TABLE OF CONTENTS

Page no 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. Back ground of the company------------------------------------------------------------------------------ 2-4 Descriptions of the company------------------------------------------------------------------------------ 5-6 Specific policy taken for that particular contingency--------------------------------------------- 7 Key features of that particular policy------------------------------------------------------------------- 7 Various packages of that particular policy----------------------------------------------------------7 Limitations of the sum amount of insurance for that policy------------------------------------ 7 Duration of the insurance----------------------------------------------------------------------------------- 7 Age limitation of the insured person-------------------------------------------------------------------- 7 Premium----------------------------------------------------------------------------------------------------------- 8 Financial benefit after the end of policy duration--------------------------------------------------- 9 The condition for nominee---------------------------------------------------------------------------------- 9 Surrender value------------------------------------------------------------------------------------------------- 9 Other facilities of that particular policy----------------------------------------------------------------- 9-10 Requirements considered for the insured person regarding the particular policy------ 10 Conclusion------------------------------------------------------------------------------------------------------- 11 Frequently ask question-------------------------------------------------------------------------------------

Back ground of the company:

At the beginning of the 21st century, some energetic businessmen took positive initiative to establish private banks and insurance companies with a view to taking active part in Islamic Shariah based economic activities in the country. Padma Life Insurance Limited is one of the leading companies among the banks and insurance companies established to carry out Shariah based business in Bangladesh.

Aim of Islamic Life Insurance:

It is possible to arrange for the economic security of individual or family by providing benefits of Islamic Shariah based life insurance. Allah has declared doing business as halal but taking interest as haram. Abiding by His declaration, a large capital can be arranged by collecting many small capitals invested in Life Insurance Company. Economic security can be achieved very rapidly if life insurance can be made popular by making profitable Shariah based investment. In socio-economic sector, life insurance system conducted according to Quran and Sunnah can create an environment suitable to Islam in the life of common people. And Padma Life Insurance Limited is dedicated to make a meaningful contribution in this process.

Activities of Islamic Life Insurance:

By innovative activities run according to rules of Islamic Shariah, Padma Life Insurance Limited wants to establish the fact that investment in Islamic Life the Insurance does not only provide financial security but it is also an excellent way of profitable savings. Keeping this aim and to fulfill the demand of the people of all walks of life of this country, Padma Life Insurance Limited has introduced Single, Takaful and Group insurance Policy. The Savings Insurance Policy, Small Insurance Policy and Padma Deposit Pension Scheme Insurance introduced by the company for the betterment of the poor people of the rural areas have got much popularity. Already to serve people in a better way, schemes like Takwah, AlAmanah, Al-Insaf and Baitul-Maal have been introduced.

Our Policies are:

1. Single Insurance Policy 2. Takaful Insurance Policy 3. Islamic Savings Insurance Policy 4. Islamic Small Insurance Policy 5. PDPS Insurance Policy 6. Takwah Insurance Policy 7. Al-Insaaf Insurance Policy 8. Al-Amanah Insurance Policy 9. Baitul-Maal Insurance Policy

The policies under these policies are:

a. Progressive Endowment Policy(based on Profit-Loss) b. Endowment Policy (based on Profit-Loss) c. Expected /anticipated/projected Endowment Policy 3 installments (based on Profit-Loss) d. Expected /anticipated/projected Endowment Policy 4 installments (based on Profit-Loss) e. Children security Policy (based on Profit-Loss) f. Pension policy g. Hajj-Umrah Policy (based on Profit-Loss) h. Marriage/Mohrana Policy (based on Profit-Loss) i. Bi-annual Installment policy (based on Profit-Loss) j. Single Premium policy k. Expected /anticipated/projected Endowment Policy 5 installments (based on Profit-Loss) l. Deposit Pension Scheme
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Board of Directors/ Governing Body:

1. Mr. A T M Rafik 2. Mr. Abdur Rahman Bhuiyan 3. A B M Taleb Ali 4. Dr. A B M Jafar Ullah 5. Al-Hajj Abu Taher 6. Mr. Abdul Mannan Chowdhury 7. Mr. Nurul Alam Bhuiyan 8. Haji Md. Shahjahan : : : : : : : : Chairman Vice Chairman Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Managing Director

9. Mr. Yusuf Wazed Ali Chowdhury : 10. Engineer Abul Bashar 11. Mrs. Nazmun Nahar 12. Mr. Joynal Abedin Zafar 13. Mr. Nazim Uddin Ahmed 14. Mr. A F M Obaidur Rahman 15. Mr. A T M Enayet Ullah 16. Dr. Nader Saberin 17. Dr. A K M Anwaruzzaman 18. Mrs. Fatema Begum 19. Mrs. Rahima Khanam : : : : : : : : : :

20. Mr. Md. Golam Rabbani Chowdhury:

Descriptions of the contingency:

Aditya Hossain looked at his watch. The late was making him restless. He again honked his horn in an impatient way. He worked in a bank, not very high position or lucrative salary, but what he got was somehow sufficient to maintain his family. The program he was going to attend was a very important one for his office. But before that he had to go to the clinic. Shayan has got a cold for few days. Last night Maheen passed a sleepless night. He also woke up several times and then decided to consult a doctor before it is too late. He was about to honk the horn again when he saw Maheen coming out with Shayan. All his impatience melted into love for his dear son, his only son. He again thanked God! Maheen and he waited for 10 years for a child. When they almost gave up the hope of becoming parents, then Shayan came to them as a blessing from God. His late child is very dear to him. He took little Shayan from Maheen. The baby laughed to see his father. There was no sign of last night s pain on that cute face. Aditya kissed him softly and handed him back to Maheen. The car started to move slowly. Within a few minutes they reached near Farm gate and their car got stuck in traffic jam. They waited for 15 minutes but the car could proceed only a few meters. It was nothing new but this time it made Aditya totally frustrated. He looked out of the window. He saw some children moving from one car to another, begging for money. The next moment he saw a boy by his car. He started to get annoyed but something in the boy held him back. Though even in a torn shirt and dirty face, he didn t look like a beggar. Maheen held out a taka for the boy. Aditya asked him softly, Why do you beg? Can t you go to school? My parents died last year in an accident. Who will send me to school? Who will give me food? the boy took the money and moved to another car. Aditya could not utter a single word. The hard reality shocked him. He looked at Maheen. She also seemed to be very upset. But the next moment his eyes fell on Shayan. He was sleeping and looking just like an angel. Suddenly the picture of the beggar boy appeared before him. The car started to move but the boy did not go out of his mind. And at the same time another thought came to him. Shayan was their late child, and when he would grow up, they would be very old and who knows they might die before their son grew up. What would be Shayan s future? The very thought seemed unbearable to him. He kept a hand on Shayan s head. When he came back home that night, the thought was still with him. He called Maheen. Can you remember the beggar boy today? Oh that poor boy! What a hardship he is facing at this young age! she replied. Look Maheen, I am thinking seriously. What will happen to our dear Shayan if we die suddenly? Stop! Maheen almost shouted out. What are you saying? Please be patient and think over the matter. I have thought over the matter seriously for the last few hours. Nobody can ensure you about death. Don t you think we should think about this?
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What can we do? her voice sounded very weak. I have got an idea. We can take some insurance policy for Shayan, to make his future secured. Today I have heard about Padma Life Insurance Company from one of my colleagues. Let s go to the Insurance Company tomorrow and take a policy. What do you say? That will be fine. At least we can keep our child s future secure. The next day Aditya and Maheen went into Padma Life Insurance Company. There they were received by one of the officers. He explained to them everything about insurance and showed them several policies like Double Endowment Ploicy, Triple Endowment Ploicy, Child Protection Policy etc. When he heard that Shayan was their late child, he suggested them to take Child Protection Assurance Policy. He said that their son would get the maximum benefit from it in case of any danger. Both Aditya and Maheen saw that it was a very reliable policy. So they agreed to take the policy. On the next day, the Insurance Company checked Aditya and Shayan s health. And they fixed the premium. Aditya and Maheen decided to take insurance of tk. 2000000. When they got the fitness certificate, the premium was fixed. When Shayan will be 22 years old, the policy will mature. But if anything happen before that, Shayan will get the benefit. Both of them felt relieved. Now their only son will have a safe future even if they die. The days were passing nicely. Shayan was 18 years old now. Aditya and Maheen was so happy with their son! Maheen dreamt that Shayan would be an engineer. He was doing well in his school and college. He got GPA 5 in his SSC examination. But this happiness did not last long. A road accident took Aditya s life. Maheen was totally broken in sorrow. But with sorrow, came the anxiety. What will she do now? She was a housewife. Aditya was the only earning member of the family. They were not rich, there was not much savings but what he earned was sufficient for them to pass their days. What would happen to Shayan s education? The picture of the beggar boy seen many years ago came back to her mind. After a few days, when Maheen was still looking for ways to bear Shayan s educational expenses, a person from the Padma Insurance Company came to her house. He checked the death certificate of Aditya and took some signatures from Maheen and Shayan. He said that according to the policy taken by Aditya, Shayan will get some money every month that would be sufficient to bear his educational expenses. Maheen was relieved. Now her dream of making Shayan an engineer would not die! Her son can bring back the golden days again. Shayan came out of the company. He is 22 years old now, studying at BUET. It was for the policy his father took from Padma Insurance Company that he is in this position now. He thinks for the days in future, a successful future. He also has not forgotten his mother s advice. That is why today he is here, in Padma Insurance Company. Today he has renewed the policy that his father started for him. His father wanted a secured life for him. Now he is taking his father s step ahead. He wants to make his mother s dream come true. And that is what Padma Life Insurance Company will help him to do.

Specific policy taken for that particular contingency: According to our contingency we have taken Child Protection Assurance Policy of Padma Islamic Life Insurance Ltd.

Key features of that particular policy: The insurance is provided jointly for the insured and the childs life. Generally the childs father pays the insurance premium. But if Father is dead or unable to pay then the childs mother can be the insured of the policy. But in that case the Mother should be educated (at least S.S.C passed or equivalent to that) and she must have the source of income to pay off the premium. Other than the Parents, no one could be the insured. Without the medical examination no proposal could be considered. In the medical examination, the child and the insured should be concluded with the perfect life and only then the proposal will be considered.

Various packages of that particular policy: There is no package under this policy.

Limitations of the sum amount of insurance for that policy: One can take maximum Tk. 75,00,000 of policy. Not more than that.

Duration of the insurance: Duration of this policy: Lowest-10 years Maximum-24 years

Age limitation of the insured person: At the time of maturity under this policy, the child should be in the limit of 18-25 years old and the lowest limit of the childs age is 6 month.

Premium:
The annual premium rate with respect to every tk 1000 Age (nearest birthday) 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 Time duration of the policy 10 Year 116.00 116.00 116.00 116.00 116.00 116.00 116.00 116.00 116.00 116.00 116.00 116.00 116.10 116.20 116.40 116.50 116.80 117.00 117.30 117.60 118.00 118.40 118.90 119.40 120.00 120.70 121.40 122.30 123.20 124.20 125.40 126.70 128.10 129.70 131.40 133.30 11 Year 105.60 105.60 105.60 105.60 105.60 105.60 105.60 105.60 105.60 105.60 105.60 105.70 105.80 105.90 106.10 106.30 106.50 106.80 107.10 107.50 107.90 108.40 108.90 109.50 110.10 110.90 111.70 112.60 113.70 114.80 116.10 117.50 119.00 120.70 122.70 124.80 12 Year 97.00 97.00 97.00 97.00 97.00 97.00 97.00 97.00 97.00 97.00 97.00 97.10 97.30 97.40 97.60 97.80 98.10 98.40 98.80 99.20 99.60 100.10 100.70 101.30 102.10 102.90 103.80 104.80 105.90 107.20 108.60 110.10 111.80 113.70 115.80 118.10 13 Year 89.70 89.70 89.70 89.70 89.70 89.70 89.70 89.70 89.70 89.70 89.80 90.00 90.10 90.30 90.50 90.80 91.00 91.40 91.80 92.20 92.70 93.30 93.90 94.60 95.40 96.30 97.30 98.40 99.60 101.00 102.50 104.20 106.00 108.10 110.30 112.80 14 Year 83.50 83.50 83.50 83.50 83.50 83.50 83.50 83.50 83.50 83.60 83.70 83.90 84.00 84.20 84.50 84.70 85.10 85.40 85.90 86.30 86.90 87.50 88.20 89.00 89.80 90.80 91.90 93.10 94.40 95.90 97.50 99.40 101.40 103.60 106.10 108.80 15 Year 78.20 78.20 78.20 78.20 78.20 78.20 78.20 78.20 78.20 78.30 78.50 78.60 78.80 79.00 79.30 79.60 80.00 80.40 80.80 81.40 81.90 82.60 83.40 84.20 85.20 86.20 87.40 88.70 90.10 91.70 93.50 95.50 97.70 100.10 102.70 105.70 16 Year 73.50 73.50 73.50 73.50 73.50 73.50 73.50 73.60 73.60 73.80 73.90 74.10 74.30 74.50 74.80 75.20 75.60 76.00 76.50 77.10 77.70 78.50 79.30 80.20 81.20 82.40 83.60 85.00 86.60 88.40 90.30 92.40 94.80 97.40 100.30 17 Year 69.50 69.50 69.50 69.50 69.50 69.50 69.50 69.50 69.50 69.50 69.50 70.10 70.40 70.60 71.00 71.30 71.70 72.20 72.80 73.40 74.10 74.90 75.80 76.80 77.90 79.10 80.50 82.00 83.70 85.60 87.70 90.00 92.50 95.40 18 Year 65.90 65.90 65.90 65.90 65.90 65.90 65.90 66.00 66.10 66.30 66.40 66.70 66.90 67.20 67.60 68.00 68.40 69.00 69.60 70.30 71.00 71.90 72.80 73.90 75.10 76.50 77.90 79.60 81.40 83.40 85.70 88.20 90.90 19 Year 62.70 62.70 62.70 62.70 62.70 62.70 62.80 62.90 63.00 63.20 63.40 63.60 63.90 64.20 64.60 65.10 65.60 66.10 66.80 67.50 68.40 69.30 70.30 71.50 72.80 74.20 75.80 77.60 79.60 81.80 84.20 86.80 20 Year 59.80 59.80 59.80 59.80 59.80 59.90 60.00 60.10 60.20 60.40 60.60 60.90 61.20 61.60 62.00 62.50 63.00 63.70 64.40 65.20 66.10 67.10 68.20 69.50 70.90 72.40 74.10 76.00 78.20 80.50 83.10 21 Year 57.20 57.20 57.20 57.20 57.30 57.40 57.50 57.60 57.80 58.00 58.20 58.50 58.90 59.30 59.70 60.20 60.90 61.50 62.30 63.20 64.10 65.20 66.40 67.80 69.30 71.00 72.80 74.90 77.10 79.60 22 Year 54.90 54.90 54.90 55.00 55.00 55.10 55.20 55.40 55.60 55.80 56.10 56.40 56.80 57.20 57.70 58.30 58.90 59.70 60.50 61.40 62.50 63.70 65.00 66.40 68.00 69.80 71.80 74.00 76.40 23 Year 52.80 52.80 52.80 52.80 53.00 53.10 53.20 53.40 53.60 53.90 54.20 54.50 54.90 55.40 56.00 56.60 57.30 58.10 59.00 60.00 61.10 62.40 63.80 65.30 68.10 69.00 71.10 73.50 24 Year 50.90 51.00 51.00 51.00 51.10 51.30 51.40 51.60 51.80 52.10 52.50 52.90 53.30 53.80 54.40 55.10 55.90 56.70 57.70 58.80 60.00 61.30 62.80 64.50 66.40 68.40 70.70

Financial benefit after the end of policy duration: Mr. Aditya Hossain gave the premiums for 17.5 yrs. Thats why his family got Tk. 19,76,400. From this amount, Shayan got Tk. 1,97,640 yearly and in 4 year Tk. 7,90,560. After the maturity period they got Tk. 11,85,840 (TK. 1976400 Tk. 790560) as a whole.

The condition for nominee: As the policy is taken on the childs life, so there is no condition for the nominee in this policy.

Surrender value: If anyone taking this policy wouldnt like to run the policy any more then Padma Islamic Insurance Ltd. will give him the total premium given with 3 years bonus .But the insured can not surrender the policy before 5 years.

Other facilities of that particular policy: In this policy various monetary securities are given to the child. If the insured dies before the maturity period, then the premium is excused from the date of the persons death to the maturity and the following facilities are provided to the child: a) Annually Tk. 100, with respect to every Tk. 1000, is given to the child up to the maturity period or if the child is dead before the maturity period then up to his date of death. b) At the end of the maturity period the total amount with the bonus earned is given.

These facilities protect the child within the maturity and after the maturity period. If the insured and the child both are alive before the maturity period then after the maturity period total earned bonus with the total amount of the policy is given. But if the child died before the maturity period then the amount is given to the insured according to the following chart:

The current time duration of the policy on the time of the death of the child a. b. c. d. e. f. g. h. i. j. 1 year paid bonus with 10% of the amount of the policy. 2 year paid bonus with 20% of the amount of the policy. 3 year paid bonus with 30% of the amount of the policy. 4 year paid bonus with 40% of the amount of the policy. 5 year paid bonus with 50% of the amount of the policy. 6 year paid bonus with 60% of the amount of the policy. 7 year paid bonus with 70% of the amount of the policy. 8 year paid bonus with 80% of the amount of the policy. 9 year paid bonus with 90% of the amount of the policy. 10 year and above paid bonus with full amount of the policy.

Requirements considered for the insured person regarding the particular policy: A person liking to take this policy would have to bring the following things: 1. National ID card of the insured 2. Birth Certificate of the child 3. Present Address 4. Permanent Address 5. Telephone Number 6. Medical Certificate of the insured and the child 7. Income Certificate of the insured.

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Conclusion: The Child Protection Assurance Policy of Padma Life Insurance Limited brought a great change in the life of Shayan and his mother Maheen. The policy helped them to make their dream come true. When Aditya Hossain died, maheen was at loss thinking about the future of Shayan. But what she and Aditya decided for their sons future, brought her out of all insecurities and financial problems. Every year Shayan got Tk. 1,97,640 and at the end of 4 years Tk. 7,90,560 which was enough not only to carry out his educational expenses, but also to meet many other financial demands. He could not feel the touch of any financial want in his life. It was Padma Life Insurance Limited that took care of all his problems. After the maturity period Shayan and his mother got Tk. 11,85,840 (TK. 1976400 Tk. 790560) as a whole. It was again a great help for the family and also became a great savings for Shayan. This secured future made him much more confident and happy compared to many other young men of his age. This is how Padma Life Insurance Limited is helping the future of many families secured. The policy is designed in such a way that the insured gets the maximum benefit from it. After taking the policy, people need not become anxious about the future of their dearest child. Aditya Hossain could take the right decision. He made Shayans life happy and secured with the help of Padma Life Insurance Limited. But not everybody can take the right decision like Aditya. Everybody loves his/her child. There is no parent who does not want his child to be happy and solvent. So from the very beginning, they must think and take the right decision. Padma Life Insurance Limited is always ready to make their future secured in the Islamic way provided by the Quraan and Sunnah.

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