Sonali Life Insurance Policy Details, Advantages and Disadvantages

Currently Sonali Life Insurance Company is one of the most popular and reliable insurance companies in the insurance world in Bangladesh. But many people may have a difference of opinion about it. This is normal. So in this post we will discuss about how is Sonali Life Insurance, what are the functions of Sonali Life Insurance, advantages and disadvantages of Sonali Life Insurance etc.

If you have any disagreement about Sonali Life Insurance or you are in any dilemma about Sonali Life Insurance then definitely read this post carefully. Because, from this post you will know many important information about Sonali Life Insurance.

Sonali Life Insurance (Inception to Present)

Sonali Life Insurance Company was established in 2013. But as per the claim of Sonali Life Insurance, its foundation was formed almost 30 years ago. If we look at the mission of the company, the main mission of Sonali Life Insurance Co. Ltd. is to provide financial security, retirement income solution, investment and protection.

At present this company has numerous branches, and the main branch is located in Dhaka. Initially their size was small but now it has reached a large size. At present, Sonali Life Insurance is spread across the country through branches with a capital of thousands of millions of Tk paid up.

How is Sonali Life Insurance ?

If we talk about life insurance, then the first question that comes to the mind of common people is, why should I do insurance? Yes, it is very important to know why to do insurance. Life insurance is mainly for future security. Life insurance is mainly for that, so that our family does not lack even after you or I die. Now the question is, why to do Sonali Life Insurance or how is Sonali Life Insurance.

The main objective of Sonali Life Insurance Company Limited is to provide financial security to customers, provide income solutions for retirement from employment, help customers to invest and protect that invested money.

Sonali Life Insurance Company has recently crossed the glorious milestone of Tk 500 crore in premium collection due to the use of cutting-edge technology, transparency and customer accountability in the field of life insurance. Also, Sonali Life Insurance Company Limited provides various facilities to its customers. We will discuss the benefits in detail in the next part of this article.

History of Sonali Life Insurance ?

Sonali Life Insurance Company was established in 2013. Although the foundation of this company was formed 30 years ago in a boardroom of this organization. The first person to dream about Sonali Life Insurance Company was Mustafa Kamal Quddus (Dreamer and Guardian). This man dreamed of establishing the first Sonali Life Insurance Company. After that, today’s Sonali Life Insurance Company Limited was established by the hands of many others like Mir Rashed Bin Aman.

On August 1, 2013, Chairman of Sonali Life Insurance Company Limited Noor E Hafsa inaugurated Sonali Life Insurance Company. Also this time many other members of Sonali Life Insurance Company Limited were present there. Sonali Life Insurance Company brings first insurance mobile apps in Bangladesh.

This company was the first to use information technology in the insurance world of Bangladesh. Then by utilizing the hard work, talent and skills of everyone employe in this company, this company is currently running its activities successfully. This company has earned the trust and confidence of its customers.

Who is the current chairman of Sonali Life Insurance ?

Presently Noor-e Hafsa is serving as Chairman of Sonali Life Insurance Company and Fauzia Kamrun Tania is serving as Vice Chairman.

What does Sonali Life Insurance do ?

So far we have learned about Sonali Life Insurance Company Limited, who is the current chairman, who is the owner of this company etc., after knowing these, you might be thinking that what is the work of Sonali Life Insurance Company Limited? Let’s know about the activities of Sonali Life Insurance Company Limited.

Sonali Life Insurance Company is currently the most trustworthy and reliable symbol of the customers in the insurance world in Bangladesh. Customers feel free to buy life insurance with this company. Because Sonali Life Insurance Company uses digital technology in the field of life insurance, transparency and also provides various benefits to the customers. In addition to these, this company does other types of work. For example-

Flexible benefits – Sonali Life Insurance Company offers different schemes for different types of life insurance. Here customers can choose any scheme for life insurance according to their needs. Here customers can earn money from their valuable investments and also claim bonus money along with principal in absence of customers.

Provide disaster planning Sonali Life Insurance Company offers different types of insurance to its customers in times of calamity. This Sonali Life Insurance company provides all the insurances to its customers which include secured debt insurance, Hajj insurance, education insurance, pension insurance, child protection scheme, money back term plan etc. By using these insurances, a customer can get rid of his calamities. This facility is provided by Sonali Life Insurance Company.

Friendly staff – All the employees working in Sonali Life Insurance Company are very friendly with the customers. Sonali Life Insurance Company employs a group of skilled workforce characterized by exceptional mindset and work experience. A customer will get efficient service, future safe investment and risk coverage assistance from the staff of all branches of this company spread across Bangladesh.

Financial security – This company provides customers with guaranteed security of their invested money. This company ensures financial transparency to customers and also provides access to verify all customer data. As a result, now Sonali Life Insurance Company has become very popular among customers.

Savings and Investments – If you want to get higher returns on your invested money, then this Insurance Company can be the reliable company for you. Sonali Life Insurance Company provides their customers with schemes that have guaranteed bonuses. As a result, customers can safely save and invest money in this company. And Sonali Life Insurance Company follows a fully digital approach to protect this savings and invested money of the customers.

Business goals – Sonali Life Insurance Company assists its customers in meeting various business goals. The main objective of this company is to gain customer trust. And which this company has already achieved. This company ensures transparency of various customer activities.

This Insurance Company offers all types of policy related benefits to the customers of the above mentioned activities. And to do these things this company uses complete digital methods.

Read More - Sonali Bank Personal Loan । Sonali Bank Personal Loan monthly installments rates

Sonali Life Insurance Policy Details

In this section of the article, we will discuss in detail about the various insurance plans offered by Sonali Life Insurance Company. Below is the detailed information about each plan.

Insurance pension plan retirement protection

At some point everyone has to step into retirement. There will come a time when the ability to earn money will no longer exist. At that time we will need money to survive, based on which, we can meet all the needs of our last life.

Government employees are dependent on pension money at the time of retirement. On the other hand, there is no pension system for private sector workers. In the case of many government employees, it is not possible to live only on pension money. In such a situation, Sonali Life Insurance Pension Plan can be a good option for you.

The age of the applicant should be 55 to 60 years for taking the insurance. No supplementary cover is required. The applicant will get the allowance up to 10 years from the date of retirement only subject to the policy being in force till the term. If the applicant dies within this period, the nominee will get the money. And the applicant will continue to get the allowance as long as he lives. 

In this case, if the applicant dies during the insurance period, the nominee will be paid ten times the benefit. Further, if the applicant dies during the retirement period or the subscriber is in receipt of pension, the equivalent amount will be paid to the nominee in one lump sum for the remaining 10 years from the date of death. 

Click here for details about this package.

Monthly Savings Micro Insurance Plan

There are many of us who save a small amount of money every month and want to do something big after a while. Just keeping such a plan in mind, Sonali Life Insurance has formed Monthly Savings Micro Insurance Scheme.

The tenure of this policy is 10 to 15 years. Which means that, by paying a certain amount of premium every month, after 10 to 15 years, you will get the entire amount together with the profit. No supplementary is applicable in this case.

The policy also mentions that, the customer can withdraw the full amount along with the profit only after the expiry of his policy. Moreover, in case of death of the customer during the term of insurance, the nominee of the customer will get back only the amount deposited till the date of death of the customer. Moreover, no special benefits will be provided in this case.

Money back term insurance plan

You have some money that you want to invest somewhere or keep savings. However, there are potential risks in investing. If you want to avoid taking risks. In such a situation, you can create a safe savings scheme, where you can save money and also get a good amount of dividend. Sonali Life Insurance Company has created such a Policy.

In this policy called money back term insurance plan, you will definitely get 25 percent dividend on your paid money. The term of the policy is 10 years, 15 years and 20 years. No supplementary cover is applicable. After the expiry of the insurance period the customer will get the full insurance money back with 25% profit. 

Moreover, if the customer dies during the insurance period, the full payment is guaranteed to the person nominated by the customer.

Sonali Life Insurance DPS (Monthly Savings Insurance Plan -DPS)

You must find the best ways to increase your hard earned money ! An ideal financial plan for you can be one, that save your money with good profit and also protects you and your family against uncertainty. If you are looking for just such a plan then Sonali Life Monthly Savings Plan can meet your expectations.

Sonali Life’s monthly savings plan not only gives you the opportunity to save your money, but also protects you and your family. Following are the benefits that a customer will get in this regard –

  • Policy holder will get profit at the rate of 6 – 10% on the premium deposited (conditions apply).
  • The policy term will be minimum 5 years and maximum 10 years.
  • Policy holder Age will be 18 to 55 years.
  • The age of maturity will be 65 years.
  • Premium payments are to be paid at monthly rates
  • The minimum sum insured is 60,000 Tk and the maximum is 100,00,000 Tk.
  • Sum Assured = Annual Premium X Policy Term
  • Income tax exemption will be applicable as per domestic tax law.
  • The policy holder will get the full sum assured along with the accrued bonus on the maturity date. (Subject to policy validity)
  • If the insured dies during the term of the policy, then the nominee will get the entire sum assured along with the accrued bonus on the date of death of the insured. (Subject to policy validity)

Single premium insurance plan

A single premium insurance scheme is an insurance scheme which is taken with the intention of getting sufficient profit after a certain period of time by paying a one-time premium. Which is provided by Sonali Life Insurance Company.

This policy tenure is 6, 8, 10, 12 and 15 years. The policy holder will get double amount of money of the principal sum assured on the maturity of the policy. In case of death of the insured during the term of the policy, the nominee will get double amount of money of the sum assured before the maturity of the policy.

Expected savings insurance plan

This insurance is paid in three installments in total. The full term of this policy can be fixed in different ways, such as 12, 15, 18, 21 and 24 years. Only if the policy status remains active till the maturity, the policyholder will get the full money at the end of the term along with the bonus earned on maturity.

In this case you will get 25% of the total sum insured within the initial one-third term. After two-thirds of the term, you will get an additional 25% insurance. And finally the remaining 50% along with the profit earned will be received on full maturity.

Child Safety Insurance Scheme

If you want to take insurance plan for long term for the safety of your child, you can take the child protection scheme of Sonali Life Insurance Company. The policy has a tenure of 10 to 20 years, you can set your insurance as per your requirement.

If both the applicant and the child are alive at the end of the term, they will get the bonus along with the full amount of the premium. However, if the subscriber dies within the term of insurance, the scholarship will not be paid and the full insurance with bonus will be paid to the legal guardian of the child at the end of the term.

If the premium payer dies, the premium will be waived and the policy will continue. In this case the customer will get the benefits mentioned below –

  • On the death of the premium payer, the child will get a monthly benefit of 1% of the sum assured every month from the date of death.
  • Full amount and bonus will be paid to the child on expiry of the policy. On the other hand, if the child dies, then the money will be given to the surviving dependents as per the policy.

In this case, if the insurance period is less than 6 months, 25% of the sum insured will be paid and if it is more than 6 months, on the other hand, if it is less than 12 months, 50% will be paid. Similarly, if the term is 12 months to 24 months, 75% will be paid at the end, if the term is more than 24 months, the full amount will be paid.

Other insurance plans

Apart from the above mentioned insurance plans, Sonali Life Insurance Company has several other insurance policies. Each of these receives customers based on their own needs. In particular, these insurances are based on a specific event.

  • Millionaire Scheme
  • Kotipoti Scheme
  • Education Protection Plan
  • Hajj Insurance
  • Denmohar insurance

Sonali Life Insurance All Branches

Now you must be interested to know where are the branches of Sonali Life Insurance ? Or where exactly is the Sonali Life Insurance branch near you ? The Ans is, You can view your area wise Sonali Life Insurance branches by clicking here.

Benefits of Sonali Life Insurance

Why should you get life insurance from Sonali Life Insurance Company? What benefits are you getting from Sonali Life Insurance Company? Let’s know the benefits of Sonali Life Insurance Company Limited.

  • Protects complete safety and stability of customers’ money.
  • You will get the fastest processing facility of money in this company.
  • Easy quote of money and always online presence will get this advantage.
  • Sonali Life Insurance Company is always committed to customer service.
  • Expatriate money acts as a source of investment.
  • Customers are given more bonus on invested money etc.
  • Sonali Life Insurance has a team of experts, who connect directly with policy holders through telephone to provide efficient service.

Also, Sonali Life Insurance Company Limited provides numerous other benefits to the customers.

Disadvantages of Sonali Life Insurance

Just like every currency has its upsides and downsides, Sonali Life Insurance Company also has some downsides. But the main disadvantage of Sonali Life Insurance Company is the branch of this company. According to Wikipedia, Bangladesh currently has a total of 8 divisions, 64 districts and 495 upazilas. But till the time of writing this article Sonali Life Insurance has only 203 branch offices. That means you will not find their branch in every upazila.

Sonali Life Insurance claims may take a little longer to process. It takes a little longer to process the claim, specially for complex claims, those with large sums insured.

Last Word

Life insurance is very important for every person. Because, in an uncertain life, every person wants his family to live well. And for this reason people spend most of their lives in work and need good savings for comfort.

And since Sonali Life Insurance Company has been providing the life insurance facility in Bangladesh for a long time. And now this company has earned the loyalty of their customers. In that case, if you want, you can get life insurance for everyone in your family in this company. And among all the insurance companies in Bangladesh, Sonali Life Insurance Company is considered to be the most popular and reputable. And this company has already received many awards. Hope this post will be useful for you.

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Hello Friends, I am James harden, the founder of this site. This blog provides accurate and precise information on Technology, Banking, Insurance, Tips & Tricks, Online Earning, Computer troubleshooting and much more.

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