A Story of Loss and Protection
In the calm atmosphere of BRAC Bank’s conference room, a four-year-old boy named Nabil sat with his mother, Nazmun Nahar, seemingly unaware of the significance of the moment. His father, Ariful Islam, a freelance graphic designer from Nabinagar in Brahmanbaria, had passed away just a month earlier, leaving behind a family that now faced an uncertain future.
On Thursday, Nazmun came to BRAC Bank to receive her late husband’s life insurance claim cheque. The amount was Tk12.28 lakh, provided through Pragati Life Insurance under the bank’s Bancassurance programme. This financial support came at a crucial time for the family, offering them a lifeline during their most challenging period.
Nazmun recalled that she and Ariful had been married five years ago in an arranged match. They welcomed their son Nabil a year later, and life was steady and content. Ariful, who had transitioned from a traditional office job to a freelance career, was the primary provider for the family. However, this stability was abruptly shattered when he fell ill earlier this year.
Initially diagnosed with jaundice, Ariful spent 23 days in the hospital. Despite showing signs of improvement, he suffered a fatal heart attack at the young age of 30. For Nazmun, the tragedy felt like being caught in a sudden storm, a phenomenon known as ‘Afal’ in the haor region.
Yet, one decision made by Ariful before his death brought some relief to his family. Months before his passing, he had opted for life insurance through BRAC Bank’s bancassurance services. This choice proved to be a critical safeguard for his wife and son.
“I received the cheque for the insurance claim within two days of submitting the documents,” Nazmun said. “Now I plan to open a Fixed Deposit account with BRAC Bank. The interest will help cover my father-in-law’s medical costs and ensure my son’s education continues. My dream is to raise Nabil to be an ideal person.”
Syed Abdul Momen, Additional Managing Director & Head of SME Banking at BRAC Bank, shared insights into Ariful’s relationship with the bank. He noted that Ariful had been a loyal customer who managed all his financial transactions, including his freelance dollar income, through the bank. During a visit to one of the branches in April this year, Ariful was advised by the staff to take life insurance through the bancassurance service for his family’s security.
“He paid only two instalments before his untimely passing, yet his family received the full claim swiftly because of the bancassurance arrangement,” Momen said.
The insurance cheque was formally handed over to Nazmun by several key figures, including Tareq Refat Ullah Khan, Managing Director & CEO of BRAC Bank; Md. Jalalul Azim, Managing Director & CEO of Pragati Life Insurance; Syed Abdul Momen, Additional Managing Director & Head of SME Banking; Mahbubur Rahman, Chief Bancassurance Officer of BRAC Bank; and Jahurul Islam, Head and Senior Vice President, Bancassurance Department of Pragati Life Insurance.
Expanding Financial Security Through Bancassurance
BRAC Bank launched its Bancassurance services in 2024, creating a convenient platform that integrates banking and insurance under one roof. Through partnerships with leading insurers such as MetLife Bangladesh, Pragati Life, Green Delta, and Pioneer Insurance, customers can now access a wide range of coverage, including life, health, automobile, and travel insurance, directly from bank branches.
One recent innovation, the Credit Shield insurance facility, offers protection for personal and SME loans as well as credit card customers. Dedicated bancassurance officers are also available to help customers choose suitable policies.
By offering these services, BRAC Bank aims to bring insurance closer to the people and promote financial inclusion and security across Bangladesh. The goal is to ensure that stories like Ariful’s end not in despair, but in protection and hope for the future.