LankaBangla Securities Ltd (LBSL) and Chartered Life Insurance Ltd have come up with the unique addition to the Bangladeshi investment genre.
To this end, a memorandum of understanding (MoU) was signed on Saturday between the two companies to provide life insurance coverage with a Beneficiary Owners (BO) account while investing in the capital market, according to a statement.
The life insurance policy for capital market investors is the first of its kind in Bangladesh, said the LBSL.
An investor having a BO account with LankaBangla will be eligible to avail of the insurance coverage in case of death and permanent disability. The stock brokerage will cover the premium on behalf of the clients.
After the pandemic, health care for the population has become a major concern. LBSL and Chartered Life have stepped forward to issue health cards for all the insured clients to get discounts at many listed hospitals and diagnostic centers for clients, including family members.
This is going to be a merger of investment and life safety insurance policies, enabling the investors to run both aspects through one channel. This service will provide additional value to capital market investors.
LBSL CEO Khandoker Saffat Reza and Chartered Life Insurance CEO S M Ziaul Hoque signed the MoU on behalf of the respective organisations in the presence of high officials from both organisations.
Under this agreement, both organisations have also agreed to develop other insurance-linked similar capital market products to advance capital market growth in the future.