Jamuna Bank's unique initiative "Protection Plus" arrives in the Bangladesh market
 

Jamuna Bank Limited has introduced 'Protection Plus' the life insurance product for its valued card customers. The purpose of Protection Plus is to provide bank’s customers with an opportunity to manage their life risk by simply transacting to a nominal amount in card. Protection Plus is the life insurance offer from Jamuna Bank Limited built on monthly debit card transaction of a customer in POS machine.
 

Understanding of Life Insurance

Insurance is a means of protection from financial loss and life insurance is designed to provide a benefit, typically a certain amount of payment to nominee in the event of insured person’s death.

“Protection Plus” Life Insurance, which is a Life Insurance program, offers protection against the risk of loss of life by providing monetary compensation in the event of the loss of life of the enrolled (covered) customer during the period in which he/she had cover. Protection Plus would be attractive & valuable to the customers, with following features:

“Debit Card Transaction Linked Life Insurance product for debit card holders only”

Jamuna Bank offered this service to its customers as value added facility. Any account holders of Jamuna Bank using debit card will be entitled for life insurance coverage, in the event of death. Based on the total value of transaction carried out with their debit cards through POS machine, in the previous month.

The Slab-wise Life Insurance proposition for debit cards is as follows:

Registration Process: 

Customers will be auto-enrolled in Protection Plus by the bank for the service and any Jamuna Bank Limited debit card customer is eligible to avail the services.
 

Insurance Start Date and Validity:

• If the transaction amount is BDT 500 or higher then customer will be entitled for the insurance coverage
• Usage will be calculated from the 1st day of the month to last date of that month and insurance coverage will be valid for the next calendar month based on the transaction. This rule is applicable for the following months also.
• If monthly transaction is below BDT 500 in any month then for the next month customer will not receive any insurance coverage.
• Registration is valid (for lifetime) until the customer cancels the registration but insurance coverage is based on monthly transaction.
• Customer will be notified through monthly SMS about his/her insurance validity

Registration Information Modification and Cancellation Process:

• All the account holder of JBL will be enrolled in this program on the basis of opt out method.
• If any account holders are not interested to be in “protection plus” they can communicate that &cancellation from Protection Plus will be effected from the next month. 
• Customer will be notified about the modification/cancellation at shortest possible time

Claim Settlement Process:

• After the death of any insured customer, Nominee needs to submit all the required papers at the nearest Jamuna Bank Limited branch within 180 days of the death.
• During claim settlement, nominee needs to submit the following documents:

• After verification of all the documents, claim settlement will be completed within 7 working days.