Twenty-one life insurance companies in Bangladesh have failed to comply with the rule that makes it mandatory for them to invest 30 percent of their assets in government securities, the regulator has found.
Insurance Policy Discontinuation Bangladesh: More than 26 lakh insurance policies have lapsed in Bangladesh in the last 14 years owing to a raft of factors including the worsening of financial health of clients, a lack of awareness among them, and agents’ tendency not to explain product features properly while selling them.
Few people in Bangladesh use insurance schemes to safeguard against potential financial concerns as most prefer to keep their rainy-day funds in banks and bonds, according to a recent study.