Reliance Insurance Limited is a leading private sector non-life insurance company in Bangladesh that was incorporated in 1988. It offers various insurance products including fire, marine, engineering, personal accident, motor, liability, and other miscellaneous insurances. Reliance Insurance aims to become the premier insurance organization in Bangladesh with a reputation for dependability, professionalism, and high customer service standards. It has over 30 branches across the country and a paid-up capital of 597.42 million taka.
New India Assurance is one of the oldest and most recognized insurance companies in India in the general insurance category. It caters to almost every general insurance products. It offers a wide variety of helpful insurance products and allows you to make the purchase online.
The Oriental Insurance Company limited is a well-known, state owned company in the insurance sector. It has gained a good reputation for the amazing quality and assistance it provides. It provides effective products along with the amazing customer service. The claim ratio of this organisations is also very good.You can easily rely on this company for your insurance needs.
New India Assurance is one of the oldest and most recognized insurance companies in India in the general insurance category. It caters to almost every general insurance products. It offers a wide variety of helpful insurance products and allows you to make the purchase online.
The Oriental Insurance Company limited is a well-known, state owned company in the insurance sector. It has gained a good reputation for the amazing quality and assistance it provides. It provides effective products along with the amazing customer service. The claim ratio of this organisations is also very good.You can easily rely on this company for your insurance needs.
Life insurance corporation of India provides wide range of life insurance products its your time to decide which one you want as we all know life is precious protect it by taking right insurance product.
Life insurance corporation of India provides wide range of life insurance products its your time to decide which one you want as we all know life is precious protect it by taking right insurance product.
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3. “
RIL is a leading First Generation Private Sector Non-Life Insurance
Company in Bangladesh. Reliance Insurance Limited (RIL) was
incorporated in 1988 as a Public Limited Company and commenced
its operation from the same year & issued by Registrar of Joint
Stock Companies on the 22nd of March 1988. It obtains Certificate of
Registration from Controller of Insurance on the 7th of April 1988.
Currently the company is regulated by Insurance Development and
Regulatory Authority (IDRA).
COMPANY BACKGROUND
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5. “Reliance Insurance Values
With an eye to ensuring peace of mind, Reliance aims at
providing the customer with tailored-made insurance
solutions with innovation in products design, delivering
attractive returns to their shareholders, and becoming a
caring organization for the next generation of talents.
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6. What Financial Services Reliance Offers
Reliance provides Fire, Marine cargo,
Marine Hull, Engineering, Personal
Accident, Overseas Mediclaim &
Holiday, Motor, Various Liability,
Aviation Hull &Liability and
Miscellaneous Insurances.
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7. vision
Reliance Insurance Limited’s Vision is to:
become the premier insurance organization and the
insurer of first choice in Bangladesh with a sound
reputation for dependability, professionalism and
the highest standard of customer services.
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8. Reliance Insurance Limited’s Mission is to:
Grow significantly and achieve significant non-life insurance
market share.
continue delivering attractive returns to our shareholders.
become a caring organization and employer of choice.
invest in top quality human resources and develop full potentials
of employees by providing continued training and insurance
education.
bring innovation in insurance products and selling techniques.
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9. Company Details
A leading first generation private sector Non-life Insurance company in
Bangladesh,Reliance Insurance Limited was incorporated in 1988 and
subsequently was listed with Dhaka and Chittagong Stock Exchanges in 1995.
Reliance transacts all classes of non-life insurance business in Bangladesh
and its turnover was in excess of BDT 2,026 million, being total gross premium
underwritten in 2014. The company carries its insurance activities through
thirty one branches spread across the whole country.
Reliance has an authorized capital of Tk. 500 million and paid up capital of Tk.
597.42 million. Shares of the company are traded on both Dhaka Stock
Exchange & Chittagong Stock Exchange . The company has a total market
capitalization of approximately Tk. 5475 million.
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10. Increase Quality – Introduce new
products to new & existing markets.
Reduce Delivery Time – Improve overall
productivity & maximize market share.
Implement Change Faster – Improve
marketing ,advertising & public
relations.
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13. Fire Insurance
Traditional Fire Insurance Policy Covers the Fire or Lightning risks only.
The policy premium is charged in accordance with Tariff rate prescribed
by Central Rating Committee (CRC). However; the Fire Policy can be
extended to cover some allied perils such as Riot and Strike Damage,
Malicious Damage, Flood & Cyclone and Commercial Explosion.
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14. Property Damage All Risk Insurance
The property damage all risk insurance covers accidental loss
or destruction of or damage to the Property Insured under the
defined perils. The words “Defined Peril” shall mean Fire,
Lightning, Riot & Strike, Explosion, Malicious Damage,
Earthquake, Flood, Cyclone & Electrical Short Circuit and
Burglary.
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15. Industrial All Risk Insurance
To qualify for IAR insurance the minimum sum insured should
be Taka 500,000,000 and above. The IAR insurance policy
covers:
Material damage
All risks/perils other than a few perils excluded specifically in
the policy wording.
Business Interruption for a certain period of time (Optional).
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16. Marine Cargo Insurance
Marine Cargo Insurance transit by Steamer or Powered
Vessel
Marine Cargo Insurance transit by Rail/Lorry/Truck
Marine Cargo Insurance transit by Inland Rail or Road
Marine Cargo Insurance transit by Inland Cargoes (water
borne)
Marine Cargo Insurance transit by Air Cargo
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18. Health Insurance
The Health Insurance covers expenses of medical treatment while hospitalized
due to illness or injury. Each confinement in broad terms includes:
Hospital Accommodation
Consultation with Physician or Surgeon
Medical Investigations
Surgical Operation (major and intermediate)
Use of Operation Theatre facilities, anesthesia, and other services.
Medicines
Ancillary services like labour room services, ICU/CCU room, post-operative
room, blood transfusion, ambulance service etc.
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19. Head Office & Valued Clients of RIL
Shanta Western Tower
186,Tejgaon Industrial
Area,Dhaka
1208,Bangladesh
Bank
Asia
City
Bank
Apex
Airtel
Aman
Group
Berger
paints
British
American
Tobacco
Bengal
Group
HSBC
Pran
Group
Bombay
Sweets
Robi
Axiata
Limited
Transcom
Group
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22. Awards
Reliance Insurance Limited has received many prestigious awards
for their outstanding performance in the industry. For the last
seven years in a row, the company has been awarded ICAB awards
for best published accounts & reports. The company since its
inception emphasized on professional management & building
excellent human resources & as a recognition for which it has
received the prestigious HR award given by Institution of Personal
Management (IPM),Bangladesh.
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23. Recommendation
Time marched on completing 25 years of journey for RIL. During this
epic journey, it has grown from strength with an enviable
performance in the industry. The company’s business growth has
been consistently impressive over the years. From the few million
Taka at the start up stage, the gross premium of the company is now
over taka 2.0 billion in 2014. The shareholders equity has also grown
impressively to taka 3.91 billion . With this outstanding performance,
Reliance Insurance Limited has indeed set a new benchmark in the
Insurance industry of Bangladesh.
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