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Why is insurance important?

Nothing is more important than your ability to live and make a living. Therefore, it is prudent to have insurance cover for the most valuable asset i.e. your life. When you assume new responsibilities, such as getting married, raising a family, or caring for aging parents, your need for obtaining insurance grows.  Because, insurance ensures financial security for your loved ones, which helps you and your loved ones in times of need. important insurance schemes

What is insurance?

The general concept holds that insurance is a system open to various interpretations. But in simple terms, insurance means a contract with an organization, which provides financial compensation in case of your illness or premature death. Some insurance policies like, [https://www.metlife.com.bd/solutions/savings-investments/] also provide you lifetime benefits. In this case, you can get financial benefits in two ways; At certain events in your life or as income in your retirement.

Generally, the policyholder has to pay a fee, known as a premium, to the insurance company in exchange for protection against a particular risk. The customer can pay this fee in annual, half-yearly, quarterly, or monthly terms as per their requirement. In some policies, you get life insurance benefits by paying only a one-time premium. For example, Metlife’s [https://www.metlife.com.bd/solutions/savings-investments/sdps/] premium amounts depend on several factors such as age, gender, previous medical history, or policy terms chosen.

How do insurance benefits work?

An insurance plan can largely cover the financial loss caused by the unexpected death of a family’s sole earner. The rest of the family can use this insurance money to pay off their home loan or other debts or secure the future of the child. Some insurance plans also support long-term capital preservation that will provide regular income benefits to meet your retirement needs. That is, for those Bangladeshis who want to secure their financial future, insurance can provide many amazing benefits. important insurance schemes

What amount of insurance coverage do you need?

The type of insurance policy you choose depends a lot on the amount of money your family may need. But the most logical question in this case is – how much insurance coverage you may need. There are different ways to determine this number, but the most common rule of thumb is to take out at least 10 times your current annual income. Understanding the intricacies of different policies and choosing the best policy for your needs can be quite daunting. Below is a detailed idea of the insurance plans you can buy in Bangladesh.

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What types of insurance schemes are there in Bangladesh?

Savings and Investments: Certain life insurance policies offer dual benefits of protection and investment. You use a portion of your premium as insurance security while investing the rest in equity, debt, or a combination of the two. This scheme provides financial protection in case of accidental death and sudden illness. By investing in funds by your investment objectives and risk tolerance, you can get maximum returns. Metlife has many such plans based on your needs. Learn more about these plans here: https://www.metlife.com.bd/solutions/savings-investments/.

Takaful: Takaful insurance is an Islamic Shariah and mutual aid-based scheme that provides financial support and assistance to participants under certain circumstances. Therefore, the participants contribute to this common fund with their consent. In the case of this type of insurance, the insurance company invests the contributions only through Shariah Compliant means. For example, Metlife https://www.metlife.com.bd/solutions/takaful-updated/

Health Insurance: These plans (https://www.metlife.com.bd/solutions/health-protection/) protect you and your family from financial disaster in case of medical emergencies. Having health insurance security ensures you get the best quality medical care without breaking your savings. The insurance company will either help you get cashless treatment or pay for your hospital treatment for any illness.

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Education: The cost of education is constantly increasing. But by making a cost plan for your child’s education in advance, you can secure their future. Education insurance policies provide a lump sum payment to cover their higher education expenses. If your child wants, after the maturity, this money can be used in other sectors besides education. Metlife https://www.metlife.com.bd/solutions/education/] – Another key benefit of this policy is that if you die during the policy term, your child will receive a monthly payment from the policy and all future premium payments will be waived. will be important insurance schemes

Retirement Life Plan: This insurance plan allows you to accumulate savings over a long period, which will provide financial stability during the golden days of your life. In the Retirement Life Plan (https://www.metlife.com.bd/solutions/retirement/), the Insurer can provide retirement certain amount of contribution has to be paid regularly up to a certain period before the mortgage. Later, this accumulated amount is paid back to the insurer as a pension or annuity at regular intervals.

Group Insurance: In the case of bancassurance plans, this type of insurance policy provides standard security and competitive premium rates to employers for offering employees or customers. Employers can generally offer two insurance options to employees. The officers have the option to include themselves, free of charge, in the benefits package, which includes a group life insurance plan that they can also purchase individually.  Benefits offered by group insurances like Metlife https://www.metlife.com.bd/solutions/group-insurance/employee-benefits/] are:- Covering the employee and his family against death and accidental disability. and providing health insurance and life insurance.

How to Choose the Right Insurance for Your Needs

Life is so uncertain that it is almost impossible to predict what may happen in the future. Insurance is a method that helps you plan for an uncertain future with confidence. The younger you purchase the policy, the lower the premium you will have to pay. A small policy also protects your loved ones during difficult times. It even becomes possible to pay off debt, afford ongoing living expenses, and save for your child’s higher education needs. With the right insurance coverage in place, you don’t have to worry about financial uncertainty during tough times. As a result, you can focus on the important things.

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