Bangladesh Bank instructed banks to do the financial transactions of the educational insurance project “Bangabandhu Shikkha Bima” through school banking accounts.
The central bank asked the banks to not take any charges or fees for the transaction through the school banking accounts.
The BB’s financial inclusion department on Sunday issued a notification in this regard and sent it to the top executives of all the commercial banks.
The government launched “Bangabandhu Shikkha Bima” project on the occasion of birth centennial of Father of the Nation Bangabandhu Sheikh Mujibur Rahman “Mujib100 Years.”
The project is being implemented under the supervision of Insurance Development and Regulatory Authority (IDRA).
The Jiban Bima Corporation (JBC), the country’s life insurance body, is responsible to open insurance policy in the project.
The government wanted to introduce an education insurance policy so that the students would not have to drop due to financial needs.
"Bangabandhu Shikkha Bima has been introduced to help young students continue their education," said IDRA chairman AKM Mosharraf Hossain.
According to a report prepared by the IDRA, the students in the age group of 5-18 years will come under the insurance policy.
The policy will be opened by their parents or nominated guardians on behalf of the students.
The premium money will be realized through the banks. The policy will be for 1 to 12 years.
The age limit of the parents or guardians should be 25 years to 65 years. The policy will be considered expired when the student reaches 18 years of age or the parent or guardian reaches 65 years of age.
Bangladesh Bank has set a link with issue of education insurance and school banking.
According to the central bank, a number of 24.31 lakh and 602 school banking accounts were opened till June 2020 with a total deposit of Tk 17.63 billion.