Life Insurance Corporation (LIC) of Bangladesh has signed an agreement with the Padma Bank Limited to provide insurance coverage to the bank’s ” 3 Year Super Fast Deposit Scheme’s" depositors, a statement said on Thursday.
Under the agreement, clients of the bank who are availing its ‘3 Year Super Fast Deposit Scheme" will get a maximum 500,000 taka as insurance coverage on the initial deposit from the LIC, Bangladesh.
Managing Director and CEO of Padma Bank Mohammad Ehsan Khasru and Managing Director & CEO of LIC Bangladesh Arup Dasgupta signed the agreement on behalf of their respective companies at Padma Bank Limited’s Gulshan Head Office.
Mr. Khasru commented on the agreement say that it will safeguard the deposits of the Padma Bank clients. “The agreement reflects our determination and our commitment to protect the depositors from any risk,” Mr. Khasru said.
“LIC is one of the world’s largest companies and its insurance coverage to our “3 Year Super Fast Deposit Scheme” means a lot to our clients and depositors. It also tells a lot about Padma’s growing stature as a fourth generation bank,” he said.
He said the bank would launch an array of new deposit products for its clients in the near future, which will be insured by some of the top insurance companies.
Md. Shahadat Hossain DMD & Chief Operating Officer, Sabirul Islam Choudhury SEVP & Head of Recovery Division and senior officials of both companies were present on the occasion.
Indian insurance giant LIC entered Bangladesh market in 2016 as a joint venture company. In India, it is one of the largest insurance companies with global presence in 15 countries serving 360 million customers with insurance facility.
Press Release