Guardian Life has signed a new microinsurance agreement with RDRS Bangladesh to provide life & disability coverage to the borrowers of RDRS Bangladesh.
The agreement will enable both parties to protect around 10 lac lower-income borrowers from potential financial risk and ensure their sustainable livelihoods, said a press release.
According to the agreement, the nominee of the insured / borrower will receive a funeral cash benefit if the borrower expires. This will allow the dependent family members of the policyholders/borrowers to be financially protected even after his / her death.
Guardian Life Insurance Limited Chief Executive Officer Sheikh Rakibul Karim and RDRS Bangladesh Executive Director Tapan Kumar Karmaker signed this agreement on behalf of their respective companies.
RDRS Bangladesh Senior Director (Microfinance) Md Fayzer Rahman, Head of Finance & Accounts Majedur Rashid Chowdhury, Head of Bancassurance Ahmed Istiaque Mahmud, Head of Microinsurance Abdul Halim, Vice President (Microinsurance) Touhidul Islam, Guardian Life Insurance Limited Executive Officer (Microinsurance) Irtifa Binte Jalal were also present at the signing ceremony.
Earlier, Guardian Life launched its Micro Credit Shield Plan with the microfinance borrowers of BRAC under Guardian BRAC Bima (GBB) Project back in 2016 which covers over 10 million lives of BRAC microfinance borrowers and their spouses at present.
RDRS Bangladesh works to change the condition of rural poor through empowerment. RDRS currently provides development opportunities & services to 3.4+ million underprivileged families across 29 districts and is currently working with 396 community-based organizations known as federations that are seeking to empower their grassroots members.