Bancassurance for her

When women hold families together through crises, manage budgets on shoestrings, and put others' needs first, who protects them? As banks and insurers come together, a new chapter in financial protection is unfolding—one that puts women at the centre. Through bancassurance, banks and insurers have started rolling out accessible and tailored insurance products aimed at women—especially in rural areas. While the reach is still limited, the approach signals a promising shift toward bridging long-standing gaps in financial protection, trust, and inclusion for those historically left out.

One example of this shift can be seen at BRAC Bank, where nearly 60,000 women currently receive remittance services—making up 35% of the bank's total remittance accounts. Recognising the opportunity to offer these women more than just financial transactions, the bank set an ambitious goal in May 2025: to extend health and life insurance benefits to 50,000 female remittance beneficiaries within the year.

As part of this initiative, BRAC Bank partnered with Green Delta Insurance to offer free insurance to customers of the 'TARA Probashi Family Account'. These benefits include life coverage up to BDT 200,000 and health coverage up to BDT 50,000, encompassing maternity care, outpatient, and inpatient treatments. Additional banking benefits include debit cards, internet banking, and monthly interest earnings to encourage saving habits.

Previously, BRAC Bank's TARA programme also collaborated with MetLife to provide a Micro Deposit Insurance Facility for rural women, supported by a grant from the Gates Foundation. This initiative, delivered through the Agent Banking Channel, aimed to enhance both financial inclusion and health security, reaching over 5,000 rural TARA women clients with free insurance coverage.

To simplify the customer experience, the bank introduced visuals, easy-to-understand brochures, and jargon-free language. "We also prioritise open and honest discussions about what's covered and what's not," shares Mahbubur Rahman, Chief Bancassurance Officer at BRAC Bank. "If a customer walks away confused, then we haven't done our job properly."

Eastern Bank Limited (EBL) has partnered with Green Delta Insurance and MetLife, serving as a corporate agent to distribute insurance products. According to M. Khorshed Anowar, Deputy Managing Director at EBL, this partnership provides holistic financial solutions that simplify how customers manage both banking and insurance under one roof.

One of the standout products available through this partnership is Green Delta's Nibedita Insurance Policy for Women, which offers comprehensive and affordable insurance. The policy includes coverage from Tk. 100,000 to Tk. 1,000,000, with premiums starting at just Tk. 580. It also features trauma allowances for survivors of gender-based violence, including rape and acid attacks—making it uniquely impactful.

Under the EBL Women Banking programme, women maintaining a minimum balance of BDT 25,000 in their savings accounts receive complimentary insurance coverage, which includes accidental death, permanent disability, and medical reimbursements up to BDT 100,000.

Looking to the future, banks recognise the need to move beyond generic offerings. M. Nazeem A. Choudhury, Deputy Managing Director of Prime Bank, noted, "There is a pressing need to shift towards need-based insurance products that are simple, affordable, and tailored to the financial realities of the average customer."

Prime Bank has introduced unique products such as Denmohor, a Shariah-compliant insurance product offering financial security and profit-sharing to women. Their broader women-focused initiative, Neera, promotes independence and wellness through exclusive partnerships, such as a 20% discount on Konna Health Cards in collaboration with Konna Well-being Ltd.

As banks evolve into gateways for empowerment, these early steps could spark a lasting shift where every woman, no matter where she lives, has the tools to secure her future.