Plan 16: Mercantile Saving Endowment Insurance Plan (Without Profit)
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.
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.
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.