Astha
Bancassurance
Bancassurance
is a partnership between Banks and Insurance that provides you with access to an
exciting array of products and services designed to suit your lifestyle. This
means you get to enjoy all your usual banking services while also enjoying
dependable insurance solutions endorsed by a financial partner you know and
trust. It's the best of both worlds.
Feature & Benefit
Qualification of Corporate Agent
Qualification of Chief Bancassurance Executive
Qualification of Bancassurance Manager/Officer
Licence
Bancassurance Contract
Premium Collection
Selling Strategy
Sales Process
Commission for Individual Policy
Commission for Credit/Deposit Linked Insurance
Commission for Group Insurance
Persistency Bonus
- Draft of initial contract
- Approval of Bangladesh Bank
- List of insurers with whom bank want to market the products
- Qualification of bancassurance executive
- Qualification certificates of bancassurance officer
- Bank’s code of conduct on bancassurance
- Master degree holders
- Not disqualified against Insurance Act 2010
- Training of technical know-how
- Honours degree holders
- Not disqualified against Insurance Act 2010
- Necessary Training
- Application to IDRA
- Draft of initial contract
- Approval doc of Bangladesh bank
- MICR Pay-order/Bank draft
- Licence Fee
- 50,000/- BDT
- Term: 3 years
- Renewable
- Distinct duties and responsibilities of parties
- Conform to the IDRA guidelines
- Training of bankers
- Termination and renewal of contract.
- Customer service in case of discontinuation
- IDRA on-site supervision of documentation
- Collected by corporate agent
- Maintain a register in a specified format
- Submit the register quarterly to insurer
- Payable commission CANNOT be treated as premium revenue
- Branch
- Telemarketing
- Agent banking
- Website
- Apps
- Print media
- Social media
- Electronic media
- Persuasion/Proposal
- Advertisement
- Marketing
- Distribution
- Sales
- Form fill-up of prospective
- Premium payment
- Primary money receipt by bancassurer
- Proper underwriting
- Acceptance by insurer
- Final receipt & insurance contract paper sent to insured
- Servicing
- For Regular Payment Policy
| Policy Term (years) | 1st Year Commission (%) | 2nd Year Commission (%) | 3rd Year Commission (%) |
| 1 | 2 | 0 | 0 |
| 2 | 4 | 2 | 0 |
| 3 | 6 | 2 | 2 |
| 4 | 8 | 5 | 2 |
| 5 | 10 | 5 | 2 |
| 6 | 12 | 5 | 2 |
| 7 | 14 | 10 | 5 |
| 8 | 16 | 10 | 5 |
| 9 | 18 | 10 | 5 |
| 10-11 | 22 | 10 | 5 |
| 12-14 | 25 | 10 | 5 |
| 15-19 | 32 | 10 | 5 |
| 20 and above | 35 | 10 | 5 |
- For Single Premium Payment Policy
| Policy Term (years) | Commission Rate (%) |
| 5 or less | 2.5 |
| 5 - 10 | 3 |
| 10 and above | 4 |
Maximum 15%
Maximum 5%.
Available
Product Video
