Anwar Hossen, who holds an MBA, works for a private firm and draws a monthly salary of more than Tk 60,000. But he has not purchased any life insurance policy although private sector employees in Bangladesh are not entitled to any pension support and his four-member family will be in trouble if he faces any untimely death.
The claim settlement rate of life and non-life insurance companies in Bangladesh still lags behind the world standard as well as that of neighbouring countries such as India and this is the main reason for low public confidence in the sector.
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