Guardian Life Insurance Limited has paid the first insurance claim under their microinsurance agreement.
Marginalised people are taking microloans through Bank Asia's agent banking under the life insurance facility of Guardian Life, says a press release.
One of the borrowers passed away, and Guardian Life paid out the entire loan to Bank Asia, which eventually freed the borrower's family from debt, reads the statement.
A programme was arranged to pay the claim to Bank Asia. Representatives of Bank Asia and Guardian Life were present at the event.
Bank Asia launched an agent banking service in Bangladesh in 2014.