of denmohor or for any other purposes. If the policyholder requires cash benefit before the end of the stated term he can surrender the policy and receive cash surrender value to be quoted by the Chartered Life.
  • Death Benefit: The beneficiary/nominee will receive full sum assured on death of the policyholder within the term of the policy together with bonuses accrued up to the date of his death.
Plan 08: Child Protection Assurance Plan (With Profit)

Introduction :

The Child of today is the future of tomorrow. Mercntile Islami life Insurance Limited is devoted to ensure their secured future through this Child Protection Assurance Plan.

Features:

  • This policy will cover both the lives of child & the policyholder.
  • The child’s minimum age at entry is 06 (six) months & the maximum age is 15 years and maturity age minimum 18 and mazimum 25 years.
  • Minimum and maximum age of policyholder for entry is 20 years is 55 years.
  • Premiums can be paid annually or half yearly.
  • Minimum and maximum policy term would be 10 years and 20 years respectively.
  • Minimum amount of the policy would be BDT 50,000 & maximum can be determined by policyholder’s desire
  • Policyholder may surrender the policy at least after the full payment of two consecutive year’s premium and will receive surrender value quoted at the time of surrender.
  •  

Policyholder may obtain a loan (maximum 90% of surrender value) against the policy by mortgaging it. Income tax rebate may be obtained by taking the policy. The claim amount is also tax free.

 

Survival Benefit:

  • If the policyholder and the child survive till the end of the term full basic sum assured along with accrued bonuses will be paid.
  • If after the death of the policyholder, the child dies within the term no benefits are payable within the term but end of the term full basic sum assured along with accrued bonuses will be paid.

Death Benefit:

  • If the policyholder (father or mother) dies within the term of the policy no further premium will be payable. In such an event the following benefits are payable:
  • 1% of the sum assured will be paid as stipend till the end of the policy term.
  • Full sum assured will be paid at the time of maturity.
  • If the nominee/child dies before the maturity the following benefits are payable:

 

  • SLPolicy term at child’s deathBenefits

    1

    		Not more than 06 months25% of the basic sum assured
    2More than 06 months but less than 12 months50% of the basic sum assured
    3More than 12 months but less than 24 months75% of the basic sum assured
    4More than 24 months100% of the basic sum assured
Plan 09: Single Premium Insurance Plan

Features:

  • This plan assures the policyholder to receive twice of the basic sum assured at the maturity of the policy or to the nominees for immature death of policyholder Premium to be paid on single installment.
  • Policy term would be for 6 years to 15 years respectively.
  • Minimum face amount/ basic sum assured of the policy would be BDT 10,000
  • Minimum age of buying policy is 18 years and maximum age is 55 years.
  • Income tax rebate may be obtained by taking the policy.
  • The claim amount is also tax free.

 

Benefit:

  • Survival Benefit : The policyholder will receive twice the basic sum assured on maturity of the policy.
  • Death Benefit: The nominee will receive twice the basic sum assured on death of the policyholder within the term of the policy.
Plan 13: Pension Plan

Features:

  • This plan assures the policyholder to receive annual pension stated in the policy document for a guaranteed period of ten years and as long as he/she is alive thereafter.
  • This plan also assures the nominees of the policyholder to receive ten times the amount of annual pension for immature death of policyholder.
  • Premium can be paid on annually, half yearly, quarterly & monthly basis.
  • Minimum policy term would be for 5 years.
  • Minimum face amount/ basic sum assured of the policy would be BDT 10,000.
  • Minimum premium would be BDT 666.
  • Minimum age of buying policy is 20 years and maximum age is 55 years.
  • Policy holder may obtain a loan (maximum 90% of surrender value) against the policy.
  • Income tax rebate may be obtained by taking the policy.
  • The claim amount is also tax free.



Benefit:

  • Survival Benefit:
    The policyholder will receive annual pension stated in the policy document for a guaranteed period of ten years and as long as he/she is alive thereafter.

 

  • Death Benefit:
    The nominee will receive ten times of the amount of annual pension for immature death of the policyholder.
Plan 15: Mercantile Saving Endowment Insurance Plan (With Profit)

Introduction:
Low-income people of Bangladesh such as farmers, labor cooperatives, herdsmen, fishermen, blacksmiths, potters, weavers, housewives, and all levels of people staying in the country and abroad can get the benefit of life insurance under this scheme. The scheme applies to those who are not covered by a pension in work or personal life and those who are pensioners but want to have more financial security in old age.

Features:

In this plan, the insurance period is 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, and 20 years respectively. The premium in this scheme is not age dependent. The minimum monthly installment of this plan will be limited to Tk 300/= and a maximum of Tk 10,000 (ten) thousand). Premiums can be deposited through Islami Bank or M-Banking. Confirmation SMS will be sent to the insurance customer’s mobile as soon as the premium is paid.

Benefits:

  • Full Sum Assured is paid with profit if the insured survives the term.
  • In case of death of the policyholder at any time before maturity even after partial payment of the sum assured in the first installment, the full sum assured will be paid with dividends till the date of death if the policyholder dies at any time.
  • Deposits are made through low income/cash and receipts are issued immediately ensuring maximum customer service and financial security.
  • Low-income working people can secure retirement or build investable capital.
    As the installments are collected every month, low-income working people can maintain the insurance automatically.
Plan 16: Mercantile Saving Endowment Insurance Plan (Without Profit)

Introduction:

Low-income people of Bangladesh such as farmers, labor cooperatives, herdsmen, fishmongers, blacksmiths, potters, weavers, housewives, and all levels of people staying in the country and abroad can get the benefit of life insurance under this scheme. The scheme applies to those who are not covered by pension either in work or personal life and those who are pensioners but want more financial security in old age.

Features:

The term of insurance in this plan is 10, 11, 12, 13 14, 15, 16, 17, 18, 19, and 20 years respectively. The premium in this scheme is not age dependent. The minimum monthly installment of this plan will be limited to Tk 300/= and a maximum of Tk 10,000 (ten) thousand). Premiums can be deposited through Islami Bank or M-Banking. Confirmation SMS will be sent to the insurance customer’s mobile as soon as the premium is paid.

Benefits:

  • The full sum assured is paid if the insured survives till the term insured.

  • In case of death of the insured at any time before the maturity even after the partial payment of the sum insured in the first installment, the sum assured will be paid.Deposits are made through low income/cash and receipts are issued immediately ensuring maximum customer service and financial security.

  • Low-income working people can secure retirement or build investable capital.

  • As the installments are collected every month, low-income working people can maintain the insurance automatically.

Plan 17: Joint Life Endowment Plan With Profit

Introduction:
Under this plan, insurance risk can be taken jointly in the name of both husband and wife with one’s premium. In case of the death of either spouse during the term (Allah forbid), the premium will cease and the sum insured will be paid to the other with the profit earned.

This insurance is taken jointly in the name of husband and wife.

  1. The sum assured of this policy will be a minimum of Tk 50,000
  2. Policy tenure will be 10, 15, 20, 25, 30, 35 years
  3. Age at maturity of 70 years (Maximum) 4. The premium will be determined according to the age of the senior citizen.

Benefits:

  • If both the policyholders are alive till the maturity of the policy, the sum insured will be paid to the policyholders along with the profit earned.
  • In case of death of either of the husband or wife during the term of insurance, the sum assured is paid to the survivor along with the profit earned.

  • In case of death of both the husband and wife during the term of insurance, the sum assured is paid to the heir(s) / legatee(s) as per the nominated(s) Faraj along with the profit earned.

  • Investment facility up to 90% of surrender value can be availed on easy terms if required after two years of premium payment if insurance is in operation.

  • The policy acquires surrender value after paying premiums for at least two years.

Plan 18: Child Education Insurance Plan (Non-Profit)

Introduction:

Under this plan, on one hand, the beneficiary child is guaranteed to receive a large amount of money on maturity, and on the other hand, in case of death of the premium payer during the term (God forbid), there is a financial security system to fulfill the parents’ dreams by paying a specific scholarship to the child every year.

Features:

  1. Sum insured will be a minimum of Rs 50,000.
  2. Policy tenure is 10, 15, or 20 years.
  3. Maturity age of the insured is 70 years (Maximum).
  4. The mode of payment for premium will be extended.
  5. The premium payer must be the father but in the absence of the father can also be the educated, earning mother.

Benefits:

  • If the premium payer and the child are alive till the maturity of the policy, the sum assured will be paid to the child at the rate of Rs. 20 per thousand per annum as assured profit.
  • If the premium payer (God forbid) dies during the insurance period, the premium will be waived for the next period, and till the expiry of the term, an educational scholarship will be given to the child at the rate of 10 tk monthly for every 1000 tk sum insured.

  • If (God forbid) the child dies during the policy term, the policy can be transferred to the name of another child or the premium payer can run the policy in his own name as term insurance.

  • If the child dies during the period of the scholarship after the death of the premium payer, the scholarship will cease and the sum assured will be paid to the nominee(s) on behalf of the heirs at the end of the term.

  • A maximum of 90% of the surrender value on easy terms if insurance is in force after two years of premium payment.

  • The policy earns surrender value after paying premiums for at least two years.

 

Plan 21: Barakah DPS Plan (With Profit)

Introduction:

Low income people of Bangladesh such as farmers, labor cooperatives, herdsmen, fishermen, blacksmiths, potters, weavers, housewives and all levels of people staying in the country and abroad can get the benefit of life insurance under this scheme. This scheme is applicable to those who are not covered by pension either in work or personal life and those who are pensioners but want to have more financial security in old age.

Features:

The term of insurance in this plan is 6, 7, 8, 9, 10, 11, 12, 13, 14, and 15 years respectively. This plan has a minimum monthly installment starting from Rs.500/= to pay the premium in the presence of the insurable interest of the customer. Premium can be deposited at home as premium can be deposited through online payment options including Bikash, Nagad, Mcash. Confirmation SMS is given to the policyholder’s mobile after depositing the premium.

Benefits:

Full Sum Assured is paid with profit if the insured survives till maturity. In case of death of the insured at any time before the maturity even after the first installment is paid and at any time in case of death of the insured the entire sum assured will be paid along with the profit earned till the date of death. Low-income working people can secure retirement or build investable capital. The installments are collected every month so that low-income working people can maintain the insurance automatically