Astha Life Insurance Company Ltd, a new venture of the Army Welfare Trust, has started operations as the 33rd life insurer of the country.
Chief of Army Staff General Aziz Ahmed on Tuesday inaugurated operations of the specialised life insurer.
He has been registered as the first client of Astha Life Insurance Company, reads a press release of Inter-Service Public Relation (ISPR).
Astha Life is the first life insurer that is providing insurance services to members and families of the armed forces and paramilitary forces as well as to civilians.
The Army Welfare Trust venture got regulatory approval and all the licenses at the second half of 2019.
ISPR said members of the armed forces and paramilitaries are often engaged in risky jobs at home and abroad for the greater interest of the country. Many of them suffered injury and even died while doing their duties. However, traditional life insurers have limitations to cover people who are in such risky jobs.
In such a context, the government approved the Astha Life Insurance Company Ltd to provide financial protection to members and families of armed forces alongside the common people, said ISPR.
Astha Life feels that insurance management, trust and transparency in claim settlements have room to improve.
The army chief, also the board chairman of the company, also thanked the government for the approval. He hoped Astha Life would play a role in solving the identified problems in the insurance sector.
He also said Astha Life would reflect the reputation, organising efficiency, trust and transparency of the Bangladesh Army and would make the country's insurance sector stronger and modern.
Brigadier General Md Monirul Gani has joined Astha Life Insurance Company as its first managing director, said ISPR.
The company is committed to innovative products that suit people's standard of living and best quality and transparency in customer services.