Saturday, August 31, 2019

Second Foundation 11. Stowaway

It was a little over a month before the summer could be said to have started. Started, that is, to the extent that Homir Munn had written his final financial report of the fiscal year, seen to it that the substitute librarian supplied by the Government was sufficiently aware of the subtleties of the post – last year's man had been quite unsatisfactory – and arranged to have his little cruiser the Unimara – named after a tender and mysterious episode of twenty years past – taken out of its winter cobwebbery. He left Terminus in a sullen distemper. No one was at the port to see him off. That would not have been natural since no one ever had in the past. He knew very well that it was important to have this trip in no way different from any he had made in the past, yet he felt drenched in a vague resentment. He, Homir Munn, was risking his neck in derring-doery of the most outrageous sort, and yet he left alone. At least, so he thought. And it was because he thought wrongly, that the following day was one of confusion, both on the Unimara and in Dr. Darell's suburban home. It hit Dr. Darell's home first, in point of time, through the medium of Poli, the maid, whose month's vacation was now quite a thing of the past. She flew down the stairs in a flurry and stutter. The good doctor met her and she tried vainly to put emotion into words but ended by thrusting a sheet of paper and a cubical object at him. He took them unwillingly and said: â€Å"What's wrong, Poli?† â€Å"She's gone, doctor.† â€Å"Who's gone?† â€Å"Arcadia!† â€Å"What do you mean, gone? Gone where? What are you talking about?† And she stamped her foot: ‘I don't know. She's gone, and there's a suitcase and some clothes gone with her and there's that letter. Why don't you read it, instead of just standing there? Oh, you men!† Dr. Darell shrugged and opened the envelope. The letter was not long, and except for the angular signature, â€Å"Arkady,† was in the ornate and flowing handwriting of Arcadia's transcriber. Dear Father: It would have been simply too heartbreaking to say good-by to you in person. I might have cried like a little girl and you would have been ashamed of me. So I'm writing a letter instead to tell you how much I'II miss you, even while I'm having this perfectly wonderful summer vacation with Uncle Homir. I'II take good care of myself and it won't be long before I'm home again. Meanwhile, I'm leaving you something that's all my own. You can have it now. Your loving daughter, Arkady. He read it through several times with an expression that grew blanker each time. He said stiffly, â€Å"Have you read this, Poli?† Poli was instantly on the defensive. â€Å"I certainly can't be blamed for that, doctor. The envelope has ‘Poli' written on the outside, and I had no way of telling there was a letter for you on the inside. I'm no snoop, doctor, and in the years I've been with-â€Å" Darell held up a placating hand, â€Å"Very well, Poli. It's not important. I just wanted to make sure you understood what had happened.† He was considering rapidly. It was no use telling her to forget the matter. With regard to the enemy, â€Å"forget† was a meaningless word; and the advice, insofar as it made the matter more important, would have had an opposite effect. He said instead, â€Å"She's a queer little girl, you know. Very romantic. Ever since we arranged to have her go off on a space trip this summer, she's been quite excited.† â€Å"And just why has no one told me about this space trip?† â€Å"It was arranged while you were away, and we forgot It's nothing more complicated than that.† Poli's original emotions now concentrated themselves into a single, overwhelming indignation, â€Å"Simple, is it? The poor chick has gone off with one suitcase, without a decent stitch of clothes to her, and alone at that. How long will she be away?† â€Å"Now I won't have you worrying about it, Poli. There will be plenty of clothes for her on the ship. It's been all arranged. Will you tell Mr. Anthor, that I want to see him? Oh, and first – is this the object that Arcadia has left for me?† He turned it over in his hand. Poli tossed her head. â€Å"I'm sure I don't know. The letter was on top of it and that's every bit I can tell you. Forget to tell me, indeed. If her mother were alive-â€Å" Darell, waved her away. â€Å"Please call Mr. Anthor.† *** Anthor's viewpoint on the matter differed radically from that of Arcadia's father. He punctuated his initial remarks with clenched fists and tom hair, and from there, passed on to bitterness. â€Å"Great Space, what are you waiting for? What are we both waiting for? Get the spaceport on the viewer and have them contact the Unimara.† â€Å"Softly, Pelleas, she's my daughter.† â€Å"But it's not your Galaxy.† â€Å"Now, wait. She's an intelligent girl, Pelleas, and she's thought this thing out carefully. We had better follow her thoughts while this thing is fresh. Do you know what this thing is?† â€Å"No. Why should it matter what it is?' â€Å"Because it's a sound-receiver.† â€Å"That thing?† â€Å"It's homemade, but it will work. I've tested it. Don't you see? It's her way of telling us that she's been a party to our conversations of policy. She knows where Homir Munn is going and why. She's decided it would be exciting to go along.† â€Å"Oh, Great Space,† groaned the younger man. â€Å"Another mind for the Second Foundation to pick.† â€Å"Except that there's no reason why the Second Foundation should, a priori, suspect a fourteen-year-old girl of being a danger – unless we do anything to attract attention to her, such as calling back a ship out of space for no reason other than to take her off. Do you forget with whom we're dealing? How narrow the margin is that separates us from discovery? How helpless we are thereafter?† â€Å"But we can't have everything depend on an insane child.† She's not insane, and we have no choice. She need not have written the letter, but she did it to keep us from going to the police after a lost child. Her letter suggests that we convert the entire matter into a friendly offer on the part of Munn to take an old friend's daughter off for a short vacation. And why not? He's been my friend for nearly twenty years. He's known her since she was three, when I brought her back from Trantor. It's a perfectIy natural thing, and, in fact, ought to decrease suspicion. A spy does not carry a fourteen-year-old niece about with him.† â€Å"So. And what will Munn do when he finds her?† Dr. Darell heaved his eyebrows once. â€Å"I can't say – but I presume she'll handle him.† But the house was somehow very lonely at night and Dr. Darell found that the fate of the Galaxy made remarkably little difference while his daughter's mad little life was in danger. The excitement on the Unimara, if involving fewer people, was considerably more intense. *** In the luggage compartment, Arcadia found herself, in the first place, aided by experience, and in the second, hampered by the reverse. Thus, she met the initial acceleration with equanimity and the more subtle nausea that accompanied the inside-outness of the first jump through hyperspace with stoicism. Both had been experienced on space hops before, and she was tensed for them. She knew also that luggage compartments were included in the ship's ventilation-system and that they could even be bathed in wall-light. This last, however, she excluded as being too unconscionably unromantic. She remained in the dark, as a conspirator should, breathing very softly, and listening to the little miscellany of noises that surrounded Homir Munn. They were undistinguished noises, the kind made by a man alone. The shuffling of shoes, the rustle of fabric against metal, the soughing of an upholstered chair seat retreating under weight, the sharp click of a control unit, or the soft slap of a palm over a photoelectric cell. Yet, eventually, it was the lack of experience that caught up with Arcadia. In the book films and on the videos, the stowaway seemed to have such an infinite capacity for obscurity. Of course, there was always the danger of dislodging something which would fall with a crash, or of sneezing – in videos you were almost sure to sneeze; it was an accepted matter. She knew all this, and was careful. There was also the realization that thirst and hunger might be encountered. For this, she was prepared with ration cans out of the pantry. But yet things remained that the films never mentioned, and it dawned upon Arcadia with a shock that, despite the best intentions in the world, she could stay hidden in the closet for only a limited time. And on a one-man sports-cruiser, such as the Unimara, living space consisted, essentially, of a single room, so that there wasn't even the risky possibility of sneaking out of the compartment while Munn was engaged elsewhere. She waited frantically for the sounds of sleep to arise. If only she knew whether he snored. At least she knew where the bunk was and she could recognize the rolling protest of one when she heard it. There was a long breath and then a yawn. She waited through a gathering silence, punctuated by the bunk's soft protest against a changed position or a shifted leg. The door of the luggage compartment opened easily at the pressure of her finger, and her craning neck- There was a definite human sound that broke off sharply. Arcadia solidified. Silence! Still silence! She tried to poke her eyes outside the door without moving her head and failed. The head followed the eyes. Homir Munn was awake, of course – reading in bed, bathed in the soft, unspreading bed light, staring into the darkness with wide eyes, and groping one hand stealthily under the pillow. Arcadia's head moved sharply back of itself. Then, the light went out entirely and Munn's voice said with shaky sharpness, â€Å"I've got a blaster, and I'm shooting, by the Galaxy-â€Å" And Arcadia wailed, â€Å"It's only me. Don't shoot.† Remarkable what a fragile flower romance is. A gun with a nervous operator behind it can spoil the whole thing. The light was back on – all over the ship – and Munn was sitting up in bed. The somewhat grizzled hair on his thin chest and the sparse one-day growth on his chin lent him an entirely fallacious appearance of disreputability. Arcadia stepped out, yanking at her metallene jacket which was supposed to be guaranteed wrinkleproof. After a wild moment in which he almost jumped out of bed, but remembered, and instead yanked the sheet up to his shoulders, Munn gargled, â€Å"W†¦ wha†¦ what-â€Å" He was completely incomprehensible. Arcadia said meekly, â€Å"Would you excuse me for a minute? I've got to wash my hands.† She knew the geography of the vessel, and slipped away quickly. When she returned, with her courage oozing back, Homir Munn was standing before her with a faded bathrobe on the outside and a brilliant fury on the inside. â€Å"What the black holes of Space are you d†¦ doing aboard this ship? H†¦ how did you get on here? What do you th†¦ think I'm supposed to do with you? What's going on here?† He might have asked questions indefinitely, but Arcadia interrupted sweetly, â€Å"I just wanted to come along, Uncle Homir.† â€Å"Why? I'm not going anywhere?† â€Å"You're going to Kalgan for information about the Second Foundation.† And Munn let out a wild howl and collapsed completely. For one horrified moment, Arcadia thought he would have hysterics or beat his head against the wall. He was still holding the blaster and her stomach grew ice-cold as she watched it. â€Å"Watch out – Take it easy -† was all she could think of to say. But he struggled back to relative normality and threw the blaster on to the bunk with a force that should have set it off and blown a hole through the ship's hull. â€Å"How did you get on?† he asked slowly, as though gripping each word with his teeth very carefully to prevent it from trembling before letting it out. â€Å"It was easy. I just came into the hangar with my suitcase, and said, ‘Mr. Munn's baggage!' and the man in charge just waved his thumb without even looking up.† â€Å"I'll have to take you back, you know,† said Homir, and there was a sudden wild glee within him at the thought. By Space, this wasn't his fault. â€Å"You can't,† said Arcadia, calmly, â€Å"it would attract attention.† â€Å"What?† â€Å"You know. The whole purpose of your going to Kalgan was because it was natural for you to go and ask for permission to look into the Mule's records. And you've got to be so natural that you're to attract no attention at all. If you go back with a girl stowaway, it might even get into the tele-news reports.† â€Å"Where did you g†¦ get those notions about Kalgan? These†¦ uh†¦ childish-† He was far too flippant for conviction, of course, even to one who knew less than did Arcadia. â€Å"I heard,† she couldn't avoid pride completely, â€Å"with a sound-recorder. I know all about it – so you've got to let me come along.† â€Å"What about your father?† He played a quick trump. â€Å"For all he knows, you're kidnapped†¦ dead.† â€Å"I left a note,† she said, overtrumping, â€Å"and he probably knows he mustn't make a fuss, or anything. You'll probably get a space-gram from him.† To Munn the only explanation was sorcery, because the receiving signal sounded wildly two seconds after she finished. She said: â€Å"That's my father, I bet,† and it was. The message wasn't long and it was addressed to Arcadia. It said: â€Å"Thank you for your lovely present, which I'm sure you put to good use. Have a good time.† â€Å"You see,† she said, â€Å"that's instructions.† Homir grew used to her. After a while, he was glad she was there. Eventually, he wondered how he would have made it without her. She prattIed! She was excited! Most of all, she was completely unconcerned. She knew the Second Foundation was the enemy, yet it didn't bother her. She knew that on Kalgan, he was to deal with a hostile officialdom, but she could hardly wait. Maybe it came of being fourteen. At any rate, the week-long trip now meant conversation rather than introspection. To be sure, it wasn't a very enlightening conversation, since it concerned, almost entirely, the girl's notions on the subject of how best to treat the Lord of Kalgan. Amusing and nonsensical, and yet delivered with weighty deliberation. Homir found himself actually capable of smiling as he listened and wondered out of just which gem of historical fiction she got her twisted notion of the great universe. It was the evening before the last jump. Kalgan was a bright star in the scarcely-twinkling emptiness of the outer reaches of the Galaxy. The ship's telescope made it a sparkling blob of barely-perceptible diameter. Arcadia sat cross-legged in the good chair. She was wearing a pair of slacks and a none-too-roomy shirt that belonged to Homir. Her own more feminine wardrobe had been washed and ironed for the landing. She said, â€Å"I'm going to write historical novels, you know.† She was quite happy about the trip. Uncle Homir didn't the least mind listening to her and it made conversation so much more pleasant when you could talk to a really intelligent person who was serious about what you said. She continued: â€Å"I've read books and books about all the great men of Foundation history. You know, like Seldon, Hardin, Mallow, Devers and all the rest. I've even read most of what you've written about the Mule, except that it isn't much fun to read those parts where the Foundation loses. Wouldn't you rather read a history where they skipped the silly, tragic parts?† â€Å"Yes, I would,† Munn assured her, gravely. â€Å"But it wouldn't be a fair history, would it, Arkady? You'd never get academic respect, unless you give the whole story.† â€Å"Oh, poof. Who cares about academic respect?† She found him delightful. He hadn't missed calling her Arkady for days. â€Å"My novels are going to be interesting and are going to sell and be famous. What's the use of writing books unless you sell them and become well-known? I don't want just some old professors to know me. It's got to be everybody.† Her eyes darkened with pleasure at the thought and she wriggled into a more comfortable position. â€Å"In fact, as soon as I can get father to let me, I'm going to visit Trantor, so's I can get background material on the First Empire, you know. I was born on Trantor; did you know that?† He did, but he said, â€Å"You were?† and put just the right amount of amazement into his voice. He was rewarded with something between a beam and a simper. â€Å"Uh-huh. My grandmother†¦ you know, Bayta Darell, you've heard of her†¦ was on Trantor once with my grandfather. In fact, that's where they stopped the Mule, when all the Galaxy was at his feet; and my father and mother went there also when they were first married. I was born there. I even lived there till mother died, only I was just three then, and I don't remember much about it. Were you ever on Trantor, Uncle Homir?† â€Å"No, can't say I was.† He leaned back against the cold bulkhead and listened idly. Kalgan was very close, and he felt his uneasiness flooding back. â€Å"Isn't it just the most romantic world? My father says that under Stannel V, it had more people than any ten worlds nowadays. He says it was just one big world of metals – one big city – that was the capital of all the Galaxy. He's shown me pictures that he took on Trantor. It's all in ruins now, but it's still stupendous. I'd just love to see it again. In fact†¦ Homir!† â€Å"Yes?† â€Å"Why don't we go there, when we're finished with Kalgan?† Some of the fright hurtled back into his face. â€Å"What? Now don't start on that. This is business, not pleasure. Remember that.† â€Å"But it is business† she squeaked. â€Å"There might be incredible amounts of information on Trantor, don't you think so?† â€Å"No, I don't.†*** He scrambled to his feet â€Å"Now untangle yourself from the computer. We've got to make the last jump, and then you turn in.† One good thing about landing, anyway; he was about fed up with trying to sleep on an overcoat on the metal floor. The calculations were not difficult. The â€Å"Space Route Handbook† was quite explicit on the Foundation-Kalgan route. There was the momentary twitch of the timeless passage through hyperspace and the final light-year dropped away. The sun of Kalgan was a sun now – large, bright, and yellow-white; invisible behind the portholes that had automatically closed on the sun-lit side. Kalgan was only a night's sleep away.

Friday, August 30, 2019

Internship Report on Ztbl

Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 1 â€Å"INTRODUCTION TO REPORT† 1. 1 BACKGROUND OF STUDY The Zarai Taraqiati Bank Limited is the premier financial institution geared towards the development of agriculture sector by providing financial products and services to their customers. It is a common practice at universities during the completion of the masters and bachelors program to attain practical experience in different fields.Students are required to undergo an internship program of two months to fulfill the requirement for their degree completion. The selection of the firm is based on the choice of the student. The institute requires an internship report based on the theoretical and practical learning of the student. The Internship is the bridge between academic qualification and professional career of fresh graduates†. This internship report is mainly focused on the working of the Finance and Accounts Division of the ZTBL.Moreover, the i nternship is a unique aspect of education that integrates study with planned and supervised career-related work experience. The students are involved as non-paid â€Å"authentic employees† receiving academic credit for work experiences. The purpose of the internship program is to develop and strengthen the student’s educational and career preparation. By doing internship in any organization that obviously exposes the interpersonal relationships not only with employees but also with supervisor that are essential in obtaining a successful and satisfying career.This background of the study is mainly focus on the performance, functions and objectives of the Finance and Accounts Division of the ZTBL and its internal working and operations of this division. While, the internship is any experience where students learn by taking on responsible roles as workers in organizations and observing and reflecting on what happens while they are in the workplace. It provides 1 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report any advantages to student that helps him throughout his life. Some advantages of internship program are given as under; ? ? ? ? ? To gain professional experience and receive academic credit To enhance independence, responsibility and self-confidence To Interact and collaborate confidently with employees To share ideas with one another. To translate classroom knowledge into the professional work environment and to make plan, how to carry the activities. ? To work towards the process improvement. 1. 2 PURPOSE OF THE STUDY The purpose of conducting this study is to develop some insight into the orking of the Finance and Accounts Division of the ZTBL and to gain the experience regarding the overall operations and procedures of the bank, in order to complete the BBA (Hons) degree as well. The purpose of the internship program is to develop and strengthen the studen t’s educational and career preparation, which they gain from university. Another important aspect of the internship program is that internee is placed to various departments of the organization through job rotation. It provides a glance of each department, as the period is too short for learning in detail. Other objectives of the study are as follows: ?To gather relevant information then interpret and analyze it in a useful manner. ? ? ? ? To highlight the facilities and products offered by the ZTBL to its customers. Internship can develop good work habits and to reduce student dropouts. To develop, enhance and strengthen the communication skills. To observe and participate in a professional work situation which represents an area of career interest. 2 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? To develop an understanding of the organization, its mission, objectives and management phi losophy.To acquire good work habits and gain an awareness of the community’s vast resources. To be responsible and work toward specific achievable goals. To analyze the bank through different analysis such as Ratio & SWOT analysis. ? ? ? 1. 3 SCOPE OF THE STUDY The scope of the conducting this study is given as under; It is a compulsory requirement for the award of Bachelor’s Degree in ? Business Administration from the Kohat University of Science & Technology. ? This report is concerned with the performance, functions and objectives of the â€Å"Finance & Accounts Division of the ZTBL† Head Office Islamabad. ZTBL. ? It can provide help to the management of the ZTBL in identifying their Strengths, Weaknesses, Opportunities and Threats. ? It can also provide assistance for the students in seeking annual reports for the purpose to calculate and interpret financial ratios, in order to check the liquidity, leverage and profitability of the ZTBL. ? Further more, stud ents are able to analyze the human resources & analyze the marketing of products and services schemes that the ZTBL provide his customers. It will help the students in making assignments and writing reports on the 1. 4.IMPORTANCE OF STUDY Banks play a central and very important role in the economic life of a country, that’s why they are considered as the lifeblood of modern economy. Today no one can deny the importance of banking in the economy. They facilitate and expedite 3 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report trade and commerce and provide a variety of services that one can’t imagine without banks. I have chosen the ZTBL for my internship because it has a large network of zonal offices and branches.But besides this, the ZTBL plays an important role in the economic development and growth of Pakistan. 1. 5. RESEARCH METHODOLOGY During the internship at the ZTBL Head Office Islamabad, the most important task was to collect as much as information on the bank in order to have a full productive report. For the collection of information and data, I used two methods for collecting data for the preparation of internship report such as primary and secondary collection methods, which is given as under; 1. 5. 1. Primary Data Collections: In primary data collection method, I interviewed different officers for this purpose.The interviews were not of formal nature but it went along with time and the questions arose with identification of problems. I prepared many questions and discuses with Bank officers asked all the detailed function and procedures of there departments. All officers fully cooperated with me and provided all the necessary information which was required to me. The interviews have been taken from the bank officers and also the discussion was conducted with the heads of different departments. For collecting primary data, I use my own observation an d discuss my problems with previous internees. 1. 5. 2.Secondary Data Collection: The data that are previously collected and assembled for the some projects other than the one at hand. It is also called as historical data. This method can almost always be gathered faster ant at a lower cost than primary data. The secondary data is collected from following sources; ? ? ? ? Annual Reports & Accounts manual. ZTBL web site & Internet. Brochures. Pamphlets. 4 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? ? ? Newspapers. Business journals. Books. 1. 6. LIMITATIONS OF THE STUDYThere are some limitations which, I had to face as an internee during the Internship program in the ZTBL Head Office Islamabad, which are described as under; ? ? Time was too short to visit all division and departments of the organization. The problem of loud shedding makes delay in preparing this internship report of the ZTBL. ? All staff members avoided to give every information. However, they kept most of the data secrets. So, it was very difficult to collect the relevant information. ? The vice presidents, executives, managers and other staff members have their own matters of bank nd it was a great problem for me. ? Lack of co-operation by some employees because they were non-research oriented and also lack of accuracy of the relevant data. ? Instead of all these difficulties, I have completed this internship report on the Finance and Accounts Division of the ZTBL Head Office with full cooperation of few managers. 1. 7 SCHEME OF THE REPORT The internship report on the Finance & Accounts Division of the ZTBL is arranged in four sections and ten chapters. The report is arranged in the following sequence. SECTION-I This section has one chapter. Chapter 1: Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report This is an introdu ctory chapter which describes the introduction, background, purpose, scope, importance, research methodology, limitations and scheme of the report. SECTION-II This is lengthiest section of the report; it includes the review of the ZTBL. This section is comprised of eight chapters. Chapter 2: This chapter is about bank and banking, evaluation of banking, overview of banking in Pakistan and role of banks in the economic development of the Pakistan.Chapter 3: This chapter encompasses the introduction, history, mission, vision, objectives, restructuring plans, BOD, zonal offices & branches, ranking of staff members and subsidiary of the ZTBL. Chapter 4: This chapter briefly describes the products & services such as loans & schemes and the recovery procedure of the loan of the ZTBL. Chapter 5: This chapter is concerns with the introduction, objectives, functions, classification and hierarchy of the Finance and Accounts Division of the ZTBL. Chapter 6: This chapter describes the introduct ion, objectives, unctions and units of the Central Accounts Department of the ZTBL. Chapter 7: This chapter describes the introduction and units of the Head Office Accounts Department of the ZTBL. Chapter 8: This chapter is concerns with the introduction, objectives, functions and units of the Regulatory Reporting Department of the ZTBL. 6 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report Chapter 9: This chapter describes the introduction, objectives, functions and units of the Budget & Fund Reconciliation Department of the ZTBL.SECTION-III This section also has one chapters and it is about the various analyses of the ZTBL. Chapter 10: This chapter explains the SWOT analysis, ratio analysis, human resource analysis & marketing analysis of the ZTBL. SECTION-IV This section contains only one chapter. Chapter 11: This chapter explains findings, recommendations, personal experience, conclusions & annexur es of the ZTBL. 7 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 2 INTRODUCTION TO BANKING† 2. 1 MEANING & ORIGIN OF BANK Some authors are of opinion that the word bank is derived from the word â€Å"Banquet† which means a â€Å"Bench†. This is attributed to the fact that the Jewish transacted the business of money exchange on bench in market place. â€Å"A bank includes a body of person, who carry on the business of banking† or â€Å"a bank may be as an institution dealing mainly in money and credit. It accepts deposits from one class of people at a lower rate of interest and industry for meeting the requirements.This provides finance for successfully carrying on various stages of production as well as distribution. † Moreover, a bank can stimulate the habit of savings amount for the people and provide the security and interest they offer with these savin gs which are deposited by people are in a position to utilize the deposited amount more productively. In short, a bank can increase the transaction capacity of the customers by advancing loans when they require for additional funds to finance their expanded program of business transaction. 2. 2 EVOLUTION OF BANKING Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report According to the banking companies ordinance 1962 â€Å"banking is business that receive investment or lending of deposits of money from public and repayable on demand or otherwise and which draw able by cheque, draw orders or otherwise†. As regards the growth of modern commercial bank, it can be traced to as early as 600BC. The â€Å"An Outline of Money†, written by G. Crowther, has traced the history of modern English Commercial banking.According to him, the present day banker has three ancestors such as merchants, goldsmith s & money lenders; which are briefly explain as under; 2. 2. 1 The Merchants: The earliest stage in the growth of banking can be traced to the working of merchants. These merchants were traders in commodities. The trading activities were carried on by them from one place to another. It was risky for the traders to carry metallic money with themselves for payment. The traders with high reputation began to issue receipts which were accepted as titles of money.These receipts or letters of transfer also called hundi in Indo Sub Continent were the first mode of payments. The merchant banking thus forms the earliest stage in the evolution of modern banking. 2. 2. 2 The Goldsmiths: The second stage in the growth of banking is normally traced to earlier goldsmiths. These goldsmiths also called Seths in India used to receive gold and silver for safe custody. The goldsmiths began to issue receipts for the metallic money (gold & silver) kept with them. These receipts with the passage of time b ecame payable to the bearer on demand.In this way the ‘goldsmiths’ note, become a medium of exchange and a mean of payment. The goldsmiths, thus, can rightly be termed as the fore-runners of the modern bank note. 2. 2. 3 The Money Lenders: The third stage in the development of banking arose when the goldsmiths became the money lenders. By experience the goldsmiths (who were called money lenders) came to know that they could keep a small proportion of the total deposits for meeting the demands of customers for cash and the rest they could easily lend. They allowed the depositors to draw over and above the money Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report actually standing to their credit. In Economic terminology, we can say that they allowed the overdraft facilities to their depositors. When every money lender and goldsmith issued receipts and most of them allowed the overdraft faci lities, there was too much confusion in the banking system. The money lenders and goldsmiths, in order to earn profits, could not keep adequate reserves for meeting the demands of the customers for cash.The failure on the part of the money lenders and goldsmiths to return money caused widespread distress among the people. In order to create confidence among the people, steps were taken to regulate the banking organization. A conference was held in Nuremburg in 1548. It was decided that a bank should be set up by the state which should streamline the banking organization and technique. The first central bank was formed in Geneva in 1578. Bank of England was established in 1694. The modern commercial banking system actually developed in the 19th century. 2. 3EVALUTION OF BANKING IN PAKISTAN At the time of independence the areas, which now constitute the Pakistan were producing only food grains and agricultural raw material. For Indo-Pak sub continent, there were practically no industr ies and whatever raw material was produced was being exported from the Pakistan. How ever commercial banking facilities were provided fairly well here. There were 487 offices of scheduled banks in the territories now constituting the Pakistan. As a new country without resources it was very difficult for the Pakistan to run its own banking system immediately.Therefore in accordance with the provision of Indian independence Act 1974, an expert committee was appointed to study the issue. On the recommendation of committee Reserve Bank of India continued to function in the Pakistan, till 30th September 1984, so that problem of time and demand, liability, coinage, currencies exchange etc be settled between India and Pakistan. It was decided that Pakistan will take over the management of public debt 10 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report nd exchange control from reserve Bank of India on 1st A pril 1948, and that India notice would continue to be legal tender to the Pakistan till 30th September 1948. Following the announcement of independence plan in June 1947, the Hindus residing in the territories now comprising Pakistan started transferring their assets to India. Moreover the banks including those having the registered offices in Pakistan transferred to India in order to bring a collapse of new state. By 30th June 1948, the number of offices of scheduled banks declined from 487 to only 195 in the Pakistan.There were 19 non-Indian foreign banks with the status of small branch offices, which were engaged solely in export of crops from the Pakistani institutions i. e. , Habib Bank and Australia Bank. The government promulgated the Banking Companies Ordinance 1947, to safeguard the interests of both banks and the customers. The Imperial Bank closed down most of its offices in Pakistan, which created serious problems. The Indian government withheld Pakistan’s share o f Rs. 75 corer in cash balance held by them at the time of partition.The urgency of assuming control of banking and currency was very badly felt now. The government of Pakistan decided to establish a full-fledge central Bank. Father of the Nation, Quaid-i-Azam Muhammad Ali Jinnah, inaugurated the State Bank of Pakistan on July 1948, after the State Bank of Pakistan order was promulgated on 12th May 1948. The SBP provided every help and encouragement to Habib Bank to expend its network of branches and formulated and developed NBP in 1949 as an agent bank, which took over the agency functions in 1952 from Imperial Bank of India.In order to develop sound banking and weeding out week institutes, the Banking Companies Act was promulgated in 1949, empowering the SBP to control the operations of banking companies in Pakistan. In a very short period of time number of scheduled banks and other specialized credit institutions rose to thirty six. By June 1965, the numbers of branches of schedu led banks were 1591. Pakistani commercial banks were nationalized in 1974, but the process was reversed as nationalization proved to be defective. The ZTBL, MCB, 11 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ABL and UBL have been privatized and HBL is expected to be privatized within near future. The nationalization of Banks in Pakistan since 1st January 1947 has heralded a new era of development and progress. It has taken a complete banking system with effect form January 1981. The privatization process of state owned banks and enterprises started in 1991. 2. 3 CLASSIFICATION OF BANKS IN THE PAKISTAN The banks are classified according to their spheres of activities. The main types of banks are as under: 1.Central Bank: Every civilized country now has its own central bank. The primary function of the central bank is to regulate the flow of money and credit in order to promote efficiency, stabil ity and growth in the country. In Pakistan, the SBP is the country’s central bank. 2. Commercial Banks: These banks are engaged in performing the routine duties of banking business. They collect surplus money from the people. They make loans and advances in the form of overdrafts, cash credits, discounting bills of exchange. The commercial banks also manufacture credit money.They also provide agency services and general utility services. These banks are considered the lifeblood of the economic society. Some commercial banks are owned and controlled by the government which is called as public sector banks. For e. g. , NBP, HBL, UBL†¦etc while other commercial banks that are owned by corporations is called as private sectors banks. For e. g. , MCB, ABL, City Bank†¦etc. 3. Exchange Banks: As name signifies, these banks mainly deal with international trade. These banks take the responsibility of settlement of foreign exchange and arrange the foreign business.In Pakistan , all the nationalized commercial banks have been allowed to do the business of exchange banks. 4. Saving Banks: Saving banks are those banks which collect and keep the small savings of the public. They are called also thrift promoting institutions. The saving 12 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report banks invest the funds in the safest government securities. The Post offices and saving centers perform the business of saving banks in Pakistan. 5.Agriculture Banks: The agricultural banks (specialized banks) are set up to provide financial assistance to the agriculturists. The agriculture banks provide short term credit to the farmers for the purchase of seeds, fertilizers, pesticides, fuel†¦. etc. They also make medium term advances for buying tractors and introducing modern techniques in farming. In Pakistan, the Agricultural Development Bank of Pakistan was set up in 1981 for meetin g the financial requirement of agriculture, the ADBP is incorporated as public limited company, according to the â€Å"Company Ordinance 1984† & is name was changed to the ZTBL in 2002.An agriculture bank is also called as domestic banks because these banks are registered and incorporated within the country. 6. Industrial Banks: The industrial banks mainly provide medium and long term credit to the industries. Since the industrial banks have long term deposits, they are in a position to permit long term investment in industries. In Pakistan, the Industrial Development Bank was set up in 1961. The other institutions engaged in providing financial assistance to industries are PICIC, NDFC†¦. etc. 2. 4 ROLE OF ZTBL IN THE ECONOMIC DEVELOPMENT OF THE PAKISTANBanks play an important and active role in the economic development of a country. If the banking system in a country is effective, efficient and disciplined, it brings about a rapid growth in the various sectors of the ec onomy such as agriculture, industrial, and the SME sectors. If the banking system is unorganized and inefficient, it creates maladjustments and impediments in the process of development. In Pakistan, the banking system is very well organized. The SBP established on July 1st, 1948 stands at the apex and is responsible for the operation of the banking system in Pakistan.The other banks such as commercial, specialized or unspecialized banks which form the banking structure in the Pakistan are playing an active role in the 13 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report economic development of the country. The role of the ZTBL in order to achieve economic growth and development of the Pakistan is briefly explained as under: 1. Development of Agriculture & Industrial Sector. The ZTBL particularly in rural areas of Pakistan are now providing credit for the development of agriculture & industrial secto r.The provision of credit to agriculture & industrial sector has greatly helped in raising agricultural productivity and income of the farmers. This has led to increased demand for industrial goods and expansion of trade & industry. The use of bank drafts, cheque, bills of exchange, credit cards†¦. etc, has revolutionized both national and international trade. 2. Banks Promote Capital Formation. The ZTBL plays an important role in rising of the financial resources. They encourage savings by giving various types of incentives to the savers.They expand branches of the banks in the rural and urban areas and mobilize savings even at far of places. These savings are then made available to the businesses which make use of for productive purposes in the country. 3. Investment in new Enterprises. Businessmen normally hesitate to invest their money in risky enterprises. The ZTBL generally provide short, medium & long term loans to farmers to invest in new enterprises and adopt new metho ds of production. The provision of timely credit increases the productive capacity of the country. The organized banking system helps in directing physical resources into productive channels.It also keeps a balance between the availability and requirements of the capital in the country. 4. Balanced Development of different regions. The ZTBL plays an important role in achieving balanced development in different regions of the country. They help in transferring surplus capital from developed regions to the less developing regions. The trade industries etc of less developed regions are able 14 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report to get adequate capital for meeting their business needs.This in turn, increases investment, trade and production in the country. 5. Monetization of the Economy. The commercial banks by opening branches in the rural and backward areas are reducing the exchange of g oods through barter. The use of money has now greatly increased the volume of production of goods. The non monetized sector (barter economy) is now being converted into monetized sector with the help of commercial banks. 6. Implementation of Monetary Policy. The central bank of the country controls and regulates volume of credit through the active cooperation of the banking system in the country.It helps in bringing price stability and promotes economic growth within shortest possible period of time. The ZTBL under the supervision and guidance of the SBP help in implementing and achieving the objectives of the monetary policy which vary from time to time. 7. Financing Development Projects. The ZTBL provide short, medium & long term loans for financing of development projects both in private and public sectors. The ZTBL starts projects with the Ministry of Food, Agriculture & Livestock (MINFAL) launched an integrated development program entitled â€Å"Crop Maximization Project† in 15 districts.The MINFAL will provide funds to the tune of Rs. 299. 833 millions to the ZTBL and thus help in accelerating the rate of economic development in the country. 8. Booting the Exports: In order to boosts the exports of the agriculture and industrial goods of the Pakistan, the banks have established export promotion cell for the information and guidance of the exporters. 9. Less Reliance on Foreign Capital: A planed banking system by launching a vigorous campaign of mobilizing idle saving in the country can meet the capital development requirements from within the country.The country will thus have to rely less on foreign capital for financing in the development projects. 15 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 3 â€Å"INTRODUCTION TO ZTBL† 3. 0 INTRODUTION The Zarai Taraqiati Bank Limited is the leading, premier and specialized financial institution geared t owards the development of agriculture, industrial and SME sector, by providing financial products, services and loans for their customers.The restructuring plan is being carried out with the aim to uplift the agriculture and rural sector by raising the productivity, streamlining the institutional credit and increasing income generating capacity of the farming community. The ZTBL was incorporated as the public limited company on 14th December, 2002 through repeal of the ADB Ordinance of 1961. The ZTBL provides financial and technological services to the agriculturalist at their doorstep for modernization of agriculture sector in Pakistan.The main purpose of the ZTBL is to provide sustainable rural finance and services particularly to small farmers and low-income households to strengthen the rural and agricultural 16 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report sector, mitigate poverty, capital ma rket and investment activities. The core values of the ZTBL is the professional integrety, teamwork, customer satisfaction and loyalty. The ZTBL has a one subsidiary which is known as the Kissan Support Services Limited. The bank can charge 9% interest.The auhorized capital of the ZTBL is Rs. 25,000,000,000. This amount is dividend into Rs. 2,500,000,000 ordinary shares & the price of each shares is ten rupees. The total number of shares of the ZTBL is Rs. 1,186,961,000 and paid up capital is Rs. 11,869,612,000 of the ZTBL. The ZTBL has one chairman, one president and ten directors. The tatal number of employees is 5,326, while 982 employees is provided by the KSSL. The ZTBL make investment in some listed companies such as Nestle Milkpak Limited, Uqab Breeding Farm Limited, Mubarik Dairies Limited & Dadabohy Agriculture Leasing Limited in order to generate profit. . 1 HISTORY OF ZTBL It was considered after independence of Pakistan that the existing institutional sources of credit, such as, taccavi and cooperatives, were insufficiently meeting the credit needs of farmers. Therefore the need for establishment of a third source of agricultural credit was essentially percolated so as to fulfil the credit requirements of farmers not only for production but even for the development purposes. Consequently, the ADFC was brought into existence in 1952 for the purpose of expanding financial facilities and promoting the development and modernization of agriculture in the Pakistan.Subsequently in 1957, the ABP was established that can provide both short term loan for production and long term loan for development. The ADFC & ABP were merged together as the ADPB in 18th February 1961. The ADPB is the main credit supplier to the agriculture sector in the country. According to the â€Å"Companies Ordinance 1984†, the ZTBL was incorporated as a the public limited company on 23th October, 2002. The ZTBL is governed by Memorandum and Article of Association and registered with the SECP under â€Å"Companies Ordinance 1984†.Consequently, on 18th November, 2002, all the assets, contracts, 17 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report liabilities, proceedings and undertakings of the ADBP were transferred and vested in the ZTBL on 14th December, 2002 by the Federal Government. 3. 2 CORPORATEAVISION To develop and operate the ZTBL as a commercially viable bank with focus on rural and agriculture finance and to serve the needs of community, by delivering financial products and services. farming 3. 3 CORPORATE MISSIONTo play an effective role in the promotion of economic growth, by enhancing the availability of credit to the agriculture sector, through reliable access to sustainable financing, special lending programs, technical assistance, products & services, and to promote career development opportunities for increasing professionalism, technical proficienc ies & trainings of employees. 3. 4 ? CORPORATE OBJECTIVES To assist rural community, particularly the small farmers, in raising their productivity and income levels through timely delivery of credit, advisory and ancillary services.To build the image of the ZTBL as a proactive, client friendly, financially & operationally sustainable with indigenous product deployment. ? ? To establish and provide backward and forward linkages to strengthen the agriculture and industrial sector. ? The ZTBL can engage in public and private, wholesale and retail partnership to deepen outreach and reduce operating cost. The ZTBL act as rural commercial bank to mobilize rural capital formation and to commercialize the agriculture sector by delivering the true value of credit to the client. ? 18 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 3. 5 RESTRCTURING PLAN OF ZTBL The restructuring means activity involving expan sion or contraction of a organization’s operations or changes in its assets and financial structure. The restructuring plan of the ZTBL covering the following factors; 1. 2. 3. Governance: The ZTBL establish an environment that facilitates good governance and accountability. Systems: The ZTBL modernize operations through use of technology, networking and communication tools. Business Processes: The streamline products and delivery systems of the ZTBL are to educe transaction costs, simplify operations, and increase outreach. 4. 5. 6. Products and Services: The ZTBL introduce products and services that are financially and economically viable. Human Resource Development: The ZTBL can improve standards and skills of staff & management and strengthen training capacity. Information Technology: The ZTBL establish new hardware and software platform to support the MIS, accounting system including forensic accounting, and risk management functions. 3. 6 BOARD OF DIRECTORS The ZTBL has one chairman, one president and ten directors. The seven eetings of the board are held during each year. The main resposibility of the BOD is to establish and maintain a system of internal control, prepare and present the financial statements with aproved accounting standard and requirement of the ‘’Banking Companies Ordinance, 1962’’ and the â€Å"Companies Ordinance 1984†. The new corporate structure redefines the bank's status as the Public Limited Company registered under â€Å"Companies Ordinance 1984†, with an independent BOD which 19 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd.Chapter 1 Introduction to Report aims at ensuring good governance, autonomy, delivering high quality. The list of the BOD is given as under; â€Å"List of Board of Director† 3. 7 COMMIITTEES & ORGANIZATION STRUCTURE OF ZTBL The overall management, functions, meetings of the ZTBL is control by two com mittees known as â€Å"Board & Management Committees†. The sub-committees of these two committees is explain as under; 3. 7. 1 Board Committees 1. Audit Committee: This committee has one chairman, four members that are the directors of the ZTBL and one secretary from the Audit Department.The designation of secretary is the â€Å"Chief Internal Auditor† of Audit Department. 2. Human Resource Management (HRM) Committee: This committee has one chairman & president of the ZTBL, four members that are the directors of the ZTBL and one secretary from the HRM Department. The designation of secretary is the â€Å"Head† of the HRM Department. 3. Risk Management Committee: This committee has one chairman & three members that are the directors of the ZTBL. But one member designation is 20 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd.Chapter 1 Introduction to Report the risk manager. But in risk management committee, the company secretary act as member and secretary as well. 4. Information Technology(IT) Committee: This committee has one convener & two members that are the directors of the ZTBL. One member is from IT Department & his designation is the Chief information officer. While one secretary (Head) of IT Department. 3. 7. 2 Management Committees 1. Assets Liabilities Management Committees: This committee has one convener (CEO) & three members. The designation of the first member is the SEVP of Operation Department.The designation of the second member is the risk manger. But the third member (Chief Financial Officer) act as member and secretary as well. 2. Executive Coordination Committee: This committee has one convener (CEO), one secretary (Compliance Officer) & three members. The designation of the first member is the SEVP. The designation of the second member is the EVP. The designation of third member is the risk manger. 3. 7. 3 Organization Structure of ZTBL: The organizational structur e of the ZTBL is shown in below diagram; 21 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 3. 8 ZONAL OFFICE AND BRANCHES In public sector, the ZTBL is largest financial development institution with a wide network of 25 zonal offices and 342 branches in the Pakistan. The network of the ZTBL Head Office is given as under; 3. 9 RANKING OF STAFF MEMBERS 22 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report The ranking of staff members in order of seniority in the ZTBL is given as under; 23 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 3. 10 SUBSIDRAY The ZTBL has one subsidiary which is known as the â€Å"Kissan Support Services Limited†. It was incorporated as owned subsidiary of the ZTBL that function independently effective from 1st January 2006. The KSSL is a separate and distinct legal entity that is controlled by the ZTBL. The KSSL has an authorized capital of Rs. 100 million. Its aim is to provide a support to the management of the ZTBL such as to focus on core banking business and assign non-core activities.The KSSL operates under the Memorandum and Article of Association. The KSSL also provide support staff and services to the ZTBL in the following areas; I. The KSSL has recruited and developed support staff of following table categories in ZTBL, Head Office as will as in field offices; No. of Employees S. No. Category of Employees Provided By KSSL 01 02 03 04 05 06 07 08 09 Darbans and Armed Guards Drivers Naib Qasids Mali / Beldars Typists, Assistants & Senior Assistants Security Supervisor Sweepers Players Others Total 526 291 54 25 41 03 07 20 15 982 ll.Besides manpower support a service, the KSSL has also provided following support services to the ZTBL; ? Provide mail management, repairing, maintenance & photographing services to ZTBL ? Recruitment and provision of staff ? Provides farms and the ZTBL Staff College. 24 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? Provide security services not only to the ZTBL Head Office but also to branches and zonal offices. CHAPTER 4 â€Å"PRODUCTS & SERVICES OF ZTBL† 4. 0 INTRODUCTIONThe ZTBL has provided many products and services for their customers. The product and services of the ZTBL can raise the living standard of rural areas and develop the agriculture sectors of a country as well. The Pakistan is an agriculture country and the products and services of the ZTBL plays very important role in increasing the GDP and accelerates economic growth. For this purpose, the ZTBL provides many facilities for their customers, such as provides schemes and loans, obviously help the customers to invest money in their businesses, to get maximum p rofit from it and to pay low interest rates. . 1 SCHEMES OF ZTBL The ZTBL provides various schemes for customers, in order to strengthen the rural and agricultural sector of econnomy, mitigate poverty and accelarte groth. The Schemes of the ZTBL is which is briefly explains as under ; 4. 1. 1 Sairab Pakistan Scheme: The ZTBL can raise the irrigated area for the purpose to accelerate rate economic growth and to facilitate the farmers. The ZTBL has assigned the collaboration agreement with the KSB Pumps Company Limited under the Sairab Pakistani Scheme.The ZTBL will provide loans to the farmers for installation of tube wells and turbines whereas KSB Pumps Company Limited will provide quality pumps, turbines, equipments to borrowers for efficient pumping of waters. The water can plays vital role to improve per acre yield. Out of total 31 million hectors area of the Pakistan, 22 million hectors is cultivated while 9 million 25 Institute of Management Sciences, Kohat University of Scienc e & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report hectors is not cultivated & waste mainly due to non-availability of water.More over increase in water supply being a key input is required to raise cropping intensity and hence the income of the farmer. Since inception the ZTBL financed over 143000 tube wells amounting to Rs. 15 billion. The KSB Pumps Company will provide quality machinery and equipment for efficient pumping of water. The company shall also provide after sale service including replacement of parts and availability of spares through its network of dealers despite technological advancements and rapid growth of industrial sector, agriculture is still the back bone of the Pakistan's economy.It contributes 22% towards the GDP and employs nearly 45% of country's labor force. It provides raw material for preparation of industrial products. So it has both pulled & pushes effect on the economy. 4. 1. 2 Supervised Agriculture Credit Scheme: Under this s cheme agriculture loans are given for short, medium and long term loans up to Rs. 1 million per borrower. The loans are sanctioned for fats, livestock, orchard, tractor, agricultural machinery, tube well and irrigation facilities.Under the scheme besides provision of credit, information is to the farmers for planning the farm, production, guidance for implementation of the scheme, marketing and repayment of loans. 4. 1. 3 White Revolution Scheme: In order to modernize the dairy farming for increasing milk supply, mitigate poverty in Pakistan, and improving the living standards of the rural areas in Pakistan for the purpose to achieve growth and development in agriculture sector of Pakistan, the ZTBL may start the â€Å"Strategic Partnership† agreement with the Pakistan Development Diary Company (PDDC) and the Nestle Pakistan Limited (NPL) under the white revolution scheme.Under this participatory approach, the diary sector would be modernized with a view to increase milk supp ly, mitigate poverty and improve the living standard of the rural population. The ZTBL has earmarked funds to the tune of Rs. 5000 millions for financing of 50,000 animals (buffaloes and imported cows) during the five years period 2007 to 2011. The 26 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report PDDC will also help the ZTBL in the selection of clients and processing of loan cases.Initially the schemes will be for modernization of 5000 farmers during 5 years period involving Rs. 700 million. Under the scheme 1000 farms would be covered on yearly basis. The modernization of dairy farm will be carried out through financing milk cooling tank, generator, voltage stabilizer, hot water geezer, water pump, cooling pad and other dairy equipment. There would be maximum limit of loan of Rs. 1 million per borrower party. The PDDC would bear the entire amount of mark-up charged in the loan cases & provided t he 50% of principal part of loan is repaid in time by the borrower.The remaining 50% amount of principal along with the amount of mark-up would be paid by the PDDC. The Nestle Pakistan Limited would help to select and identify good clients for the ZTBL to improve quality breed of foreign and local dairy animals. The NPL can provide technical guidance to the farmers through nestle veterinary doctors. The NPL would purchase milk through its network and make weekly payments of milk sale to the ZTBL for the adjustment of loan. 4. 1. 4 Micro Credit Scheme: This Scheme has been launched since 15th July, 2000 for the uplift of rural poor.The landless poor such as; tillers, harries and small land owners having land not exceeding 2 acres may avail loan under Micro Credit Scheme. It is operational in all branches of the ZTBL through all the Mobile Credit Officers. Both, men and women may obtain loans under the scheme as an individual or as a member of group of 5-10 members. The minimum credit limit is Rs. 5,000 while maximum credit limit is Rs. 25,000. One hundred and thirty six income generating activities or cottage industry items have been identified for lending under the scheme.The loan may be advanced against one surety with 50% solvency of the assessed value of property owned by the guarantor or security of tangible property. Being small loans involving high cost 18% per annum mark-up is charged, whereas 2% rebate is given on timely repayment. All loans under these Schemes are recoverable within 18 months after disbursement of loan. 27 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 4. 1. 5 Zarkhaiz Scheme (One Window Operation): For timely and conveniently rovision of credit to purchase inputs, loans is provided to the borrowers under this scheme being conducted twice a week during Rabi & Kharif seasons. All the related departments such as revenue, agriculture, post office†¦. etc. attend the focal points which are established at convenient places. The farmers get their pass books prepared and loan applications processed on the same day whereas sanction payments are made within three days at branch. For Rabi crops, one window operation from October to January and for Kharif crops from April to September each year which is extendable as per requirement of particular area. 4. . 6 Sada Bahar Scheme: For providing timely input loans for crops and working capital for poultry and fishery etc, the ZTBL has launched a Sada Bahar Scheme. This scheme is also known as â€Å"Revolving Finance Scheme†. The assessment for inputs requirements for the whole year is made at the time of first application. The amount so assessed is treated as revolving limit provided it is within the security limit. The managers are authorized to sanction such loan limits up to Rs. 5 Lake. The salient features of the scheme are given as under: 1. 2. 3. 4. Revolving Credit Limit is fixed to cater production credit and ancillary equirements of the farmers during one year period. The borrowers can draw the credit in lump sum or in installments according to his requirement. The borrowers can repay in lump sum or in installments during the year when his cash position allows him. The Pass Book containing transactions in his account is supplied to every borrower free of cost. 4. 1. 7 Tea Financing Scheme: In order to increase the tea cultivation in Mansehra, Swat, Mutta and Dir in Malakand Division, the tea financing scheme has been introduced which would not only save the hard earned foreign exchange but would 8 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report also help to improve the socio-economic condition and living standard of the inhabitants of the area. The salient features of the scheme are given as under: 1. 2. The maximum credit ceiling of Rs. 60,000 per acre has been fi xed. All the farmers owing land up to five acres are eligible to avail loans. 3. The amount of credit will be given in three installments; the first year installment is Rs. 30,000, second year installment is Rs. 5,000 and installment is year Rs. 15,000. 4. The credit would be repayable within 11 years with 6 years grace period with prescribed markup of 9% per annum. third 4. 2 LOANS OF ZTBL The ZTBL provides loans for the development and growth of rural areas and uplift of farm activities. The loans of ZTBL are briefly explained as under; 4. 2. 1 Production Loans: These loans are given to farmers for seed, fertilizer, pesticides, labor charges†¦etc. to grow crops and vegetables including working capital for poultry, dairy, orchard and fishery and are recoverable within one and half year.The amount of disbursement of production loan, at the end of December 31, is 50,222 million for overall four provinces. The example of production loans items are given as under; 1. 2. 3. 4. 5. 6 . 7. Seeds, fertilizers and fuel Pesticides, insecticides and herbicides manual sprayers Poultry feed, chicks and medicines Hire charges of farm power Water charges and electric charges for tube well Production loan for growth of mushroom Hired labor, water rates & fuel wood for tobacco curing 29 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report . 2. 2 Development Loans: The loans for purchase of items like farm machinery, tractors, irrigation, land development, orchard, green houses, dairy, poultry, fishery, livestock, farming†¦.. etc are recoverable up to one to eight years. The amount of disbursement of development loan is 5,690 million at the end of 2007, for overall four provinces. However, the provinces wise disbursement of loans & its percentages at end of 31st December, 2007 is given as under; S. No. 1. 2. 3. 4. Provinces Panjab Sindh NWFP Balochistan Disbursement of Loans ( Rupees) 44,3 27,000,000 7,384,000,000 3,802,000,000 99,000,000 age 79. 50% 13. 20 6. 80 0. 20 Moreover, the term wise disbursement of loans of bank is on short, medium and long term basis. I. The short term loans are also called production loans having maturity period is one year. These loans are given to farmers for seed, fertilizer, pesticides, labor charges†¦etc. to grow crops and vegetables. These loans are recoverable in lump sum commencing after the harvest or marketing of respective crops. II. Medium term loans are for development and advance purposes the examples of these loans are dairy farming and livestock.The installments of these loans are made on monthly, biannually and annually basis and the recovery or maturity period is 5 years. III. The long term loans are for tractor, agricultural machinery, poultry farming, and orchard. The installments of these loans are made on monthly, biannually and yearly basis and the maturity period is 8 years and above. â€Å"Summary of Term Wis e Disbursement of Loans† S. No. 1. 2. 3. Term wise Disbursement of Loans Short Term Loan (Production Loans) Medium Term Loan (Development Loans) Long Term Loan (Development Loans ) Maturity 2months 5 years 8 years %age 89. 80% 3. 40 6. 80 30 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 4. 3 RECOVERY PROCEDURE OF LOAN The recovery procedure of the ZTBL loan is to carried and taken by three steps such as recovery schedule, issuance of notice and legal action which is briefly explain as under; 4. 3. 1 Recovery Schedule: The recovery schedule in each loan case as per terms of sanction of loan is fixed and communicated to the borrowers after disbursement of loan.In case of default or failure in repayment of any installment on due date the mark-up shall continue to be charged and last installment due to this may differ from the amount of installments fixed at the time of disbursement. 4. 3. 2 Is suance of Notice: The ZTBL can issue notice for recovery of loan which is known as â€Å"Demand Notice†. It is issued before the due date of every installment. A legal notice is issued one month after the due date informing the borrower that if the amount is not repaid within next one month, further legal action will be taken to recover the dues. 4. 3. Legal Action: The legal action can be initiated against the defaulter if loan is not repaid even after expiry of legal notice period. Where the court in bank's favor has decreed a case, account is to be settled by recovery of amount from the auction of the mortgaged property. The bank may purchase the mortgaged property if considered feasible to dispose it off later on through auction or in any manner deemed fit for getting the best price. The bank may dispose off the mortgaged properties of defaulters for satisfaction of its dues with out intervention of courts under â€Å"Financial Institutions Ordinance 2001†. 1 Insti tute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 5 â€Å"FINANCE & ACCOUNTS DIVISION† 5. 0 INTRODUCTION OF THE FINANCE & ACCOUNTS DIVISION The Finance and Accounts Division of the ZTBL is responsible for handling the financial affairs and keeping the records of all the transactions, preparation of accounts, financial statements and budgets and to manage, distribute and reconcile funds of all zonal offices and branches of the ZTBL.Moreover this division acts as the backbone for the bank, in order to strengthen the rural and agricultural sector of Paksitan, to manage funds, mitigate poverty, capital market and investment activities. The main aim and responsibility of this division is to make policies, planning, mobilization and administration of the bank's financial resources such as products and services. This division provides schemes and loans for small and large farmers. By 32 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report etting loans and register with schemes, the farmers can invest money in their businesses and to get maximum profit from it and to pay low interest rates. This division manages the bank’s financial relations with the objectives of providing loans to borrowers. The ZTBL lends money to the individuals or corporations for consumption or investment and charge interest on the loans. But besides this, finance is the science that deals with the funds management such as saving and lending money while account is a record of financial transactions for an asset or individual.In other words, an account is an arrangement between a buyer and a seller in which payments are to be made in future. In short, this division can a gain a tremendous importance over the other division in the ZTBL, through its functions and truly be called as the backbone for the bank, in order t o manage funds, mitigate poverty and increase the living standard of people of rural ares. 5. 1 FUNNCTIONS OF FINANCE & ACCOUNTS DIVISION This division mainly deals with concept of time, money and risk and how they are interrelated. It also deals with how money is budgeted.However, finance works most basically through individuals and business organizations depositing money in a bank. The main functions of the FAD is given as under; ? To providing proactive financial policy, timely strategic financial planning and risk management. ? ? To managing the bank’s assets and liability portfolio. To prepare, prompt and accurate financial reporting and preparing audited financial statements for the bank's annual report. ? To overseeing internal controls in the processing of financial transactions accounts, budgets, and credit of the bank. To reconcile funds of all zonal offices and branches of the ZTBL. 33 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? To administer, monitor and control the bank’s loan and portfolios, including management and disbursement of loans. To manage the cash inflows and out flows. To maintain a books of accounts. To coordinate and facilitate a business planning, budgeting and to formulate the budgeting estimates of revenue and capital expenditure. To manage and rectify the accounts of zonal offices and braches.To consolidate all the financial statements of zonal offices and braches, in order to make financial decisions. To prepare quarterly, semiannually and annual financial statements and its agenda for presentation to the Audit Committee and the BOD & also to prepare annual capital adequacy ratio for certification by external auditors This division ensuring that all financial obligations are met and collections are made. ? ? ? ? ? ? ? 5. 2 CLASSIFICATION OF FINANCE & ACCOUNTS DIVISION In order to classify the finance and accounts division of ZTBL, there are four epartments, which plays very important role in financial affairs and keeping the records of all the transaction, preparation of accounts, financial statements, budgets and to manage, distribute and to reconcile funds of all zonal offices and branches of the ZTBL Heads Office. The four departments & their sub unit of the FAD are given as under; 1. Central Accounts Department (CAD) ? Policy Unit ? Accounts Unit ? Tax Unit 34 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? Fixed Asset Unit (FAU) ?Pre-payment Verification Unit (PVU) 2. Head Office Accounts Department (HOAD) ? Payroll Unit ? Fund Unit ? Payment unit ? Intra Branch Transaction (Reconcilitation) Unit (IBTU) 3. Regulatory Reporting Department (RRD) ? Regulatory & Internal Reporting Unit (RIRU) ? Financial management Information Unit (FMISU) 4. Budget & Fund Reconciliation Department (BFRD) ? Budget Planning Unit ? B udget Analysis Unit ? Treasury Unit ? Fund Reconciliation Unit (FRU) 5. 3 HIERARCHY OF FINANCE & ACCOUNTS DIVISION 35 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 6 â€Å"CENTARL ACCOUNTS DEPARTMENT† 6. 0 INTRODUCTION OF CAD The CAD is abbreviated to Central Accounts Department. There are many accounting policies & procedures used in the CAD, In order to present the true financial position of he bank in financial statements, the accountants formulate the 36 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report accounting policies & procedures. This department maintains the actual or real accounts of the ZTBL.In this department, I was attached actually to maintain the real accounts which are assets and liabilities. They are responsible for both kinds of assets fixed and liquid assets and to maintain the depreciation accounts for all those assets acquired by the bank. In this department the balance sheet and profit and loss account is also prepared for financial year, to get the image in sense of profitability or loss and to make financial decisions. 6. 1 ? OBJECTIVES OF CAD Formulation & maintenance of the accounting policies & procedures with applicable accounting standards which ensure dissemination & implementation across the bank. Preparation of financial statements as per requirement of statue and to ensure the proper accounting of assets, liabilities, owner’s equity, income, revenues and expenses. 6. 2 ? FUNCTIONS OF CAD To issue the instructions relating to accounting policies & procedures and allocation of specimen signature numbers to the authorized signatories of the branches & maintenance of signature booklet. To notify the schedule of bank charges. To maintaining & updating of chart of accounts for recording of financial transactions. To prepare the periodic fina ncial statements of the bank & to deal with all related matters.To Issue the guidelines and instructions regarding periodicals closing of accounts and deductions of tax at source. ? ? ? ? 37 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? To deal with all corporate tax matter & liaison with tax department, tax advisors, consultants†¦. etc The compilation of fixed assets schedule of the Head Office departments & branches. Follow up and collection of fixed assets schedule along with supporting documents from the ZTBL Head Office departments, zonal offices & branches.To coordinate with internal & external auditors and the SBP inspection team and to arrange credit rating of the bank. To conduct prepayment verification of sanctions pertaining to the HOAD. To perform administrative functions for the department such as, sanction of leaves & approvals for tour programs & travel allowance ? ? ? ? ? 6 . 1. 3 6. 1. 3. 1 ? UNITS OF CENTRAL ACCOUNTS DEPARTMENT Policy Unit: To device accounting procedure regarding accounting in the Head Office and branches & to circulate revision of mark-up or return rate for compliance by the branches.To deal with management latter & executive summary. To coordinate with external auditors & to arrange payments to external auditor’s bills. To arrange compliance of internal & external audit observation relating to the accounting matters of the ZTBL Head Office, zonal offices and branches. To coordinate with other departments in the Head Office on policy matters. To maintains personal files of the employees, deals with their leaves & other administrative matters, such as policy matters relating to the operation of accounts. ? ? ? ? ? 38 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? To update the specimen signatures booklet for use of authorized signatories i n the ZTBL Head Office, zonal offices & branches. To prepare bank charges schedule & there circulation among branches and submission to the SBP on half yearly basis. To allocate new GLH for accounting purpose and issue instructions those are relevant to the books of accounts. To provide guidelines to the zonal offices and branches regarding rectification, settlement of accounting errors, audit observation and adjustment of suspense account.To arrange & coordinate with credit rating of the bank & provide information regarding credit rating of the bank. ? ? ? ? 6. 1. 3. 2 ? Accounts Units: To coordinate with concerned departments of is division for timely production of statement of affairs. To arrange compilation and merger of statement of affairs and it is also provide to auditors for auditing purposes. TO compile balances under relevant group of heads from trial balances for preparation of financial statements. To prepare list of abnormal entries & balances for rectification.To deal with all matters rel

Report in Delta Life Insurance Company

Executive Summary The development of a country depends up on the consolidate development of all infrastructures like-agricultural sector, industrial sector, financial sector, technological sector etc. But developing all these structures is not easy. A lot of troubles and threats always hinder and make difficulties to success. The most difficult problem is financial risk. So if it is feasible to provide financial protection then most of the structural development will be achievable with minimal efforts. And the most well known practical method for handling financial risk is insurance.Delta Life Insurance Company Limited was incorporated in November 10, 1986 and is mainly engaged in Ordinary Life (OL), Group Insurance (GI), Health Insurance (HI) business and non-traditional micro insurance business under the name of Gono-Grameen Bima (GN-GRB). The Company is a publicly traded Company and its shares are listed on the Dhaka Stock Exchange and Chittagong Stock Exchange. However, we have p repared this report on Delta Life Insurance Co. Ltd, which is one of the growing and prospective insurance companies in the insurance industry.The company is providing protection and financial security to the nation, whilst adding shareholders value thought customer service excellence. By the way of examining and evaluation the functions and performance of Delta Life Insurance Co. Ltd, we tried to illustrate a true scenario of insurance industry of Bangladesh. Our report topic is ? Overall Activities Delta Life Insurance Co. Lid?. So, to get an accurate realization about Delta Life Insurance Co. Ltd. Basically, we emphasize on underwriting process & claim settlement issues of Delta Life Insurance Company. 1. Introduction: 1. Origin: As we are the student of business administration we have been authorized by our guide teacher to prepare a report on the activities of Delta Life Insurance Company given to the customers and their underwriting process and claim settlement. 1. 2 Objective s of the report: 1. 2. 1: Broad Objectives: A broad objective is to find out the overall activities of Delta Life Insurance Company ltd and the procedure of underwriting processes and claim settlement issues 1. 2. 2: Specific Objectives: 1. To have a brief idea about insurance industry and their policy and procedures 2.To find out their services. 3. To find out the different products. 4. To find out the different types rates. 5. To find out the different types condition 1. 3 Scope: To find out the overall activities & accounts department of Delta Life Insurance Company ltd we have visited Motijheel Branch of Delta life insurance compny. 1. 4: Methodology: * Primary Data: Primary data was collected with the help of information given by M. Mosharaof Hossain, Assistant vice president, Delta life insurance company * Secondary Data: Secondary data was collected form the following sources: * Websites Books regarding insurance * Articles on insurance policies 1. 5: Limitations: In this sho rt time, we have tried to give our maximum effort to provide the information about the total activities of Delta Life Insurance Company ltd. Several drawbacks that appeared at the time of preparing the report and hindered the total work process are as under: Time limitation: The limitation of this study involved limited time frame that was available for completing such an in-depth report. Our semester consists of four month.Within this time most of the teachers give the assignment or report after mid term exam and we are required to prepare and submit assignment or report within this short time. As a result we had to divide time for preparing report for our courses. As a partial fulfillment of our course we also required to prepare this report within short time. So it was hard to complete tis assignment covering all important matters . Other limitations: * One of the main barriers of the report was the confidentiality of the data * Not able to collect information from the source. It was difficult to include all the information to prepare a proper report Company Background Name, Address, Established date & some words Delta Life Insurance Co. Ltd. established mainly through the initiative of a group of Bangladeshi professionals then working abroad along with a few enthusiastic local entrepreneurs, started its operation in December, 1986 after the Government of Bangladesh allowed the private sector to operate in the insurance sector in 1984 to carry on the business of insurance in the Private Sector. A brief explanation as to the growth of life insurance business in Bangladesh is in order here.Bangladesh declared independence from the Pakistani rules on March 26, 1971 following which she had to witness a bloody liberation struggle with the occupation forces lasting for 9 months before they were defeated. Insurance business which was exclusively carried on in private sector before independence was nationalized after liberation in 1972 primarily to address the emer ging situation of eroding public confidence in the industry that was left staggeringly short of resources in the face of huge losses caused by the war of liberation.After a series of experimentation, a state-owned body, namely Jiban Bima Corporation (JBC), established in May, 1973 for transacting the life insurance business, took over the assets and liabilities under life portfolios of all erstwhile private insurance companies and started business in its own name. However, things did not improve; rather, in many respects became more exacerbating and the Government then thought it better to allow private sector participation in insurance business.Since inception, Delta Life set before itself a high standard of all round performance coextensive with professional soundness and proficiency. It soon made a mark in the life insurance arena by not only being the leader among the private sector indigenous companies, but by undertaking and successfully implementing innovative and welfare ori ented life insurance schemes. It introduced an array of conventional life and group insurance products – many of which were the first in Bangladesh. For the first time, health insurance products were also introduced by Delta Life.But more importantly, in fulfilment of the avowed commitment towards social development, Delta Life for the first time not only in Bangladesh but probably in the World, devised and introduced micro-life insurance-cum-savings products specially suited to the needs and pockets of poor people of the country who constitute more than 80% of the people of Bangladesh Two projects of the company namely Grameen Bima for the rural people and Gono Bima for the poor and marginal savers of the urban areas were initiated to devote themslave exclusively to marketing and management of these innovative products.We are happy to report that we have achieved a good measure of success although there is a long way to go. These schemes that we have introduced have created great stir and enthusiasm among the general mass who, before these projects started functioning, could not even dream of owning a policy that provides the much needed life insurance coverage along with facility of regular savings on a long-term basis. At a later stage i. e. in the year 2002, the projects were merged into a division of Delta Life, namely, Gono Grameen Bima Division.The GNGRB Division has been growing at a first rate of more than 25% p. a. for the last couple of the years and is poised to maintain this growth rate at least in the next five years or so. Vision To be a market leader in providing integrated total security clients service, to be an innovative, profitable, customer friendly with a global focus. Mission: Create unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plans.Objectives of Delta life Insurance company: To serve the humanity for its well being in the present and the world hereafter by pro viding financial and moral gains through utmost good faith, good conduct, mutual trust, sincerity, integrity and personalized services. Address of Main Branch: * Delta Life Insurance Co. Ltd * Gouse Pak Building (5th Floor) * 28/G/1, Toyebee Circuler Road * Motijheel C/A, Dhaka Ph: +88 02 9560407 Branches Branches /offices/service center/zone| Address |Dhaka Service Center| * Gouse Pak Building (5th Floor) * 28/G/1, Toyebee Circuler Road * Motijheel C/A, Dhaka * Ph: +88 02 9560407| Comilla Service Center| * Gani Bhuiyan Mansion (3rd Floor) * Monohorpur, Comilla * Ph: +88 081 68796| Rajshahi Service Center| * C & B More * Kajihata, Rajshahi * Ph: +88 0721 770693| Chittagong Service Center| * Ajmol Arcade (4th Floor) * 1806, Sheikh Mujib Road * Agrabad C/A, Chittagong * Ph: +88 031 713059| Barisal Service Center| * Ahsan Plaza (2nd Floor) * Bot Tola * Nobogram Road, Barisal * Ph: +88 0431 64306| Dhaka Metro ZOC| * Baitul Abed Tower (10th Floor) * 53, Purana Paltan * Dhaka * Ph: +88 02 9570324| Chittagong ZOC| * 119/120, Mirzapur * Muradpur, Chittagong * Ph: +88 031 656333| Barisal ZOC| * Shahida Villa (3rd Floor) * Bogra Road, Barisal * Ph: +88 0431 62943| There are so many branches existing in Bangladesh. We don’t want to include those. Board of Directors Chairman Mr. Monzurur Rahman Directors: * Mr. Aziz Ahmed * Mr. Kazi Fazlur Rahman * Mr. Borhanuddin Ahmed * Ms. Anika Rahman * Mrs. Adeeba Rahman * Mr. Zeyad Rahman * Mr. Md. Mujibur Rahman * Mr. Md. Abdul Wahab * Mr. Arif Ahmed * Mr. Md. Nurul Islam * Mr. Golam Sarwar * Mrs. Syeda Soyeli Ahmed * Ms. Saika Rahman 2. 1 Committees of the Board Audit Committee Chairman * Mr. Aziz AhmedMember * Mr. Borhanuddin Ahmed * Mr. Md. Mujibur Rahman * Mr. Zeyad Rahma ————————————————- Delta life Insurance Co. Ltd Organogram of Delta Life Insurance Company Ltd Chapter-02 Performance Analysis General Account s (Provisional and Unaudited) `(Amount In Crore Tk. ) General: Particulars| 2010| 2009| 2008| 2007| 2006| First Year Premium| 120. 51| 107. 40| 95. 32| 82. 30| 85. 40| Renewal Premium| 342. 91| 302. 83| 266. 79| 245. 00| 207. 60| Group Insurance Premium| 21. 28| 19. 94| 16. 17| 10. 60| 8. 32| Health Insurance Premium| 14. 42| 10. 68| 5. 22| 3. 29| 2. 66| Gross Premium| 499. 12| 440. 85| 383. 50| 341. 9| 303. 44| Growth over Previous Year| 13. 22 %| 14. 95 %| 12. 40 %| 12. 44 %| 17. 84 %| Investment Income| 298. 95| 180. 99| 127. 99| 112. 00| 89. 66| Income from Other Sources| 5. 89| 4. 87| 4. 83| 2. 61| 1. 41| Management Expense Particulars| 2010| 2009| 2008| 2007| 2006| Commission Expense| 91. 16| 80. 36| 69. 35| 62. 67| 63. 67| Admin Expense| 68. 69| 62. 34| 56. 40| 50. 26| 44. 45| Management Expense (as % of gross premium)| 32. 03| 32. 37| 32. 79| 33. 10| 35. 63| Claims Particulars| 2010| 2009| 2008| 2007| 2006| Number of Claims| 149051| 156444| 214301| 151523| 59567| Amount of C laims| 223. 54| 204. 80| 243. 40| 175. 81| 89. 85| OthersParticulars| 2010| 2009| 2008| 2007| 2006| Assets| 2,180. 23| 1,755. 61| 1,473. 62| 1,325. 25| 1,129. 92| Life Fund| 2,034. 95| 1,619. 00| 1,347. 01| 1,206. 07| 1041. 44| Chapter-03 Number of policies 1. Ordinary Life Insurance 2. Gono Grameen Bima 3. Group Life Insurance 4. Health Insurance Chapter-04 Under – writing process & claim settlement process: 4. 1: Ordinary Life Insurance Delta Life offers a wide variety of ordinary life product/plans ranging from the most common endowment type to more modern and sophisticated plans like endowment with open term, pension plan with built in provision for increasing pension, increasing protection with provision for premium refund etc.The plans have been designed keeping in view the diverse and multifaceted needs of the insuring public belonging to different strata of the society. Some of the popular plans are briefly described below. 4. 1. 1: Endowment plan with and without pro fits: The most common and widely popular, this plan provides for a fixed sum at end of a particular term or at earlier death of the assured. The plan is available under both options i. e. with profit and without profit. This is a straightforward coverage allowing a person to plan his future needs for security and projected savings through means of insurance. eds for security and projected savings through means of insurance. 4. 1. 2: One-two-three endowment plan with profitsThis plan provides for high security at earlier death of the assured before expiry of term (10 & 20 years) or the sum assured at expiry of the term. The plan provides for double the sum assured at premature death due to illness or treble the sum assured if death occurs directly as the result of an accident along with accrued bonuses till death or maturity as the case may be. 4. 1. 3: Installment payment plans with or without profit: a) Three payments plan Given for terms like 12, 15, 18, 21 years with or without p rofits this plan provides for one fourth of the sum assured upon expiry of each one third of the term and on death at anytime within the term the full sum assured – payment of one or all the installments notwithstanding.In case of survival to the end of the term remaining portion of the sum assured along with profits is paid after deducting the installments already paid. b) Bi-annual payment plan is given for 10, 15 & 20 years' term and provides for payment of a portion of sum assured bi-annually after expiry of the 4th year of the policy, if the policyholder is then living. The amount of installment and when payable is shown in the table below: Policy Term| Amount of Installment| When Payable| Sum Assured Payable on Maturity| 10 Years| 20%| Upon expiry of 4th, 6th, 8th years| 40%| 15 Years| 15%| Upon expiry of 4th, 6th, 8th, 10th 12th years| 25%| 20 Years| 10%| Upon expiry of 4th, 6th, 8th, 10th, 12th, 14th, 16th ; 18th years| 25%|Notwithstanding the payment of any number of installments, the policyholder remains covered for full risk and on death occurring before maturity, full sum assured is payable. * The higher numbered table refers to without profit premium rates. 4. 1. 4: Premium back term Insurance Plan without Profits These are comparatively low cost plans. These plans provide for payment of sum assured in case of premature death within the term or refund of all premiums paid at end of term. Under Table-59(A), sum assured keeps on increasing at 8% p. a. on each successive policy anniversary and such increased sum is paid at death during the term. On survival up to the end of term, all premium paid during the term is paid.Under Table-65(A) a guaranteed profit equal to 10% of sum assured is paid along with full premium at end of term as survival benefit. On death before maturity, the sum assured is payable. 4. 1. 5: Pension Plan (Table-72A, 72D) without profits. Under plan pensions are provided at quarterly intervals from an age designated by the policyholder for life, guaranteed for a minimum period of 10 years i. e. if the pensioner dies anytime within 10 years his designated nominee will get pension for remaining term of 10 years. Before pension starts, if the assured policyholder dies, 10 times the annual pension is paid as a lump-sum to his nominee and the policy is terminated upon such payment.There is another plan that while providing for full protection against premature death as described above, provides for pension from a designated age as elected by the policyholder at an increasing rate i. e. pension will increase at 10% at intervals of two years. Payment of pension is guaranteed for at least ten years and thereafter as long as the pensioner lives. Both these pension plans provide for waiver of premium in case of permanent and total disability due to accident before commencement of pension. 4. 1. 6: Child Educational Protection Plan with Profits Multiple benefits in the form of scholarships, monthly annuities et c. in addition to sum assured are available under these plans.Under one plan sum assured or a part thereof is also payable to the policyholder in case the child dies prematurely. 4. 1. 7:. Tri-dimensional Policy Built-in benefits for payment of 50% sum assured immediately if critical illness is diagnosed. Premium and the sum assured will thereafter be halved and the policy continues. Under this plan, a spouse may also be covered for major disease benefits. 4. 1. 8: Moving Term Plan Policies under the plan are initially issued and is to be taken for a minimum term (6 to 10 years) as elected by policy holder. Any time within this minimum term if death occurs, full sum assured is payable. At the expiry of the minimum term, the policy may be surrendered for full refund of premiums paid.However, the policyholder need not terminate his policy at end of the minimum specified period. The policy will automatically continue till age 65 years of the policyholder unless he terminates it earlier . The survival benefit comprises of refund of all premiums paid along with bonuses. In case of premature death the nominee(s) is paid the sum assured plus all premiums paid till death, or all premiums paid with profit accrued till death whichever is greater. 4. 1. 9: Single Premium Multiple Security Plan It is a single Premium Policy offering multiple securities for five years term. It covers natural death, permanent and partial/total disability and seven major diseases.Premiums are based on the age of the proposer. This plan perfectly suits the needs of the executive class. Policy Conditions * Surrender Value: After payment of two full years' premium, the policy acquires cash surrender value which is quoted on request unless stated in the policy itself. * Loan: At any time after a cash surrender value is available under the policy and while the policy is in force, the policyholder may obtain, subject to the company's existing rules, a loan on the policy up to 90% of the cash surren der value. * Age Proof: Age of life assured as declared while applying for the policy has to be authenticated with an age proof document acceptable to the company.The company reserves the right to require proof of age of the life assured before paying any claim under the policy if not admitted earlier. * Settlement Option:Payee may elect to receive the proceeds of the policy in installments instead of in a single sum, in such a manner as may be agreed upon with the company. * Suicide: Should the life assured commit suicide, whether the assured be then sane or insane, within two years from the commencement date or from reinstatement of the policy, then the liability of the company shall be limited to the refund of all premiums paid under the policy less indebtedness, if any, at the time of such death. Bonus: Delta Life pays attractive bonuses to its with-profit policies.The present rate of policy bonuses are as following: a) A compound reversionary bonus @ 5% of paid up sum assured. This bonus is not paid on the installments withdrawn (under Table-03, 04) from the date of such withdrawal. b) A simple reversionary bonus ranging from Tk. 10 to Tk. 15 per thousand sum assured per year depending on term. c) A terminal bonus equal to 10% to 12% of sum assured at maturity of policy depending on terms if the policy would have been in force for at least 2/3rd of its term. Average Rate of Bonus On the basis of the three types of bonuses the Company now pays to its with profit policies, the average bonus earned by a Tk. ,00,000 sum assured endowment policy (except Table No. 03, 04) per thousand sum assured per year shall be as following: Term of Policy| Total Bonus at Maturity| Average Rate per Thousand per S. A. year| 10 Years| Tk. 52,000. 00| Tk. 52. 00| 15 Years| Tk. 81,000. 00| Tk. 54. 00| 20 Years| Tk. 1,15000. 00| Tk. 58. 00| | | | | | | | | | | | | 4. 2: Gono Grameen Bima Delta Life first launched Micro-insurance product in 1988 through its Grameen Bima Project(GR B) to cater to the necessity of economic protection against premature death and of disability as well as providing a way for regular savings for the poor and low income group of people living in villages.Later it started another project in 1994, namely, Gono Bima(GNB) for the urban poor and the low income class. These projects are now merged under the name of Gono-Grameen Bima Project(GN-GRB). The initial problems apart, the project started to yield impressive results right from the beginning by creating great interest among the target population who could not even perceive an institutional arrangement through which the ever present problems of insecurity of life could be addressed. To suit the needs and pockets of the target people, and for efficient management of these portfolios, some of the age-old traditional concepts of carrying on life insurance business had to be diluted and in some cases replaced by simple and straightforward practices.Yet, the results are so encouraging th at Delta Life is now regarded far and wide as the undisputed leader espousing the cause of welfare of teeming millions and its experiences are now used to advantage not only by indigenous companies but also other micro-savings organizations abroad. 4. 2. 1: Target Group and the Product In GN-GRB the formalities are minimum. Insurance Cover is given under Group Insurance concept. A person interested in a policy submits a simple two-page proposal form; it is signed or thumb imprinted by him or her. There is no need for medical check-up. The person needs to be between 18 and 45 years of age, have a monthly income of Tk. 5,000. 00 (US $100. 00) or less, be of good health and supply a Declaration of Good Health (DGH) at the time of submitting the Proposal form.Death through pregnancy complications within the first year of the policy and death through suicide in the first year of the policy are not covered under an â€Å"exclusion clause†. Simple endowment with profit policies are offered for 10 and 15 years term both with premium payment mode being weekly or monthly. Premium rate is the same irrespective of age at entry. Besides this plan, new plans like three-payment plan with 12 and 15 years term and double protection endowment plan have recently been introduced. 4. 2. 2: Policy Documents Upon acceptance of the proposal, a pass book is issued to the policyholder detailing all terms and conditions of the policy.The pass book serves as the purpose of recording of all payments made by him towards the policy. There is one group policy document for the policyholders of each Thana or Block. For individual policyholders the passbook serves as policy document. 4. 2. 3: Micro Investment (Loan) GN-GRB gives small project loans to its policyholders on a group liability basis. No collateral is required. There is 20% service charge on the loans, which is calculated at a flat rate and added to the principal amount. The loan, together with the service charge, is repayabl e in 12 equal monthly installments. The repayments are collected from door to door by the organizers. Recently a decision has been taken to establish small collection booths in the villages.A person must be a policyholder and pay premiums for atleast one year before being eligible for a loan. The maximum loan given is Tk. 5,000. 00 (US $100. 00) per policyholder. The loans are for income generating activities (IGA) only. Policyholders form a committee of 5 to 7 members. 3 policyholders selected by the committee are given the first loan. After recovery of 3 installments from each of the first three borrowers, the next 3 are given their loans and so on. As a general rule, 60% of the premium income of an area and 40% of the repaid loan of an area are available for loan in that area. Also 100% of premium collection of a committee is available for loan to that committee. 4. 3: Group Life Insurance Group Life InsuranceGroup Insurance is an instrument for providing life insurance coverage (protection) to a number of individuals under a single contract (policy) who are associated together for a common interest other than insurance. It is the most cost effective means to provide immediate financial support to an insured member and/or his family in case of devastating events like-death, disability, disease as well as retirement. Group Insurance has already established its importance as a component of â€Å"Employee Benefit Package† in Bangladesh. Exclusive features of Group Insurance are: * Insurance coverage to a number of individuals under a single contract * Simple insurable conditions * Easy administrative procedure * Prompt claim settlement Affordable premium * Tax exemption on premium Delta Life offers a host of Group-Life Insurance schemes from which an organization/ employer may choose for benefits of its members/employees, as may best serve their interest according to organizational setup. To be treated as a group, the following criteria need to be fulfi lled. * A â€Å"Group† Should comprise of at least 15 members * It should be a legitimately organized body Group clients of Delta Life Insurance Company Limited include: * Semi-Government organization, autonomous bodies * Private, Non-Government Organizations (NGO's) * Educational & Financial Institutions * Public Limited Companies Associations, Business organizations etc. Group Life Insurance Schemes offered by Delta Life are of two types: * Traditional Schemes: For insurance coverage of members/employees of a Group * Exclusive Schemes: For insurance coverage of clients of Financial Institutions 4. 3. 1: Traditional Scheme: These are the commonly offered â€Å"Group-Life Insurance† schemes and are also known as Basic Schemes: These are: Short Term Contract * Group Term Life Insurance Scheme (GT) * Group Term Life with Premium Refund Scheme (GTR) Long Term Contract * Group Endowment Life Insurance Scheme (GEN) * Group Pension Scheme (GP) There are several variants of B asic Schemes.Examples of two variants of GTR are * GTR-100/10: Group Term Life with 100% Premium Refund after 10 years * GTR-50/10 : Group Term Life with 50% Premium Refund after 10 years Salient features of the Basic Schemes: Group Term Life (GT) * Insurance coverage worldwide round the clock * Contract, Initially for three years and is Renewable * Simple Claim procedure * Prompt claim settlement upon death of an insured * Option to alter sum assured at any time * Exclusion & Inclusion of members under coverage at any time * Premium Rate- comparatively lowest among the basic schemes * Option for supplementary covers to enhance benefit * Profit Sharing options for large groups Group Term Life Insurance with Premium Refund (GTR) Insurance coverage worldwide round the clock * Contract, initially for ten/fifteen years * Simple Claim procedure * Prompt claim settlement upon death of an insured * Exclusion & Inclusion of members under coverage at any time * Reasonable Premium Rate, but h igher than GT Scheme * Refund of basic premium (full/partial) on completion of term or retirement * Payment of Surrender Value in case of Policy discontinuation & exclusion * Conversion Privilege to take Individual Life Insurance Policy in lieu * Option for supplementary covers to enhance benefit Group Endowment Life Insurance (GEN) * Insurance coverage worldwide round the clock Continuous Contract, unless terminated by either party * Simple Claim procedure * Prompt claim settlement upon death of an insured * Exclusion & Inclusion of members under coverage at any time * Premium rate-age dependant and variable * Payment of sum assured as per contract on retirement * Payment of Surrender Value in case of discontinuation * Conversion Privilege to take Individual Life Insurance Policy in lieu * Option for supplementary covers to enhance benefit Group Pension Scheme * Provides for quarterly/yearly pension based on last salary * Continuous Contract, unless terminated by either party * Sco pe for taking â€Å"Death in Service† benefit Scope of taking â€Å"Joint life last survivor pension† benefit * Scope for life pension with/without guaranteed payment period * Exclusion & Inclusion of members under coverage at any time * Premium rate- age dependant and variable * Payment of Surrender Value in case of discontinuation * Option for supplementary covers to enhance benefit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Features&Benefits| Basic Schemes| | Group Term Life (GT)| Group Term Life with Premium Refund (GTR)| Group Endowment Scheme(GEN)| Age Limit for   Insurance Coverage| 18 years to 60 Years| 18 years to 60 Years| 18 yrs. to the age of  retirement (max. 60 yrs)| Duration of   Contract| 3 years in each spell| 10 years or 15 years in each spell| Continuous Contract, if not terminated| Scope for Inclusion & Exclusion| Yes| Yes| Yes|Scope for Inclusion& Exclusion| Yes| Yes| Yes| Scope for  Alteration of Sum Assured| Yes| Yes| Yes| Premium Rate| Single & Fixed (irrespective of age Low}| Single & Fixed (irrespective of age)| Variable; age dependant  premium rate| Benefits:| Death (payment of  Insured amount on death)| Yes| Yes| Yes| Maturity Benefit| None| None| Payment of Sum Assured as  per contract during retirement| Premium Refund| None| Refund of Premium as per contract on retirement or completion of term. Payment of surrender value in case of non completion of term| None| Profit Share| Provided to large groups only| None| None| On Payment of Additional Premium 1.Accidental Death Benefit (ADB) 2. Permanent Total Disability (PTD) 3. Permanent Partial Disability (PPT) 4. Dismemberment Benefit (DB) 5. Major Disease Benefit (MDB)| All or any one of those may be taken except DB which is offered only with ADB| All or any one of those may be taken except DB which is offered only with ADB| All or any one of those may be taken except DB which is offered only with ADB| | | | | S upplementary Covers: To provide insurance protection against few devastating conditions other than death, and to enhance insurance benefit in case of sudden accidental death, several Supplementary Covers are offered along with basic schemes.Supplementary covers include: * Accidental Death Benefit (ADB): Provides for double sum assured in case of accidental death. * Permanent and Total Disability Benefit (PTD): Provides for full sum assured on happening of defined risks. * Permanent & Partial Disability Benefit (PPD): Provides for certain percentage of the sum assured as per schedule on happening of the defined risks. * Dismemberment Benefit (DB): Provides for a certain percentage of Sum Assured as per schedule on happening of the defined risks. It is only offered with ADB. * Major Disease Benefit (MDB): Provides for 25% or 50% of S. A. upon diagnosis of a few specific life threatening diseases 4. 3. Exclusive Schemes: These are schemes, especially designed for financial institutions , in order to secure their investment and adorn the product to make it attractive to customers as well as to protect interest of the client. Few examples are: * Home Loan Insurance: e. g; Scheme for â€Å"Home Loan Borrowers† of Delta Brac Housing * Depositor's Insurance: e. g; Scheme for â€Å"Smart Plant† Depositors of Dhaka Bank Ltd Premium: For traditional schemes: Premiums are usually payable annually in advance before commencement of insurance. For exclusive schemes: A single premium is payable for the whole period of coverage before commencement of insurance. *Details about the schemes are provided with â€Å"Insurance Proposal† How to get a Group Life Insurance Proposal? For Proposal: fill in the Proposal Request Form and send it to us at our contract address For Quotation: fill in the â€Å"Proposal Request Form† and send it to us at our contract address accompanied by the list of members to be insured with following details | | | | | |    Sl#| Name| Designation| Date of Birth| Sum Assured| | | | | | |   |   |   | *If sum assured depends on salary, mention salary and desired multiple to determine Sum Assured Claims are settled to the concerned organization. 4. 4: Health Insurance Health Insurance Health Insurance is now considered indispensable in developed countries.In the present financial-social perspective of Bangladesh as well, Health Insurance has now become an essential, dependable, acceptable and the most cost effective means to make the modern treatment facilities affordable to all socio-economic classes of people, especially the fixed income group. As a pioneer of Health Insurance in Bangladesh, Delta Life Insurance Company offers several Health Insurance Schemes, which are as follows: 4. 4. 1: Hospitalization (In-patient) treatment coverage plans * Hospitalization Insurance Plan (Group)- offered to Members of a group and their dependants (if desired) * Hospitalization Insurance Plan (Individual) – offered to an Individual as well as his or her dependant family members also known as â€Å"DeltaCare Hospitalization Plan†. 4. 4. : Out-patient treatment coverage plans * Out-patient Insurance Plan – Offered as an adjunct to Group Hospitalization * Out-patient Management Plan – Offered as an adjunct to Group Hospitalization 4. 4. 3: Overseas treatment coverage plan for travelers * Overseas Medicliam Policy (OMP) – A pre-requisite for visa application offered only to Individuals traveling abroad. 4. 4. 4: Hospitalization Insurance Plans * Covers in-patient (Hospitalization) treatment expenses of an insured member Expenses Covered under Hospitalization Insurance Plans * Hospital Accommodation * Consultation Fee * Medicine ; Accessories * Medical Investigations * Surgical Operation Ancillary Services like Blood Transfusion, Ambulance Service, Dressing etc. General Features of the Scheme * No need for preliminary Medical Examination during enrolment. * Treat ment coverage round the clock inclusive of Accidents and Emergencies. * Coverage offered to Bangladeshi National as well as resident foreigner. * Treatment at any renowned hospital or clinic by consultant of own choice. * Preferential service at Designated Hospital. * Direct payment of treatment expenses by the company at Designated Hospital. * Reimbursement of expenses for treatment at non-designated hospital. * Membership ID Card for each insured to facilitate preferential services. Option for Maternity Benefit and Overseas Treatment coverage. * Provision for inclusion of Spouse ; Children under the plan. * Provision for inclusion of new member under the plan. * Coverage up to 65 years under Group HI ; 60 years under Individual HI plan. * Two types of plans with several benefit grades to choose from. * Option to choose more than one grade according to status of the members of a group. * Option to alter benefit grade during renewal. Exclusion from Coverage: Major Exclusions include * Congenital infirmity * Pre-existing condition for certain period * Psychiatric disorders and narcotic addiction * Attempted suicide and self-inflicted injury * Dental Treatment Pre or post hospitalization expenses and out patient treatment expenses * War risk, civil commotion or violence * Routine health checkup * Treatment for family planning purpose, contraception and infertility 4. 4. 5: Group Hospitalization Insurance Plans Types of plan offered: Standard Plan: Distinctive Hospitalization Insurance Plan of Delta Life Customized Plan: Tailored to the need and desire of the client. Standard Plan: Five Grades of benefits are offered under standard plan to choose from Benefit per Hospitalization| Benefit Grades| Mastercare| Supercare| Deluxcare| Exclusivecare| Royalcare| Max. Benefit (Each Insured Per Year)| Tk. 25,000| Tk. 45,000| Tk. 5,000| Tk. 100,000| Tk. 140,000| Hospital Stay (Maximum days)| 10| 12| 15| 18| 20| Room Rent (Actual Expenditure upto a Maximum Amount Per Day)| T k. 500| Tk. 1,000| Tk. 1,500| Tk. 1,800| Tk. 2,000| Consultation Fee (Actual Fee upto a Maximum Amount Per Visit ; One Visit Daily)| Tk. 300| Tk. 500| Tk. 500| Tk. 500| Tk. 500| Routine Investigations (Actual Expenditure upto a Maximum Amount)| Tk. 1,000| Tk. 1,200| Tk. 1,400| Tk. 1,600| Tk. 2,000| Medicines ; Accessories (Actual Expenditure upto a Maximum Amount)| In Case of Surgical Treatment| Tk. 2,000| Tk. 4,000| Tk. 6,000| Tk. 8,000| Tk. 10,000| In Case of Conservative Treatment| Tk. ,000| Tk. 10,000| Tk. 12,500| Tk. 15,000| Tk. 18,000| Surgery (Actual Expenditure upto a Maximum Amount)| Major Intermediate| Tk. 12,000| Tk. 14,000| Tk. 16,000| Tk. 20,000| Tk. 22,000| Charges included for Surgeon, Assistant, Operation Theater ; Anaesthesia| Tk. 6,000| Tk. 8,000| Tk. 10,000| Tk. 12,000| Tk. 15,000| Ancillary Services (80% of Actual Expenditure upto a Maximum Amount)| Tk. 2,000| Tk. 5,000| Tk. 8,000| Tk. 10,000| Tk. 12,000| Premium (For each insured per year) based on Age Attained (in Years) Benefit Grades| Master care| Super care| Delux care| Exclusive care| Royal care| 18 to 35 Years| Employee| Tk. 600| Tk. 1,080| Tk. ,535| Tk. 1,920| Tk. 3,360| Spouse| Tk. 510| Tk. 920| Tk. 1,310| Tk. 1,630| Tk. 2,855| 35+ to 45 Years| Employee| Tk. 750| Tk. 1,350| Tk. 1,795| Tk. 2,160| Tk. 3,780| Spouse| Tk. 635| Tk. 1,145| Tk. 1,520| Tk. 1,835| Tk. 3,210| 45+ to 50 Years| Employee| Tk. 1,050| Tk. 1,890| Tk. 2,300| Tk. 2,640| Tk. 4,620| Spouse| Tk. 895| Tk. 1,605| Tk. 1,955| Tk. 2,245| Tk. 3,930| 50+ to 55 Years| Employee| Tk. 1,500| Tk. 2,700| Tk. 3,060| Tk. 3,360| Tk. 5,880| Spouse| Tk. 1,275| Tk. 2,295| Tk. 2,605| Tk. 2,855| Tk. 4,995| 55+ to 60 Years| Employee| Tk. 2,100| Tk. 3,780| Tk. 4,075| Tk. 4,320| Tk. 7,560| Spouse| Tk. 1,785| Tk. 3,215| Tk. 3,420| Tk. ,670| Tk. 6,425| 60+ to 65 Years| Employee| Tk. 3,150| Tk. 5,670| Tk. 6,113| Tk. 6,480| Tk. 11,340| Spouse| Tk. 2,678| Tk. 4,823| Tk. 5,130| Tk. 5,505| Tk. 9,683| Each Child (Below 25 Years)| Tk. 510| Tk. 920| Tk . 1,310| Tk. 1,630| Tk. 2,855| Maternity Benefit (Maximum Amount as per Benefit Schedule above) Benefit Grades| Mastercare| Supercare| Deluxcare| Exclusivecare| Royalcare| Normal Delivery| Tk. 5,000| Tk. 7,500| Tk. 10,000| Tk. 12,500| Tk. 15,000| Caesarian Delivery| Tk. 10,000| Tk. 15,000| Tk. 20,000| Tk. 25,000| Tk. 30,000| For Maternity Benefit, an Extra Premium @40% shall be charged on the Basic Premium of the beneficiary groupGroup Discount Schedule| Size of Group| Size of Group| Uo to 100| Uo to 100| 101 – 500| 101 – 500| 501 – 1000| 501 – 1000| 1001 – 2000| 1001 – 2000| 2001 ; Above| 2001 ; Above| No Claim Discount Schedule| No Claim Years| Discount on Renewal Premium| One Year| 10%| Two Consecutive Years| 20%| Three Consecutive Years| 30%| | | | | | | | | | | | | VAT if imposed by government, shall have to be paid by the organization concerned. N. B. For large groups a â€Å"fixed premium rate† irrespective of the age is offere d upon recieving the list of members to be insured. Customized Plan Benefit Schedule ; Premium Rate * Benefits desired has to be provided by the client A â€Å"fixed premium rate† irrespective of age is offered on receipt of the list of members to be insured. How to get a Group Hospitalization Insurance Proposal? * For Proposal: Fill in the â€Å"Proposal Request Form† and send it to our contact address.. * For Quatation: Fill in the â€Å"Proposal Request Form† and send it to our contact address accompanied by the list of members to be insured with following details. Sl#| Name| Date of Birth| *Status| Benefit Grade| | | | | | *Status means rank of an employee or his relationship with dependant (spouse/children) Individual Hospitalization Insurance Plan * Bengali Leaflet * Proposal Form Overseas Mediclaim Policy (OMP)This is a distinctive Health Insurance Policy issued to travelers only. It is also a pre-requisite for Visa application of developed countries. The Policy is issued to Bangladeshi Nationals and Foreigners resident in Bangladesh Overseas Mediclaim Policy issued by Delta Life is universally accepted by all foreign Embassies and High Commissions in Bangladesh. Types of Policy * Plan A: For visiting any Country of the World (except USA ; Canada) * Plan B: For visiting all Countries of the World Coverage under both Plan A ; Plan B exceeds â‚ ¬30,000 EURO Key Features of the Policy * Age Limit : Policy issued to Individuals from the age of 6 months to 65 years. Nationality: Policy issued to Bangladeshi and Foreigner Resident in Bangladesh * Covered Expenses: Treatment expenses incurred for sudden and unexpected illness or accident while on tour abroad. * Maximum Benefit: * Plan A: US $50,000 (Fifty Thousand US Dollar) * Plan B: US $100,000 (One Hundred Thousand US Dollar) How to take out an â€Å"Overseas Mediclaim Policy† * Fill in a â€Å"Proposal Form†. * Attach photocopy of the first five pages of the passport * Enclose required amount of premium in cash as per â€Å"Premium Rate Chart†. Send those these to Health Insurance Department at the Head office of Delta Life *Physical presence or Photograph of proposer is not required. *it takes only about 30 minutes to get an Overseas Mediclaim Policy. â€Å"Proposal Form† is also available at Head Office and Agency Offices of Delta Life Insurance Co. Ltd. d