How a two-day insurance claim settlement secures future of Nazmun Nahar 

In the BRAC Bank conference room, young Nabil sat with his face buried in his mother Nazmun Nahar's shoulder. Barely four, the child, currently recovering from a low-grade fever, occasionally looked up at his mother, seemingly unaware of the significance of the meeting.

Having lost her husband, Ariful Islam, just a month earlier, Nazmun Nahar came to the bank to receive his life insurance claim cheque. She recalled that five years ago, she married Ariful through an arranged match, when he was working as a graphic designer at a private firm. Within a year, they welcomed their first child, Nabil. Over time, Ariful left his conventional job and shifted to a full-time freelance career.

At that time, Ariful and Nazmun Nahar had a happy life together. Ariful suddenly developed a fever; doctors diagnosed it as jaundice. He was hospitalized for 23 days, and his condition was, at first, improving. However, sometimes the situation changes abruptly, like the sky switches color. Ariful, who had just turned thirty, tragically passed away after experiencing a rapid, half-hour struggle with breathing. Doctors confirmed the cause of death was a heart attack.

The violent storm of the haor is called 'Afal' in the regional language. The sudden loss of her husband and the responsibility of raising a young child felt like falling into the 'Afal' for Nazmun Nahar, a resident of haor-dominated Nabinagar upazila of Brahmanbaria. Crucially, however, just a few months before his death, a wise decision by Ariful saved the family from this fate. Nazmun Nahar received Tk12.28 lakh as an insurance claim made through bancassurance. This insurance was taken out through Pragati Life Insurance.

Syed Abdul Momen, Additional Managing Director & Head of SME Banking of BRAC Bank, said, “Ariful used to do full-spectrum banking with us, including bringing in his dollar income from freelancing. When he came to one of our branches in April this year, he was advised to take out life insurance through bancassurance for future security. We have always maintained that if any type of insurance is taken out through BRAC Bank, the premium is paid easily and the insurance claim is also settled quickly. Ariful had a 12-year insurance policy. Although he paid only two installments of the premium before his death, his family quickly received the entire amount of the insurance claim because he took out insurance through our bank.”

Nazmun Nahar said, "I received the cheque for the insurance claim within two days of submitting the necessary documents. I now plan to open a Fixed Deposit account with BRAC Bank. This interest income will allow me to cover my father-in-law’s medicine expenses and ensure the continuation of my son’s education.” She added that her goal is to raise Nabil to be an ideal person.

The insurance claim cheque was formally handed over to Nazmun Nahar by Tareq Refat Ullah Khan, Managing Director & CEO of BRAC Bank; Md. Jalalul Azim, Managing Director and CEO of Pragati Life Insurance; Syed Abdul Momen, Additional Managing Director & Head of SME Banking of BRAC Bank; Mahbubur Rahman, Chief Bancassurance Officer of BRAC Bank and Jahurul Islam, Head and Senior Vice President, Bancassurance Department of Pragati Life Insurance.