Nothing is a higher priority than your life and your capacity to make money. In this manner, it is reasonable to look for Insurance inclusion for the most important of resource – you! As you carry on with life, tracking down an accomplice, raising a family, and dealing with matured guardians, the requirement for Insurance develops. That is on the grounds that Insurance gives a monetary wellbeing net to your friends and family that assists you with dealing with yourself and those you love when it is required the most.

What is Insurance?

As an overall idea, protection is basic and can be made sense of in numerous ways. While the most essential protection definition is a game plan with an organization to have ensured remuneration for monetary misfortunes because of disease or inopportune demise. Some insurance contracts, The policyholder normally pays a charge, known as an expense, to the insurance agency in return for security from determined gambles. This expense can normally be paid in various frequencies: yearly, semi-yearly, quarterly, or month to month , as per the policyholder’s requirements. The superior sum depends on an assortment of elements, including your age, orientation, clinical history, as well as the term and worth of protection you plan to buy.

What types of insurances are available?

• Savings and investment: Certain whole life insurance policies offer the two-pronged benefits of protection and investment. While a portion of  your premium is paid toward insurance, the rest is invested in equity, debt or a combination of the two. This arrangement delivers protection from accidental death and sudden illness. You can make the most of this component by investing in funds that align with your investment goals and risk appetite. MetLife offers a variety of such plans based on your requirements.
• Takaful: Takaful insurance is a scheme based on mutual assistance in compliance with the provisions of Islamic Shariah that provides financial aid and assistance to the participants in case of certain contingencies. The participants mutually agree to contribute to this common fund specifically for this purpose. With this type of insurance, , the insurance company invests the contributions collected in Shariah-compliant investment vehicles.
• Health insurance: These plans protect you and your family from financial setbacks during a medical emergency. Having health insurance coverage like these enables you to opt for the best possible medical treatment, without putting a strain on your savings. On your behalf, the insurer will either provide cashless treatment or reimburse the hospital for expenses incurred during an illness.
• Education: With the cost of education on the rise, you can secure your child’s future by planning for their school expenses in advance. An education insurance policy guarantees a lump sum to cover their higher education expenses and can also be used for purposes other than education, if your child chooses, when the plan reaches maturity. Another key benefit of this policy  is that your child will still receive a monthly payment from the policy in the event of your death during the policy term and all future premium payments are waived
• Retirement plan: This insurance product helps you accumulate savings over a long period and provide financial stability in the golden years of your life. In a retirement plan , the insured needs to contribute a specific amount regularly until the time of retirement. The accumulated amount is then given back to the insured as pension or annuity at regular intervals of time.
• Group Insurance: This type of insurance policy delivers standardized coverage and competitive premium rates for employers to offer their employees or customers in the case of bancassurance plans. Employers can generally offer two insurance options to employees: one that is included free of charge in their benefits package or a group life insurance package that the employee can purchase. Group insurance benefits, options provided by MetLife, protect employees and their families in the event of death and disability, provide medical insurance or provide coverage for accidents and health.

How much insurance do you need?

Part of choosing an insurance policy is determining how much money your dependents will need. However, a valid question to ask is: how much insurance coverage is required? There are various ways to ascertain this number; however, the general thumb rule of thumb is to have a life cover of at least 10 times your current annual income. The intricacies of individual insurance plans, and determining which policies are the best fit for your needs, can be overwhelming. To get a sense of the options available, here is a breakdown of the different types of insurance plans you can purchase in Bangladesh

How do insurance benefits work?

The financial loss from the unfortunate death of the sole earner in a household can be covered by an insurance plan. The surviving family members can use the insurance payout to repay home loans or other debts and also help you cover your child’s future expenses. Some insurance plans also enable long-term capital preservation that provides regular income to meet your needs during retirement. As a result, insurance presents many exciting opportunities for Bangladeshis who want to create a safety net and financial plan for the future.

Insurance for employees’ benefit

There is a correlation between strong employer support and employee feelings of success, appreciation, engagement, productivity and respect. Successful organizations understand that it is important to take care of their workforce. While the type and range of benefits vary among organizations, one of the popular and effective ways of differentiating Employee Benefits is to provide insurance benefits to employees commonly known as Group Life and Medical Insurance.

The ongoing COVID-19 pandemic has transformed work and life, creating new challenges for employers in motivating and retaining their employees. Understanding how to improve employee well-being is key to helping employers navigate this new reality. The pandemic has also forced many organizations to consider a shift in their approach to safeguarding employee interests. Despite these shifts, research shows that one thing remains constant: employers who understand their employees’ expectations and needs, and take action to help their employees manage the challenges they face inside and outside of work, will have a more engaged, productive and successful workforce.

Keeping this in consideration, organizations can take advantage of the following benefits of offering a tailor-made Group Life and Medical Insurance to their workforce.

We all know that “health is wealth”, but the truth of this saying is best realized when people are not in their best health. Knowing that their organizations are behind them at their times of need can be very assuring for employees. When employees are entitled to health insurance, they may be more likely to consider having regular medical checkups which can help them stay alert to their health conditions and take necessary medical support.

Employees, who feel supported by their employers, report feeling more successful, valued, engaged, productive and respected. If employees are unsupported, reports of those feelings drop significantly. Providing medical coverage for employees gives them peace of mind and should also support overall satisfaction with the employer. This is even more relevant for Bangladesh as the out of pocket medical expenditure is very high which leaves many individuals on the brink of severe financial turmoil.

Thriving in a competitive market requires being able to attract and retain skilled and knowledgeable employees, and a strong insurance benefit can be used by companies as a differentiator.

A carefully designed employee benefits program can drive motivation and boost employee morale. If an organization addresses employee issues, employees are more likely to perform better to yield productive results.

Losing employees can hamper an organization’s growth. it is also costly to replace skilled employees. When employers provide greater support to their employees, their employees are more successful. By valuing employees’ time and work, organizations can strive to build a solid platform where employees stay for years.

Organizations should take special care in selecting their insurance partner as every company has unique employee benefit needs. The insurance provider should have the capability to customize the benefits according to the organization’s requirement, and financial and technological strength to support claims.

Benefits play a vital role in supporting employees, as they support the interconnected elements of well-being. The right mix of traditional and emerging benefits and programs can help mitigate employees’ stress and support them when they need it most. This support will not only increase the well-being of employees but also will help organizations with improved productivity. It’s up to employers to be a source of strength and to support and protect their most important asset: their people.