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1.0.0 InsuranceInsurance is a contract between the insurance company (insurer) and insured(policy holder) whereby the one party agrees to indemnify the other party in case ofhappening loss in return of a payment known as premium.Insurance is a process of sharing risk over a group of persons on organization whoare exposed to it and who want to insure themselves against the risk.1.0.1 Importance of InsuranceHuman beings, his family and properties are always exposed to different kinds ofrisks. Risk involves the losses. Insurance is a tool which reduces the cost of loss oreffect of loss caused by variety of risk. It accumulates funds to meet individuallosses. It is not device to prevent unwanted event of happening or cause of loss butprotects them against that loss by compensating which as lost. The role andimportance of insurance are discussed as follows:

1. Insurance provides securityInsurance provides safety and security against the loss on a particular event.Life insurance provides security against death and old age sufferings. Fireinsurance protects against loss due to fire while Marine insurance providesprotection and safety against loss of ship and cargo. For personal accident andsickness insurance financial protection is given when the individual is unable toearn. In other insurance too, this security is provided against the loss at a givencontingency.2. Insurance reduces business risk or lossesIn Business, commerce and industry, huge properties are employed. Becauseof slight negligence, the property may be turned in to ashes. A person may notbe sure of his life, health and cannot continue the business up to the longerperiod to support his dependents. By the help of insurance, he can be sure ofhis earning, because the insurance company will pay a fixed amount at thetime of death, damage by fire, theft, accident and other perils.3. Insurance provides peace of mindInsurance removes the tensions, fears, anxiety, frustrate or weaken of thehuman mind associated with the future uncertainty. By providing financialposition and promise to compensate losses arise out from various risk, it

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provides peace of mind and stimulates more and better work performance ofan individual.4. Life insurance encourages savingThe insured has an obligation to pay premium regularly and cannot bewithdrawn easily before the expiry of the term of policy. Life insuranceencourages the habit of regular and systematic saving through premium andafter a certain period, it would be a part of necessary saving of the insuredperson.5. Insurance accelerates the economic growth of the countryTo develop the economic growth of the country, insurance provides stronghand and mind, with protection against loss of property and capital to producemore wealth. It provides protection against different kinds of loss caused byrisk. It accumulates the capital from the insured and utilizes for thedevelopment of country. Thus, the insurance meets all the requirements forthe economic growth of a country.6. Insurance provides credit facilitiesThe insured person can get loan by pledging insurance policy and the interestwill not exceed the cash value of policy charged by insurer. In case of death ofinsured person, the policy can be utilized for setting of the loan with interest.Business person can take loan on the basis of insurance documents from thebank also.7. Insurance helps to reduce inflationInflation created from oversupply of money and on less production entities.Insurance can help to reduce the inflationary pressure in two ways. Firstly, itcollects money as an amount of premium which controls over supply of moneyand secondly, it provides sufficient funds for increase production entities.Thus, it reduces the impact of inflation.8. Insurance makes security and welfare of employeesThe security and welfare of employees is the responsibility of employer. Thesesecurity and welfare are easily met by life insurance, accident and sickness

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benefit and pension which are generally provided by group insurance. Thepremium for group insurance is normally paid by the employer. Insurance isthe simple method for employer to fulfill their responsibility. Due to thesebenefits, employee will devote their maximum capacities to complete their job.9. Other importance of insurance

a) Insurance helps to promote foreign trade providing protection again traderisk.b) Insurance increases business efficiency eliminating the loss of damage,destruction, or disappearance of property of goods.c) Insurance protects the social wealth providing protection against social evil.d) Development of insurance business helps to solve the evil ofunemployment, generating employment opportunity in the country.e) The insured gets tax benefit in life insurance.

2.0.0 Background of MetLife Alico Insurance CompanyMetLife Alico is an affiliate of MetLife, Inc., a leading global provider of insuranceand employee benefit programs. Through its subsidiaries and affiliates, MetLifeserves more than 90 million customers around the world. MetLife Alico has beenhelping people and businesses in Bangladesh with their insurance needs since 1952.Throughout their history, they have continuously sought to nurture talent, respectlocal cultures and promote the diversity that characterizes the Bangladeshi society.They‘ve grown by understanding the needs at the heart of the community and bytailoring their extensive product offering to the unique needs of individuals, familiesand businesses of all sizes. Today, they are one of the leading insurance companiesin the country, with close to 1,000,000 insured members and over 12,000 agentswho understand this market better than anyone else, so one can rest assured thatnobody is better placed to find a solution which fits one’s needs.In Dhaka district they have five agencies, in Dhaka metro they have 90 agencies andin 42 districts they have 107 agencies. They have five customer services center allover the Bangladesh.

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3.0.0 Policy Issued by MetLife Alico Insurance CompanyThe life insurance needs differ from person to person. So, the offers here are somuch versatile. At MetLife Alico, any individual client can find a range of LifeInsurance, Accident and Health Insurance as well as Education and Retirement plansto suit their personal or family needs.There are three major criteria in their offer list. These are “Life Insurance Policy”,“Savings and Retirements Plan” and finally “Accident and Health care Plan”.Every criterion here has divided again into several subdivisions according to thecustomers’ needs and requirements. These are as following:1.0 Life Insurance PolicyLife insurance can take care of clients’ family and MetLife help them tomaintain their standard of living. Apart from taking care of outstanding loansor mortgages, it can also protect their children's education or provide for theirpartner’s retirements.Here we are going to describe about Education Process Plan [EPP] Plus and ThreePayment Plan [3PP] Plus offerings.1.1 The Product Overview of EPP Plus

• A flexible plan with terms ranging from 10 to 25 years.• On maturity, policy holder’s child will receive the full face amount along withthe bonus.• In the unfortunate even of client’s death, protects the child's financial futureby paying out a monthly sum of 1% of the face amount every month forhis/her education till the maturity of the policy. The policy also provides for awaiver of all future premiums in order to keep the policy active and in-force.• Customers can choose to add a disability protection rider to this plan whichwill protect them in the event of a disability due to sickness or accident.• Like in all other life policies, the paid premiums are income tax deductible(subject to prevailing tax laws & rules).

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• This EPP Plus plan also provides a personal accident coverage that ensuresthe financial future of client’s loved ones in case of his/ her death, disabilityor injury due to accident.1.2 The Product Overview of 3PP Plus

• This Plan is available for varying terms such as 12, 15, 18, 21 & 24 year andany clients can choose one that best suits their needs.• 25% of the face amount is paid at the end of 1/3rd of the term and another25% at the end of 2/3rd of the term. The policy holder can use this to financehis/ her goals.• The remaining 50% of the face amount is paid along with a bonus at maturity.• In the unfortunate event of the death of the policy holder, at any time duringthe term of the policy, their nominees will receive the entire face amountalong with the bonuses- NO DEDUCTION is made for the partial maturityamounts.• Loans up to a maximum of 85% of cash value are available, if required.• Like in all other life policies, the paid premiums are income tax deductible(subject to prevailing tax laws & rules).• The 3PP Plus also provides Personal Accident Coverage in case of client’sdeath, disability or injury due to accident.

2.0 Savings & Retirement Plan PolicyAlico selection of savings and retirement products mean that one can take stepstowards the lifestyle he/ she really wants today, as well as plan for the futurethat they really want tomorrow.Here, we are going to introduce the Income Growth Plan Policy and DPS SuperPolicy as follows.2.1 The Product Overview of Income Growth Plan Policy

• A unique plan that combines protection and savings.

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• Offers a maximum premium payment term of up to 30 years thereby givingthe flexibility of choosing small payments to suit client’s budgetary needs.• The plan is split into 2 phases. The first phase is for a period of 7 years andthen the second phase starts (from the 8th year) and includes the rest of theterm.• During the first 7 years client’s savings accumulate and grow and at the end ofthe 7th year a dividend is declared. This dividend could be up to 40% of thecash value of his/ her plan.• In the second phase, the cash value and dividend are transferred to theInvestment & Protection Account (IPA)• From the 8th year onwards, the policy offers a range of flexible options suchas changes to the amount of premium, insurance coverage, etc, subject to thepolicy terms and conditions.• Maturity Benefits: On maturity, the policy owner can either withdraw theaccount (IPA) value; or convert it into a life time pension.• Like in all other life policies, the paid premiums are income tax deductible(subject to prevailing tax laws & rules)• Income Growth also provides Personal Accident Coverage in case of client’sdeath, disability or injury due to accident.

2.2 The Product Overview of DPS Super PolicyClients can select their plan from the following 3 options:Plan Features

DPS Super – Gold Maturity Value + Life Coverage +Accident Coverage + Critical Illness& Waiver of Premium BenefitsDPS Super – Silver Maturity Value + Life Coverage +Accident CoverageDPS Super – Bronze Maturity Value + Accident Coverage

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2.2.1 DPS Super – Gold Plan

• Attractive maturity value to meet the client’s financial planning needs.• Life insurance coverage equivalent to policy face amount (Face amount isdefined as the DPS Super annual premium times the policy term).• Double benefit due to Accidental Death (AD) and Accidental Permanent &Total Disability (PTD); consequently a total coverage of 3 times the faceamount in case of AD. In case of Accidental Dismemberment the additionalaccidental benefit may reach up to 2 times the face amount depending on thetype and extent of Loss.• Lump sum payment equal to 100% or 50% of the face amount in case ofdiagnosis of 8 critical illnesses.• Waiver of premium in case of Permanent Total Disability due to accident orsickness under family protection rider – disability.

2.2.2 DPS Super – Silver Plan

• Attractive Maturity Value to meet policy holder’s financial planning needs.• Life Insurance coverage equivalent to policy Face Amount (Face Amount isdefined as the DPS Super annual premium times the policy term).• Double Benefit due to Accidental Death (AD) and Accidental Permanent &Total Disability (PTD); consequently a total coverage of 3 times the FaceAmount in case of AD. In case of Accidental Dismemberment the additionalAccidental Benefit may reach up to 2 times the Face Amount depending onthe type and extent of Loss.

2.2.3 DPS Super –Bronze Plan

• Attractive Maturity Value to meet client’s financial planning needs• Death Benefit equal to Account Value or Premiums paid for the Basic Policywhichever is higher.

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• Accidental benefit under which 2 times the Face Amount (Face Amount isdefined as the DPS Super annual premium times the policy term) will be paidin the event of Accidental Death, or Accidental Permanent & Total Disability(PTD). In case of Accidental Dismemberment the additional AccidentalBenefit may reach up to 2 times the Face Amount depending on the type andextent of Loss.3.0 Accident & Health Care Plan

Their accident and health insurance products give the customers one less thingto worry about, should the unthinkable happen. There are various options theycan choose from to get the ideal level of cover for them and their families.There are six plans under this criterion. These are as following:3.1 The Product Overview of Critical Care Plan

• Critical Care provides the lump sum payment of up to BDT 500,000 which ispayable upon diagnosis and receipt of proof for one critical illness only.• Critical Care supplements client’s life insurance protection.• Alico offers several plans and clients can select the plan of their choices.• The critical illness lump sum payment will be made only once if the client isdiagnosed and proved with any of the 25 illnesses listed.• There is no deductible amount.

3.2 The Product Overview of Hospital Care Plan

• The Hospital Care supplements client’s life insurance protection• These benefits are payable in addition to any other insurance plan that theymay have.• One can select the plan that best suits his/ her needs and the needs of yourfamily from the range Alico offers.

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• The Daily Cash income continues for up to 52 weeks from the very first day ofhospitalization.• The Cash Income is paid directly to the clients, to use any way they wish.• The Cash income is payable regardless of expenses, even if the client isconfined in a free hospital.• There is no deductible amount or waiting period.

3.0.1 The Characteristics of 3 Payment Plan Policies (3PP)

There are three specific characteristics by which MetLife Alico is successful today tomake this policy attractive to their clients. The characteristics are describing here:1. 3 Payment Plan policies can be hold for 12 years, 15 years, 18 years, 21 yearsor 24 years timeline period. Policy holder can purchase the policy for any ofthese maturity periods.2. There are variable payment policies are included in 3 P. P. One can plan thepolicy from BDT 1, 00, 000 (One Lac) to BDT 1, 00, 00, 000 (Ten Million) fortheir payment according to his/ her income level.3. Minimum 10 years age holders to maximum 60 years age holders, anyone canbe the client of this 3 P. P. policy to take its whole coverage.Thus, different people from different income level and age background can be thebeneficiary of this 3 Payment Plan policy of MetLife Alico which is very muchconvenient to the people of developing countries like ours.

3.0.2 The Benefits Provided in 3 P. P. PoliciesAccording to company’s rules and regulations, the benefits those are providing inthis specific policy depend on the policy amount, policy maturity periods and so on.Here, we are trying to focus on the benefits of 3. P. P. policy with the amount of BDT5, 00, 000 for 18 years maturity period.

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1. If any client of this policy becomes hospitalized due to any accident, then he orshe will get up to BDT 1, 47, 000 in every month for treatment purpose. If, theclient gets his/ her treatment at home for any kind of accident, then thatperson will get up to BDT 1, 05, 000 in every month for that purpose.2. There are 25 (twenty five) diseases in human body which are recognized asthe most complicated and critical diseases according to MetLife Alico HealthInsurance Policy. If, the policy holder gets affected by any one of them, thenthe company will help him with BDT 5, 00, 000 in advance at a time forstarting the treatment. After that, because of that disease, if that person needsto be hospitalized, then he/ she will get BDT 63, 000 in first month for bearingthe treatment expenses and after that if he/ she stay in hospital for the samereason, then company will give them BDT 42, 000 for the same purpose inevery month up to one year.

The 25 diseases which are considered to be highlighted are as following-• STROKE• CANCER (Except Skin Cancer)• FIRST HEART ATTACK• CORONARY ARTERY SURGERY• Other Serious CORONARY ARTERY Diseases• HEART VALVE REPLACEMENT• MAJOR BURNS• BLINDNESS• PULMONARY ARTERIAL HYPERTENSION (Primary)• END-STAGE LUNG DISEASE• KIDNEY FAILURE• SURGERY to AORTA

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• APLASTIC ANAEMIA• MAJOR ORGAN TRANSPLANT• LOSS of HEARING• LOSS of SPEECH• MUSCULAR DYSTROPHY• ALZHEIMER’S DISEASE/ IRREVERSIBLE ORGANIC DEGENERATIVEBRAINDISORDERS• MOTOR NEURONE DISEASE• PARKINSON’S DISEASE• COMA• BENIGN BRAIN TUMOUR• MAJOR HEAD TRAUMA• BACTERIAL MENINGITIS• PARALYSIS

3. For any normal disease, if the client becomes the victim and get hospitalized,then he/ she will get BDT 42, 000 monthly up to 1 year.4. This benefit is little bit different. When the policy will pass 6 years maturity,the policy holder will get 25% of original policy and that is BDT 1, 25, 000 atonce. After that, when it will be matured of 12 years then the policy holder willget 25% of original policy again and that is BDT 1, 25, 000. It will happen at atime also. Finally, when the policy will fulfill 18 years maturity period, then therespective client will get 50% of his policy at a time and the amount is BDT 2,50, 000. With this last amount, he/ she will receive the bonus amount also. Forexample: the Bonus rate of this running year is BDT 7, 000 in every BDT 1, 00,000. So, for this policy of BDT 5, 00,000 the company will pay that person BDT

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35, 000 as bonus per year.5. In case, if the policy holder dies due to unusual accident, then his/ hernominee will be paid with BDT 20, 00, 000 and bonus amount at a time byMetLife Alico. On the other hand, if that person dies in a normal way withoutany accident, then the nominee will get BDT 5, 00, 000 and bonus amount at atime by this organization as well.6. When the policy will pass 3 years maturity period, after that, the client will beable to take loan in any time from that policy. But, here the condition is, he/she can take the loan up to 70% of their savings amount. After that, client canrepay his loan yearly, monthly, weekly and daily basis as well.7. After 3 years periods of maturity, if the client is unable to continue the policybut he/ she is interested to run that, in that case without paying any premiumthat person will be able to continue that policy till its full maturity period. Inthat circumstance, policy holder needs to apply to the company by mentioninghis/ her present financial problems and situations and has to show his/ herown interest to run that policy. If the reasons go under company’sconsideration, that time company will take the responsibilities to continuethat policy on behalf of that client until its 18 years maturity period withoutreceiving any premium payment. This facility is called ETI which stands forExtern Term Insurance.

The benefits under Extern Term Insurance are that, company will continue thatpolicy without any premium payment till its maturity of 18 years period. In thatcase, if the client dies before the maturity of the policy, his/ her nominee will getcompensation money due to this circumstance. Besides, if the client is alive till thematurity period, then he/ she will receive his/ her savings money back at that timewith some profit amount.

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3.0.3 The Process of Premium Rate CalculationThe premium rate is the most important thing for the operation of any Insurancepolicy of MetLife Alico. As I have mentioned before, any person from 10 years old to60 years old can be the purchaser of this policy that is why; the premium rate isdetermined by the age of the client. Company uses their Premium Rate Chart for thecalculation of this fact. Here, the amount is determined in thousands according tothe age of the client.Here, the procedure of this calculation is described following. We have chosen a 3 P.P. policy for a Health Insurance of MetLife Alico which is purchased by a 35 yearsold client for 18 years maturity and the policy amount is for BDT 5, 00, 000.The steps are as following:Basic Annual Premium Rate per TK 1000 for 3 P.P. = 68.00 tk. [35yrs age and 18-Yr Plan](Multiply) the policy amount (in thousands) = 500 tk.(Add) Policy Factor = 70 tk.So, the Basic Premium = 34070 tk.(Add) Accident Injury (in thousands) TK 5 = (500*5) = 2500 tk.(Add) Normal Injury (in thousands) TK 7.95 = (500*7.95) = 3975 tk.(Add) Hospital Care Benefit = 5445 tk.(Add) Critical Illness Benefit = 3990 tk.So, the total amount of Premium = 49980 tk. (Yearly)This premium can be given annually, semi- annually or quarterly by the respectivepolicy holders. But in this case, if any client is interested in to paying semi- annuallyor quarterly, then that person will have to pay little bit more than the annualpayment of premium.

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The formula that is used for this semi- annually payment and quarterly payment is-• BDT 49, 980 * .52 = 25989 tk. (Semi-Annually)• BDT 49, 980 * .27 = 13, 494 tk. (Quarterly)

This rate has been determined by the Board of Directors of MetLife Alico. Besides,this overall process is being followed in every branch of MetLife Alico. They areapplying these formulas internationally in all over the world.3.0.4 The Requirements & Process of Having a Health Insurance Policy in

MetLife Alico.Every Organization has their own procedure to operate their business. MetLife Alicois not excluded from that. When, any possible client wants to make an agreement onHealth Insurance Policy with MetLife Alico, there are some steps which are beingfollowed by the organization to make that policy secured for both the organizationand the policy holder.The steps are describing here:Step 01First of all, clients need to fill-up a specific kind of application provided byMetLife Alico bearing some personal information of clients.Step 02With this form client needs to submit his/ her passport size photocopy,Secondary School Certificate (S.S.C.), photocopy of passport, photocopy ofNational Identity Card and photocopy of Driving License (if available) and theamount of premium to this company. These are mainly important for justifyingthe client’s age.Step 03After verifying all information, company will underwrite that form.

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Step 04Once the company underwrites the form, then the policy owner will be offered awritten agreement by the company where all rules and regulations will beincluded. On that agreement paper, client has to sign on a Government InsuranceTax Stamp and the registrar or the Chairman of the company will also sign onthat Stamp and agreement on the behalf of MetLife Alico.This is how MetLife Alico makes contract of Health Insurance Policy with theirservice consumers. In this agreement, all benefits are also being written and afterthat policy owners can pay their all premiums in the company’s enlisted banks or inCustomer Care Service Centre by cash or auto debit payment from their ownaccount.3.0.5 How the EPP WorksOne can select the period of the plan to suit the age of his or her child at which he orshe want the policy proceeds to be paid. The options are many; one can select anyperiod from 10 to 25 Years.The benefits of this plan are as follows:

1.0 At MaturityOn survival of the insured child at maturity, the full face amount of the policyplus bonuses is paid. The money can be used to pay for his/her higher education.On if he/she will find the money very helpful in starting a career. It can also beused for expenses such as marriage.2.0 In Case of Insured’s Death

• All future premiums under the policy will be waived and the policy wouldcontinue in full force.• Income for education equal to 1% of the face amount will be paid everymonth to the insured child till the maturity of the policy.

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• At maturity, he/she would receive the benefits.3.0 On Death of the Child before MaturityIncome for education equal to 1% of the face amount will be paid every month tothe insured child till the maturity of the policy.4.0 Payments on Insured’s DisabilityFor a small additional premium, one can add a very valuable benefit – disabilityprotection rider that will provide –

• In event of insured’s total and permanent disability due to sickness oraccident, all future premiums will be waived.• Income equal to 1% of the face amount will be paid, every month, to the childtill the maturity of the policy.• At maturity, he/she would receive the benefits.

5.0 Specimen Premium Amount for Disability Protection Rider (DPR)If insured wish to add the Disability Protection Rider (DPR) to this policy, theALICO agent will provide him or her necessary rates.As an example, if his or her age is 25 years and he or she wish to buy a 18-yearterm EPP policy for his or her 2-year old child with the face amount of tk.100,000 and his or her EPP yearly premium with DPR would be tk. 6,864.6.0 BonusesThe policy will participate in profits declared in the form of reversionary bonusand capital growth bonus (terminal bonus), if applicable.Other attractive features- cash value, paid-up value, and extended terminsurance value are guaranteed and premium will never increase.

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3.0.6 Executive Five

1.0 Terms & ConditionsIt is hereby agreed that in consideration of the of the payments in full of the totalpremium applicable & if after the policy executive date, the named insured diefrom natural causes prior to the expiry date or sustain accident bodily directly &independently of illness & all other causes which results within three hundredand sixty five (365) days in losses covered hereunder, the company shall pay theamount of benefit specified in the policy schedule of benefit, subject to the terms,conditions, exceptions, & provisions contained in the policy.2.0 Definitions

Policy Effective DateWherever use this policy will mean the time starts from 12:01A.M. localterritory time for 7 day following the policy application date.Named InsuredWherever use this policy will mean the insured, as stated in the application.Accidental bodily injury occurring while this policy is in force as to the namedinsured whose injury is the basis of claim, & resulting, directly & independentlyof all other causes, in loss covered by the policy.Permanent Partial DisabilityWherever use this policy will mean the total loss of functional use or complete &permanent severance.With reference to hand or foot: at or above the wrist or ankle joint.With reference to thumb & index: at or above the metacarpal phalange joint.

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With reference to the eyes, hearing or speech: the entire & irrecoverable lossof sight, hearing or speech as certified by a licensed physician specializing inOphthalmology or Otolaryngology.Permanent Total DisabilityWherever use this policy means the named insured is unable to engage in anyoccupation or employment for compensation or profit for which the namedinsured is reasonably qualified by education, training or experience. If at thetime of the loss, the named insured is unemployed, permanent total disabilitywill mean the total & permanent inability to perform all of the usual &customary duties & activities of a person of like age & sex.HospitalWherever use this policy means an establishment which meets the entirefollowing requirement:• Holds a license as a hospital, if licensing is required in the country or govt.jurisdiction.• Operates primarily for the reception, care & treatment of sick, ailing orinjured persons as in-patients.• Provides 24-houres a day nursing service by registered or graduate nurses.• Has a staff of one or more physicians available at all times.• Provides organized facilities for diagnosis & major surgical procedures.• Is not primarily a clinic, nursing, rest or convalescent home or similarestablishment & is not, other than incidentally, a place for alcoholics or drugaddicts.• Maintains X-ray equipment & operating room facilities.

PatientWherever use this policy means a person who is confined in a hospital as aresident patient & who is charged at least one (1) day’s room & board in thehospital.

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PhysicianWherever use this policy means a person legally licensed to practice medicine &surgery other the insured or a member of the insured’s immediate family.3.0 Policy Schedule of Benefit

Benefit ALoss of lifeWhen death results from naturalcauses, the beneficiariesreceive………..tk. 10, 000Benefit BAccidental Loss of lifeWhen death results from accidentalinjuries sustained by the insured,the beneficiaries receive………..tk.50, 000Benefit CPermanent partial disabilityThe insured receives cash paymentwhen accidental injuries result in anyof the following losses:Loss of both hands & feet …………. Tk. 75, 000Loss of both eyes……………………Tk. 75, 000Loss of one hand & feet……………. Tk. 75, 000Loss of one hand & sight of one eye’s…Tk. 75,000Loss of one feet & sight of one eye…Tk. 75,000Loss of hearing in both ears…………Tk. 75,000Loss of speech……………………….Tk. 75, 000Loss of either hand or feet…………...Tk. 37,500Loss of sight of either eye…………...Tk.37500Loss of thumb & index fingers………Tk.18750

Benefit DPermanent total disabilityIf, as a result of any accident, the insuredis totally disabled for a period of 12consecutive months from doing each &every job that he/she is reasonablyqualified for by training, experience oreducation, & if at the end of 12 months isbeyond hope of recovery, the insuredreceives a cash payment of………. Tk.100, 000Benefit EIn-hospital daily income due toaccidentWhen as the result of accidental injuriesthe named insured shall be necessarilyconfined within a hospital as an in-patientunder the continuous attendance of aphysician, the company will pay dailybenefit for each day of hospitalization upto 365 days………………….tk.100

PremiumTotal premium for 5 years by ageAge ……………………………..Premium18-34years……………………tk. 1, 51035-39years……………………tk. 1, 63040-44years……………………tk. 1, 79045-49years……………………tk. 2, 07050-55years……………………tk.2550

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4.0 Special Features

• 24 hours worldwide coverage.• One single payment-no renewal billing.• Worldwide claim service.• Pays in addition to any other insurance coverage insured may have.• Coverage remains in effect even if you move away, change your job or becomeuninsurable due to health problems• Non-cancelable for 5 years except in case of fraud, misrepresentation or non-payment of premium• A bonus of 20% of the premium paid will be refunded at the expiry of thepolicy term, provide that no claims have been submitted

5.0 Conditions

1. This policy shall commence on the policy effective date & shall remain ineffect for 5 years from said date.2. This policy shall terminate at the earliest of-The expiration of the five years period-When any of the named insured attains 70 years ago3. This policy may not be cancelled by the insured or by the company except inthe case of fraud, misrepresentation or non-payment of premium4. The premium for this policy shall be considered fully earned by the companywhen collected.5. As soon as practicable after the happening of any event which could give riseto a claim under this Policy and in any case within one calendar month writtennotice thereof must be given to the company, but notice of death must be givenforthwith and the company shall have the right to have a post mortemexamination of the body.6. Completed claim forms and written proof of loss must be furnished to thecompany within 90 days after the data of such loss. Failure to furnish suchproof within the time required shall not invalidate nor reduce any claim if itwas not possible to give proof within such time. However no proof will beaccepted if furnished later than 1 year from the time the loss occurred.

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7. Death will not be presumed by reason of the disappearance of the namedinsured unless a competent authority issues a Certificate of Presumption ofdeath, and only after 12 months have elapsed since the date of disappearance.8. The company will not be bound to notice or be affected by any notice of anytrust charge or alienation relating to the Policy but the receipt of the insured orlegal personal reprehensive shall in any case effectually discharge theCompany.9. The due observance and fulfillment of the terms, conditions andendorsements of the policy will be a condition precedent to any liability of thecompany hereunder.10. This Policy becomes effective only if countersigned by an authorizedrepresentative of the company. No waiver of alteration in any of the terms ofthis Policy or neither any of its conditions nor any endorsement thereon will beheld valid unless the same is signed by an officer of the company.11. Indemnity, if any, for loss of life of a Named Insured is payable to theBeneficiary for such Named Insured named in the Application provided suchbeneficiary survives the Named Insured by 30 days, otherwise to the estate ofthe Named Insured. All other indemnities of this Policy are payable to theInsured. Any payment made by the company in good faith pursuant to thiscondition, shall fully discharge the company to the extent of the payment.12. The company, at its own expense, shall have the right and opportunity toexamine a Named Insured when and as often as the company may reasonablyrequire during the pendency of a claim hereunder, and also the right andopportunity to make any autopsy in case of death where it is not forbidden bylaw13. No action at law or in equity shall be brought to recover on this Policy priorto the expiration of 60 days after written proof of loss has been furnished inaccordance with the requirements of this Policy. No such action shall bebrought after the expiration of 3 years after the time written proof of loss isrequired to be furnished.14. This Policy and the application for it, together with any supplementarycontract applied for which are attached hereto and stated to be apart hereof,constitute the entire contract. All statements made in applying for the contractwill be deemed, in the absence of fraud, representation and not warranties. Nostatement will be used to invalid the contract or to defend against a claimunder it unless contained in the written application.

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15. Age of the insured must be proved to the satisfaction of the Company beforepayment of any benefits under this policy. If the age of the insured has beenmisstated, any amount payable under thus policy shall be such as the premiumpaid would have purchased at the correct age.6.0 ExceptionsThis policy does not cover any loss or expense caused by or resulting from:1. Intentionally self-inflicted injury, suicide or any attempt thereat while sane orinsane; nor2. Assault or murder; nor3. War, invasion, act of foreign enemy, hostilities or warlike operations and allacts of similar nature, conspiracy, military or usurped power , or any weaponor instrument employing atomic fission or radioactive force weather in time ofpeace or war; nor4. Any period a Named Insured is serving in the Armed forces of any country orinternational authority, whether in peace or war, and in such an event theCompany, upon written notification by the Named Insured, shall return thepro-rata premium for any such period of service, nor5. Any loss sustained while flying in any aircraft or device for aerial navigation;nor6. Congenital anomalies and conditions arising out of or resulting there from; nor7. Bacterial infections or any other kind of disease; nor8. Medical or surgical treatment except as may be necessary solely as a result ofinjury; nor9. Any bodily injury which shall result in hernia; nor10. Stay in sanitariums for whatever reason and whatever treatment; nor11. If the named insured is admitted to hospital for the treatment of drugaddiction, alcoholism, acquired immune Deficiency Syndrome, any mentaldisorder or for cosmetic surgery.

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4.0.0 Economic Contribution of MetLife Alico Insurance Company

Life insurance companies rated AAA in long-term belong to “Extremely StrongFinancial Security” cohort. AAA is the highest Insurer Financial Strength Ratingassigned by CRAB. The rating reflects the Company’s strong competitive position,satisfactory profitability, operating efficiency, high quality of assets as well assound liquidity position. The Company also has its strength in group support. Onthe other hand, principal concern of the Company is high lapse ratios. MetLife Alicois a leading global provider of insurance, annuities and employee benefit programs,with diverse clients of 90 million over 50 countries. The rating also reflects thecompetitive advantage of the company with its strong brand value. Rating alsoconsiders long presence of the Company in the local market with its strongdistribution channels.MetLife Alico plays an important role in the economy of Bangladesh. The companyinvests its entire investible surplus locally, mostly in govt. securities, banks, therebyallowing usage of the progressively increasing fund in such public interests asinfrastructure development, industrialization & employment generation. Besides,with nearly 4000 career agents & 230 dedicated employees MetLife Alico is a majoremployer in the country.MetLife Alico has consistent growth in 1st year as well as renewal premium. Netpremium of the Company grew by 27.4% in 2011 and reached BDT 14,608.7 millionon the back of high renewal premium as well as moderate growth of 1st yearpremium. Renewal premium dominated the gross premium with an average of74.3% of total and first year premium contributed the rest (25.7%). The Companymaintained comparatively low cost structure against the allowable limit whichreflects the operating efficiency of the Company. Operating efficiency and costcontrol along with satisfactory yield helped the Company to build a life fund of BDT27,313.8 million at the end of 2011. Alico, Bangladesh follows standardizedprocedures for the settlement of claims. In 2011, total death claim reached BDT577.5 million, among which BDT 334.3 million (57.9%) were paid during 2011. Thedeath claim settlement ratio of the Company remained almost stable at 62.2%. It isalso observed that major portion of the outstanding death claims were settledwithin one year. The company also settled maturity claims amounting BDT 3,322.1million. Insurance company receives premiums from insured persons. Thesepremiums increase national capitals. By investing these capitals, nationalproductions increase. This company helps to expand the business by providingcapital and reducing risk.

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Income taxes represent the net amount of income taxes that the company expects topay to or receive from various taxing jurisdictions in connection with its operations.This company provides for federal, state and foreign income taxes currentlypayable, as well as those deferred due to temporary differences between thefinancial reporting and tax bases of assets and liabilities. This company’s accountingfor income taxes represents management’s best estimate of various events andtransactions. At the end of the current year net amount of income tax of thiscompany is BDT 8, 69, 71, 000.Economic capital is an internally developed risk capital model, the purpose of whichis to measure the risk in the business and to provide a basis upon which capital isdeployed. In MetLife Alico Company the amount of economic capital is at the end ofthe year is BDT 20, 03, 27, 000.This company directly helps to increase national income by developing businesssector and create employment opportunities in our country. That’s why in thisbusiness organization there are lot of employment opportunity are created. At theend of the year there is the amount of paid salary and agent commission toemployees is BDT 11, 02, 27, 000.5.0.0 Social Contribution of MetLife Insurance CompanyThe main objective of MetLife Alico is to provide maximum financial security to aperson and families by giving modern insurance facilities. Its other objectives are toturn it into a profitable savings institution through payment of bonus at anattractive rate and enriched servicing and invest the accumulated small savings inthe nation building various welfare and profitable projects.MetLife Alico is always conscious about social responsibilities as an integral elementof our corporate culture. As a part of our corporate social responsibility thecompany contributed over BDT 3218.4 million to non-profit organizations and BDT35208 million in loans and investments for community development.Other corporate social responsibility includes campaign against drug abuse, humantrafficking, tree plantation, vitamin ‘A’ campaign, elusive use of narcotics etc. It hasalso extended its contribution and stood besides the victims of floods, cyclones andlandslides.The company’s vigorous public health campaign, conducted through its agents wasthe largest such endeavor launched by a public or private entity. For nearly a half

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century, approximately 1 million policyholders all over the Bangladesh received freenursing care. At its peak of service in 1998, 35 out of 1, 000 policyholders weretreated for illness such as diphtheria, influenza, smallpox and tuberculosis.As part of social responsibility the company donated to the M/S. Future Bangladesha training institute of self reliance of physical handicapped people and also helped acancer attacked women for her treatment. The company also donated BDT 5 laccheque in aid of the victims for Nimtoli fire accidents. The company also donatedseveral tens of thousands of taka in cash donation for poverty and disaster relief.6.0.0 ConclusionAs a first multinational Insurance company in Bangladesh, MetLife Alico hascompleted more than 30 successful years in this country. Its efficient managementteam has made its proper progress in every step throughout these decades. Allagencies are the core operational active places for their overall business. Threepayment plan (3 P.P.) for Health Insurance policy of this company is the mostimportant and attractive policy. Agencies are the intermediaries between the peopleand the company. In our country insurance business faces great problem due toinefficiency of the authority, lack of proper publicity, lack of appropriate industry aswell. Insurance institution like MetLife Alico has put a great significance in thefinancial market as well as capital market. Besides this, it increases its investmentyear to year in financial market which is a positive sign in the market. It does somecorporate social responsibility (CSR) as well for the needy people of this country.Like this many other organizations fulfill their duties & put their contribution innational income & thus make the financial market healthy.7.0.0 Bibliography

• Report on MetLife Alico• Annual report on MetLife Alico• Internet sources