Chartered Life Insurance

What Chartered Life Insurance does

Chartered Life Insurance PLC is a Bangladesh-based, publicly listed life insurer offering individual life, group, health, and Shariah-compliant (AL-Barakah) insurance products to consumers and corporate clients. Incorporated in July 2013 under the Companies Act 1994 and licensed by the Insurance Development & Regulatory Authority (IDRA), the company has built a portfolio spanning endowment plans, a critical-illness plan covering 45 conditions (25 major + 20 minor), child education protection, monthly savings, money-back, Hajj Bima, Denmohor Bima (dower), and Manpower (overseas worker) plans. The company reports total assets over BDT 110 crore and life fund over BDT 58.50 crore as of 31 December 2023, an AA- long-term / ST-2 short-term credit rating from Alpha Credit Rating Limited, and was listed on the Dhaka Stock Exchange in October 2022 with paid-up capital of BDT 37.50 crore against authorized capital of BDT 250 crore.

The company's technology stack centers on a digital insurance platform comprising the Chartered Priyojon mobile app, web-based policy portals, online premium calculators, and ADC and corporate claim portals, with mobile payment integrations (bKash, Nagad, Rocket, Upay) and credit/debit card processing via SSLCOMMERZ. Distribution combines eight direct sales offices across major Bangladesh cities (Dhaka, Chattogram, Cumilla, Cox's Bazar, Kushtia, Noakhali, Rangpur, Sylhet), 50 branch offices, 10 unit offices, an agency network, bancassurance partnerships under the March 2024 regulatory framework, and digital self-serve channels. Revenue is generated primarily through recurring premium streams across individual life, group life, health, and bancassurance products, with pricing varying by sum assured (BDT 50,000 to BDT 50 lac depending on plan), policy term, and payment frequency.

The workforce stands at 3,222 (182 permanent plus more than 3,040 development employees), under executive leadership of Acting CEO Mohammed Amdad Ullah and Chairman Engr. Md. Nurul Aktar. Recent strategic activity has focused on ecosystem expansion: bancassurance channel entry (March 2024), Hero Bangladesh motorcycle-insurance MoU (April 2026), digital healthcare integration via LifePlus Bangladesh (June 2025), and a cluster of InsurTech integrations with Klinikal/Clinical Limited, Zaynax Health, Milvik Bangladesh, and Goodhope Insur. The company has been recognized with Insurance Asia Best Domestic Life Insurer (2022), International Finance Fastest Growing Insurance Bangladesh (2022), and ICSB National Corporate Governance Excellence Bronze Award (2024).

Name

Chartered Life Insurance

Legal name

Chartered Life Insurance Company Limited

Website

https://charteredlifebd.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Chartered Life Insurance PLC is a Bangladesh-listed life insurer offering individual, group, health, and Shariah-compliant (AL-Barakah) insurance products to consumers and corporate clients, distributed through 70+ offices and bancassurance channels.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114), Insurance Carriers and Related Activities (524)

SIC

Life Insurance (6311), Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Participating (Dividend) Whole Life Insurance (FSAIABAI)

akta.pro secondary industries

Basic Group Term Life (Employer-Paid) (FSAIADAA), Level Term Life Insurance (FSAIAAAA), Tax-Advantaged Investing & Wrappers (ISA, 529, Insurance Bonds, etc.) (FSAAAAAL)

Keywords

• Life insurance
• Group insurance
• Health insurance
• Shariah-compliant insurance
• Endowment plans

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Individual Life Insurance Premiums: The company generates revenue primarily through individual life insurance policies including endowment plans, term plans, and savings plans. Premiums are paid annually, half-yearly, quarterly, or monthly.
2. Group Life Insurance Premiums: Group life insurance policies for corporate clients, providing coverage for employees of organizations
3. Health Insurance Premiums: Health insurance products including critical illness coverage, hospitalization benefits, and group health insurance
4. Bancassurance Revenue: Revenue from insurance products sold through banking partnerships and channels

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Chartered Life Insurance PLC sells individual life insurance, group life and health insurance, and Shariah-compliant (AL-Barakah) life insurance products to consumers and corporate clients in Bangladesh. The company underwrites endowment, money-back, critical illness, child education, Hajj savings, and overseas-employment policies, and services them through direct sales offices, branch/unit offices, bancassurance partners, and digital channels including a mobile app and online portal.

Product overview

Chartered Life Insurance PLC offers a comprehensive portfolio of life insurance products through three main categories: Individual Life Insurance, AL-Barakah Shariah-compliant Life Insurance, and Health & Group Insurance. The Individual Life Insurance line includes savings and protection plans such as the Shurokkha Plan (critical illness coverage), Three Payment Plan, Five Payment Plan, Endowment Plans, Child Education Protection Plan, Monthly Savings Plan, Money Back Plan, Hajj Bima, Denmohor Bima, and Manpower Plan. The AL-Barakah sub-brand provides Islamic-compliant alternatives including Monthly Saving Plan, Single Premium Plan, and Single Premium Plan Plus. Health offerings include Nirapotta plans (distributed through Carnival Assure) and general Health Insurance. The company also operates through Bancassurance channels. All products are supported by internal digital portals for policy servicing, claims management, and premium payments.

Differentiator

Problem solved

Functional benefit

Brands

• Chartered Priyojon App: Mobile application for policyholders to manage their insurance needs
• Chartered AL-Barakah Life Insurance
• Chartered Nirapotta

Products and services

• Chartered Shurokkha Plan Critical illness insurance plan covering 45 conditions (25 major and 20 minor), providing lump-sum payments on diagnosis plus hospitalization coverage for illnesses including Cancer, Stroke, First Heart Attack, and Kidney Disease. Designed for individuals seeking critical illness protection.
• Chartered Three Payment Plan Life insurance plan with survival benefits paid at one-third and two-thirds of the policy term, with remaining 50% paid at maturity along with accrued bonuses. For individual policyholders seeking phased returns.
• Chartered Five Payment Plan Life insurance plan providing emergency cash inflows through partial returns at 1/5, 2/5, 3/5, and 4/5 intervals of the premium payment term, with remaining 30% plus bonus paid at maturity. For individuals needing interim liquidity.
• Chartered Endowment Plan-1 Traditional endowment plan providing full sum assured plus accrued bonuses on maturity or to nominees on death during the policy term. For individual savers seeking long-term savings plus life cover.
• Chartered Endowment Plan-2 Endowment plan providing full sum assured on maturity or to nominees on death within the policy term. For individual policyholders seeking straightforward maturity and death benefits.
• Chartered Child Education Protection Plan Insurance plan covering both child and policyholder, providing education-focused financial security with stipend payments if the policyholder becomes disabled or dies, plus maturity benefit for the child's future. For parents seeking education funding protection.
• Chartered Monthly Savings Plan Savings-oriented life insurance with flexible premium payment options (annual, half-yearly, quarterly, monthly) and full sum assured plus bonuses paid on maturity. For individual savers needing payment flexibility.
• Chartered Money Back Plan Life insurance plan returning all premiums paid plus 25% of basic sum assured at maturity, with full sum assured paid to nominees on death. For individuals seeking periodic liquidity.
• Chartered Hajj Bima Islamic-compliant life insurance plan designed to help policyholders save for Hajj pilgrimage, with maturity benefit usable for Hajj expenses or other purposes. For Muslim individuals saving for Hajj.
• Chartered Denmohor Bima Insurance plan for married or bachelor males providing financial security for paying denmohor (dower) to their spouse as per Islamic and Contract Law requirements.
• Chartered AL-Barakah Monthly Saving Plan Shariah-compliant monthly savings insurance plan providing full sum assured plus accrued profits at maturity, and profit plus sum assured paid to nominee on death. For Muslim savers seeking interest-free plans.
• Chartered AL-Barakah Single Premium Plan Shariah-compliant single premium payment plan where double the sum assured is paid on death during the term, or sum assured plus profits paid at maturity. For Muslim individuals making a one-time premium payment.
• Chartered AL-Barakah Single Premium Plan Plus Shariah-compliant single premium plan with profit-sharing payments at one-third and two-thirds of term, plus double sum assured paid on death. For Muslim individuals seeking a single-payment plan with interim profit payouts.
• Chartered Nirapotta (3 years) Health insurance plan with 3-year coverage term, sold through the Carnival Assure platform. For individuals seeking multi-year health protection.
• Chartered Nirapotta (5 years) Health insurance plan with 5-year coverage term, sold through the Carnival Assure platform. For individuals seeking longer-term health protection.
• Chartered Manpower Plan Insurance plan for Bangladeshi nationals going abroad for overseas employment, providing death coverage while working overseas and benefits if the overseas job is lost within three months of joining. For migrant workers and their families.
• Chartered Health Insurance Plan Group health insurance plan providing coverage for medical expenses and healthcare needs. For corporate employers offering employee health benefits.

Quantifiable outcome

• 30% premium income growth in 2023
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Hero Bangladesh (HMCL Niloy Bangladesh Ltd.)coreGTM or Marketing Partner · 21 April 2026MoU signed for providing insurance coverage with every Hero motorcycle sold. The partnership aims to make motorcycle riding safer and provide financial protection to buyers at the time of purchase. This integration of insurance with automobile sector is considered a unique initiative in Bangladesh's insurance market.
• Clinical LimitedcoreTechnology or Integration · 10 November 2025Clinical Limited will work as InsurTech partner of Chartered Life. The partnership was signed by CEO (Acting) Mohammed Amdad Ullah and COO of Clinical Limited Parvez Ahmed.
• LifePlus Bangladesh LimitedcoreStrategic or Co-development Partner · 22 June 2025MoU for digital healthcare services integration. LifePlus Bangladesh clients will receive life insurance coverage with hospitalization cashback benefits. CLI clients will gain access to Telemedicine, Doctor Appointment, Medicine Home Delivery, Home Care Services, Emergency Ambulance Services at discounted rates.
• Trust RecoreOthersTrust Re is a reinsurer of Chartered Life Insurance Company. Actuary is Md. Afsar Uddin Ahmed, FCA, AIA.
• Al-Arafah Islami Bank LtdminorOthersPrincipal Banker of Chartered Life Insurance
• Dutch Bangla Bank LtdminorOthersPrincipal Banker of Chartered Life Insurance
• Eastern Bank LtdminorOthersPrincipal Banker of Chartered Life Insurance
• Bank Asia LtdminorOthersPrincipal Banker of Chartered Life Insurance
• BRAC Bank LtdminorOthersPrincipal Banker of Chartered Life Insurance
• Jamuna Bank LtdminorOthersPrincipal Banker of Chartered Life Insurance

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Delta Life Insurance: One of the largest Bangladeshi life insurers offering individual and group life, savings, and endowment products with a similarly broad agent network. Directly comparable on product mix (endowment, term, group) and target market (Bangladesh mass and mass-affluent).
• MetLife Bangladesh: Bangladesh subsidiary of MetLife offering individual life and group insurance. Relevant because Chartered Life's CEO (Acting) trained at MetLife Alico, and both compete for the same Bangladeshi bancassurance and corporate group customers.
• Sun Life Insurance Bangladesh: Bangladeshi life insurer with individual and group products and bancassurance partnerships. Comparable distribution model and target market within the same IDRA-regulated framework.
• National Life Insurance Company: Established Bangladeshi life insurer with individual, group, and Shariah-compliant products (National Life Islami Bima). Comparable on product breadth, Islamic insurance offering, and DSE-listed status.
• Padma Islami Life Insurance: Bangladesh Shariah-compliant life insurer directly competing for Muslim customers with Shariah-compliant savings and Hajj-type plans. Most comparable on the Islamic insurance sub-brand (AL-Barakah) and Hajj Bima product positioning.
• Green Delta Insurance: Bangladesh's largest non-life insurer but also offers life and health products through subsidiaries. Comparable on diversified insurance portfolio, DSE-listed status, and bancassurance participation.
• Pragati Life Insurance: Bangladesh life insurer competing in individual endowment, group life, and microinsurance. Highly comparable business model anchored in bancassurance and agency distribution within the same regulatory environment (IDRA).
• AIA Bangladesh: Bangladesh arm of AIA Group providing life, health, and group insurance with strong agency and bancassurance models. Directly competes for affluent and corporate clients in Bangladesh and pursues similar digital and partnership-led distribution.

Broad incumbents

• LIC (Life Insurance Corporation of India): South Asia's largest life insurer with extensive endowment, group, and microinsurance offerings. Comparable on product breadth and bancassurance-style distribution, but operates at vastly greater scale across India.
• Allianz Life: Global life insurer with strong Asia presence; relevant as a benchmark for embedded insurance, digital servicing, and bancassurance partnerships that a smaller Bangladeshi player like Chartered Life is aspiring toward.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chartered Life Insurance