BRAC Bank, Green Delta to insure 50,000 women remittance recipients by 2025

BRAC Bank PLC has entered into a strategic partnership with Green Delta Insurance PLC, with the objective of providing life and health insurance coverage to 50,000 women remittance beneficiaries by 2025.

Md Shaheen Iqbal, deputy managing director and head of treasury and financial institutions at the bank, and Syed Moinuddin Ahmed, additional managing director of the insurer, signed the agreement at the bank's head office in Dhaka recently, said a press release.

Under this collaboration, women who receive foreign remittances will be entitled to a comprehensive suite of insurance benefits, including life coverage of up to Tk 2 lakh, annual health insurance of up to Tk 50,000, maternity care, as well as both outpatient (OPD) and inpatient (IPD) medical treatment.

These benefits are integrated into the TARA Probashi Poribar Account, a dedicated financial solution tailored to the specific needs of women managing remittance funds within households.

In addition to insurance, the account also offers debit card and internet banking facilities, along with monthly interest on savings, thereby promoting financial inclusion and encouraging formal saving habits among women beneficiaries.

Currently, nearly 60,000 women receive remittances directly through BRAC Bank, representing 35 percent of the bank's total remittance-receiving account holders.

This expanding customer segment is concentrated across key remittance-receiving districts, including Sylhet, Feni, Noakhali, Cumilla, Chattogram, Munshiganj, Faridpur, Gazipur, and Tangail.

The insurance benefits linked to the TARA Probashi Poribar Account are expected to encourage migrant wage earners to remit funds through formal banking channels, thereby strengthening the country's foreign currency reserves.

Md Shaheen Iqbal, deputy managing director and head of treasury and financial institutions at the bank, stated: "TARA Probashi Poribar is our commitment to recognise women's role in the remittance flow, institutionalise care, and ensure that each woman receives appropriate services and protection."

He added, "By incorporating insurance into our comprehensive remittance proposition, we are safeguarding lives, empowering families, and ultimately serving both remittance earners and their loved ones."