On March 1, 2000, Sunlife Insurance Company Limited (SLICL), a third-generation life insurance company in Bangladesh, was established as a public limited company under the Companies Act of 1994 to conduct life insurance business there. On the same day, it received a certificate allowing it to start doing business.
The founder chairman, the Late Mr. Col. A. Maleque (PSC), a former mayor of the Dhaka City Corporation and a minister in the People’s Republic of Bangladesh’s cabinet, had aspirations to offer life insurance and create employment opportunities for people.
SLICL began operations with a paid-up capital of Tk. 30 million against a Tk. 200 million authorized capital. Several well-known business people in the nation involved in industries like oil refineries, banks, real estate, food and beverage, electrical products, brokerage firms, and aluminium extrusion are the sponsors of SLICL.
On October 1st, 2012, the company launched its initial public offering (IPO). Respected investors and shareholders contributed BDT 7700 million as a subscription, 65 times more than the share price of Taka 120 million.
| Headquarters | Toronto, Canada |
| Founders | Ricardo Amper |
| Subsidiaries | Sun Life Assurance Company of Canada, MORE |
| Founded | 1865 |
| President | Kevin David Strain |
| AUM | CA$1.44 trillion (2021) |
SunLife Ongoing Services
SLICL offers a variety of well-liked and alluring products under traditional and Islamic life insurance policies. The company began marketing micro insurance (monthly premium paying) life policies for peasants, small business owners, fishermen, weavers, ironsmiths, carpenters, bricklayers, boatmen, rickshaw pullers, and other workers because of the significant number of lower-income people in Bangladesh.
In SLICL, three main micro insurance projects—Ganamukhi Bima, Lokomukhi Bima, and Islami A’saan Bima—are currently in operation. The company receives substantial premium income and life funds from these projects. Three additional initiatives deal with traditional and unique products: Skok, Islami Skok (Takaful), and Islami Adarsha. The urban high-ended market is the focus of these projects.
The urban high-end market is the focus of these projects. A group project at SLICL focuses on the business of universities, NGOs, MNOs, and other organizations.
Goal
Our primary goal is to offer our customers high-quality service. The business tries to provide our esteemed customers with prompt services when issuing policy documents and paying death and maturity claims.
The company runs around 80 decentralized service centres located in significant nationwide districts. There are roughly 700 districts and agency offices operating under these centres nationwide.
1100 salaried office employees and 12000 commission agents manage these offices. Sunlife had 365,577 policyholders as of 2018’s end. Online updates about their policies keep our policyholders informed.
For better performance and proper customer service, SLICL regularly provides professional training to its staff.
The Sunlife Insurance Company family is confident that it can achieve a remarkable position in the insurance industry both domestically and internationally.
SunLife Insurance Mission
- We are providing unequal service, safeguarding the interests of our policyholders, and helping the company’s economy stay stable.
- To uphold stakeholders’ interests through a just and honest operation.
- Vision
- To take on the life risks of the policyholders to become a leading life insurance company with the appropriate solemnity and corporate social responsibility to uphold society.
- Assure the welfare and financial advancement of the insured and their dependents.
- Assistance with financial support for the children’s marriage and education.
- Minimize various needs and guarantee the welfare of the individual and family.
- National socioeconomic improvement and forced national savings.
- Creation of employment opportunities for educated, jobless individuals.
SunLife Products
Other events, such as supplemental coverage (PDAB, ADB, TP, CERP & HI, etc.), may also result in payment, depending on the contract. The policyholder typically pays a premium, either regularly or all at once.
Life insurance policies are contracts with legal standing, and their terms outline the scope of the insured events. Specific exclusions are frequently spelt out in the contract to limit the insurer’s liability. Typical examples include claims involving suicide, fraud, war, riots, and civil unrest.
SunLife Insurance Plans
Firstly, why are you purchasing life insurance? In the event of your untimely death, life insurance will primarily replace your income. Then, your insurance plan is meant to “buy” your dependents some time to compensate for the lost income they previously relied on you for.
