Diamond Life obtained permission from the Govt. of Bangladesh to transact all types of Life insurance policies in February, 2014 and started operation in June, 2014.
An explanation is perhaps in order why there is yet another company when there are already so many (30+ odd Companies) operating in the economy. Although life insurance business is more than a century old in thecountry,it has hardly touched upon the lives of the general people of the country. In a word, life companies have been largely unable to tap the opportunities offered by a progressing economy like oursand does not compare well with the level of development achieved in other financial sectors of economy.As it terms out, Bangladesh may be regarded as almost a green field for life insurance business.Given proper planning and vigorous efforts, it is very much possible that the premium income of the industry largely reflecting its performance can be quadrupled from the present level (which is presently only 0.7% of national GDP) in a decade’s time. Thus, the case for a new life insurance company has been quite convincing. The sponsors of Diamond Life--highly successful and distinguished personalities as they are in their respective fields of trade and commerce--strongly believe that the new life company imbued with the ideals of rendering prompt and quality life insurance services at reasonable cost and directing all activities to this end is sure to stand out and shall be able to make a mark in a short period of time. Thus Diamond Life undertakes to hold the policyholders interest upper most of all considerations and has set before itself, among others, the following aims and objectives
- To provide facilities of life insurance to an ever-increasing people of the country at a bargain price
- To develop and market life insurance products suited to socio-economic needs of people; specially those products that would, besides providing for adequate protection against risks, be linked to investment.
- To pay profits at attractive rates on the money invested in life insurance for encouraging savings through life insurance.
- To provide quality and timely service to policy holders with the aim of having a satisfied clientele.
- To mop up the scattered and small savings of people through sale of life insurance and convert them into long-term domestic capital so vitally needed for national development.
- To create employment opportunities for both educated and not so educated youths of the Country.
- To do whatever it can within its means to promote social upliftment and fulfill social obligations.
- To protect the interests of all interested groups including its shareholders adding value to their state and providing handsome returns on the same.
Diamond Life shall endeavur to achieve these ends through concerted efforts as outlined below
- For all sections of the society, design suitable life insurance products and market them.
- Recruit educated and enthusiastic youngmen and train them for creation of efficient work-force both in marketing and desk work.
- Recruit experienced and technically qualified hands to create a ‘Core group’for providing right kind of leadership for new recruits and for expanding company’s operation throughout length and breadth of the country in an orderly manner.
- Set up company’s offices in divisional, district and other important areas of the country and decentralize functions at these offices to provide on--the spot service policyholders.
- Establish a framework of activities ensuring transparency and accountability at all levels and strictly enforce the same.