Bizdata Insights Main Logo

BizData Insights

Jiban Bima Halts Pension Policy Sales After Govt Scheme Launch

Industry: Financial, Insurance
Company: Jiban Bima Corporation
Company Intelligence Tag: Business Insights

Jiban Bima Corporation (JBC) stopped selling its private pension insurance policy on December 1, following the government’s introduction of the Universal Pension Scheme in August 2023. The decision, prompted by the policy’s unprofitability, aims to prioritize the new scheme, which aims to extend social safety nets to 10 crore citizens. While existing policyholders are unaffected, the move aligns with government objectives. The private pension policy offered various benefits including lump sum payments and tax exemptions. The Universal Pension Scheme targets 85% of low-income and informal sector workers, with four distinct products catering to different demographics. Since its launch, nearly 18,000 individuals have enrolled in the scheme, highlighting its early traction and potential impact on social welfare.

Source for more details:

Related News

Ten Banks and Three NBFIs Recognized for Sustainability by BB

July 11, 2024

Bangladesh Bank has unveiled its 2023 Sustainability Ratings, highlighting ten banks and three non-bank financial institutions (NBFIs) recognized for their sustainable investments. Notable repeat awardees include BRAC Bank, City Bank, and IDLC Finance.

IFIL Grapples with Tk 155 Crore Investment Provision Shortfall

July 11, 2024

Islamic Finance and Investment Limited (IFIL) faces scrutiny over financial practices highlighted in its latest auditor's report for the year ending December 31, 2023. A significant shortfall of Tk 132.06 crore in investment provisions prompted additional qualitative provisions, increasing the shortfall to Tk 155.18 crore.

Uttara Finance MD Resigns Amid Tk597 Crore Financial Irregularities

July 11, 2024

The Managing Director of Uttara Finance and Investment resigned following a board meeting's decision to remove him. The board cited various failures and advised his dismissal during discussions on finalizing the company's 2023 financial report and Uttara group deposits. He resigned due to personal reasons, effective immediately.

My Fuel Pump Receives Final Nod from BPC for Home Fuel Delivery

July 11, 2024

My Fuel Pump Limited has received final approval from the Bangladesh Petroleum Corporation (BPC) to provide doorstep fuel delivery. This innovative service aligns with Prime Minister Sheikh Hasina's vision of a 'Smart Bangladesh' by 2041, showcasing the company's dedication to innovation and customer service in the energy sector

Social Islami Bank Partners with CBL Money Transfer

July 11, 2024

Social Islami Bank has entered into a remittance agreement with CBL Money Transfer, Malaysia. The agreement, signed on July 9, 2024, at CBL Money Transfer's head office in Kuala Lumpur, aims to facilitate easier and more efficient remittance services for beneficiaries of Social Islami Bank.

Bangladesh Bank and Shimanto Bank Forge LTFF Agreement

July 11, 2024

Shimanto Bank has signed an agreement with Bangladesh Bank to participate in the Long Term Financing Facility (LTFF) in foreign currency (USD). This program is designed to support export-oriented industries in establishing new projects and expanding existing ones.

Related News

Ten Banks and Three NBFIs Recognized for Sustainability by BB

July 11, 2024

Bangladesh Bank has unveiled its 2023 Sustainability Ratings, highlighting ten banks and three non-bank financial institutions (NBFIs) recognized for their sustainable investments. Notable repeat awardees include BRAC Bank, City Bank, and IDLC Finance.

IFIL Grapples with Tk 155 Crore Investment Provision Shortfall

July 11, 2024

Islamic Finance and Investment Limited (IFIL) faces scrutiny over financial practices highlighted in its latest auditor's report for the year ending December 31, 2023. A significant shortfall of Tk 132.06 crore in investment provisions prompted additional qualitative provisions, increasing the shortfall to Tk 155.18 crore.

Uttara Finance MD Resigns Amid Tk597 Crore Financial Irregularities

July 11, 2024

The Managing Director of Uttara Finance and Investment resigned following a board meeting's decision to remove him. The board cited various failures and advised his dismissal during discussions on finalizing the company's 2023 financial report and Uttara group deposits. He resigned due to personal reasons, effective immediately.

My Fuel Pump Receives Final Nod from BPC for Home Fuel Delivery

July 11, 2024

My Fuel Pump Limited has received final approval from the Bangladesh Petroleum Corporation (BPC) to provide doorstep fuel delivery. This innovative service aligns with Prime Minister Sheikh Hasina's vision of a 'Smart Bangladesh' by 2041, showcasing the company's dedication to innovation and customer service in the energy sector

Social Islami Bank Partners with CBL Money Transfer

July 11, 2024

Social Islami Bank has entered into a remittance agreement with CBL Money Transfer, Malaysia. The agreement, signed on July 9, 2024, at CBL Money Transfer's head office in Kuala Lumpur, aims to facilitate easier and more efficient remittance services for beneficiaries of Social Islami Bank.

Bangladesh Bank and Shimanto Bank Forge LTFF Agreement

July 11, 2024

Shimanto Bank has signed an agreement with Bangladesh Bank to participate in the Long Term Financing Facility (LTFF) in foreign currency (USD). This program is designed to support export-oriented industries in establishing new projects and expanding existing ones.

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here