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Other Services

Insurance Service

Social Islami Bank Limited is engaged with Padma Islami Life Insurance Limited (PILIL) regarding Group life insurance coverage to the clients of Mudaraba Savings Deposit (MSD) A/C, Monthly Deposit Scheme/DPS A/Cs and SIBL Islamic Consumer Finance.

Key features of this facility:


A. Features:

1 Type of Insurance : Group Life Insurance
a Mudaraba Savings Deposit (MSD) A/C holders.
b Monthly Deposit Scheme/DPS A/C holders.
c SIBL Islamic Consumer Finance clients.
2 Eligibility : All eligible person of age limit from 18 years to 64 years.
4 Sum Assured Value a For MSD A/C holders: Declared amount but not more than Tk.3,00,000/- only.
b For Monthly Deposit Scheme/DPS A/C holders: Matured/Deposit amount but not more than Tk.15,00,000/- only.
c For SIBL Islamic Consumer Finance clients: Sanction investment amount but not more than Tk.15,00,000/- only.           Tk.15,00,000/-       
5 Coverage a For Mudaraba Savings Deposit (MSD) Account: (i) Natural Death Benefit (NDB) of 100% of sum assured. (ii) Accidental Death Benefit (ADB) of 200% of sum assured.
b Monthly Deposit Scheme/DPS A/C holders: (i) Death Benefit (DB) of 100% of sum assured/matured value.
c For SIBL Islamic Consumer Finance Clients: (i) Death Benefit (DB) of 100% of sum assured/sanctioned investment amount.
6 Premium Rate a For Mudaraba Savings Deposit Account (MSD): Tk.0.32% of sum assured per year.
b For Monthly Deposit Scheme/DPS Account: Tk.0.60% of sum assured per year.
c For SIBL Islamic Consumer Finance Clients: As per schedule based on A/C holders age and term of investment years (As per Annexure-B).
7 Premium Frequency : Yearly.
8 Claim submission : Claim must be submitted to the Insurance Company within 60 (sixty) days of occurrence.
9 Claim settlement : PILIL will settle all claims within 60 (sixty) working days after receiving required documents.
10 Medical Check-up a For Mudaraba Savings deposit (MSD) Account: No medical check-up report is required up to Tk.3,00,000/- coverage Limit.
b For Monthly Deposit Scheme/DPS Account: No medical check-up report required up to Tk.15,00,000/- coverage limit.
c For SIBL Islamic Consumer Finance Clients :No medical check-up report is required up to Tk.15,00,000/- coverage limit.

B. Benefits for the Clients:

Group Life Insurance Coverage:

  • Mudaraba Savings Deposit (MSD) Account holders: Nominees will get the benefit of sum assured amount from death claim, if the client died. Natural death/accidental death benefit for the declared amount but not more than Tk.3,00,000/-.
  • Monthly Deposit Scheme/DPS Account holders: Nominees will get the benefit of full maturity principal amount of their deposit scheme, if the client died. Natural death benefit for annual deposit/maturity amount but not more than Tk.15,00,000/-.
  • SIBL Islamic Consumer Finance Clients : Nominees will get the relief of full Sum Assured (rate per thousand based on outstanding Investment amount) amount due to the Bank if Small Investment Clients died. Natural death benefit for outstanding Investment amount but not more than Tk.15,00,000/-.

Insurance Processing Support: Bank will provide support for processing and submitting the documents to the Insurance Company.

Claim settlement Support: Clients will easily realize the insurance claim as Bank will play the intermediary role.


List of required documents for claim submission

MSD A/C holders

Papers/documents required to be submitted in case of Natural death:

  • Attested copy of death certificate from last attending physician /clinic / hospital mentioning Registration Number.
  • Mudaraba Saving Deposit (MSD) Account holder Certificate issued by the Bank.
  • Attested Copy of NID / Passport/Photo ID/Birth Certificate (issued by the Union Prishad/Pourosobha/City Corporation).

 

In Case of Accidental Death:

The following documents to be submitted in ease of Accidental Death:

  • Attested copy of death certificate from last attending physician /clinic / hospital mentioning Registration Number.
  • Mudaraba Saving Deposit (MSD) Account holder Certificate issued by the Bank.
  • Attested Copy of NID / Passport/Photo ID/Birth Certificate (issued by the Union Prishad/Pourosobha/City Corporation).
  • Attested Copy of Post Mortem Report of Certificate issued by Additional District Magistrate/Police report.
  • Attested Copy of FIR.

 

Monthly Deposit Scheme/DPS A/C holders

Papers /documents required to be submitted in case of death claim:

 

  • Attested copy of death certificate from last attending physician /clinic / hospital mentioning Registration Number.
  • Consistency of DGH and Physician Certificate regarding cause of death shall be considered for finalization of claim settlement.
  • Monthly Deposit Scheme/
  • Attested Copy of NID / Passport/Photo ID/Birth Certificate (issued by the Union Prishad/Pourosobha/City Corporation).

 

SIBL Islamic Consumer Finance  Clients

Papers/ documents required to be submitted in case of death claim:

  • Attested copy of death certificate from last attending physician /clinic / hospital mentioning Registration Number.
  • Consistency of DGH and Physician Certificate regarding cause of death shall be considered for finalization of claim settlement.
  • SIBL Certificate issued by the Bank.
  • Attested Copy of NID / Passport/Photo ID/Birth Certificate (issued by the Union Prishad/Pourosobha/City Corporation).