Protective Islami Life Insurance

What Protective Islami Life Insurance does

Protective Islami Life Insurance Limited (PILIL) is a Bangladesh-based private life insurance company incorporated on July 13, 2013 and headquartered in Dhaka. It operates as a "4th generation" fully IT-based insurer under Takaful principles — a cooperative Islamic insurance model in which policyholders (members) contribute to a common fund and profits are distributed according to Mudarabah (profit-sharing) rather than conventional interest-bearing insurance. The company is regulated by the Insurance Regulatory and Development Authority of Bangladesh (IDRA) and maintains Shariah governance via a dedicated Shariah Council.

PILIL's product portfolio spans 15+ individual insurance plans organized into Ekok (multi-installment term life with profit-sharing), Single (single-premium), DPS (monthly savings/deposit pension), and specialized products covering child education, Hajj, dowry, money-back, and pension needs. It also offers Group Term Life and Group Health insurance for corporate clients. The technology stack consists of a PIMS web portal for policy information management and the myProtective mobile app (iOS and Android) supporting online premium payment through 32+ channels, e-receipt, policy statement access, premium calculation, and organizer business statements.

PILIL generates revenue through recurring subscription-style premium collection from individual and group policyholders. It distributes via a 7,733-strong insurance organizer (agency) force, a dedicated corporate sales team, 23 branches across Bangladesh, and digital self-service channels. The customer base exceeds 1 million lives covered, including 28,297 individual policyholders and 83 corporate groups spanning banking (e.g., City Bank, Prime Bank, One Bank, United Commercial Bank), multinational corporates (BAT Bangladesh, Berger Paints, LafargeHolcim, GSK), education (AIUB, National University), humanitarian organizations (BDRCS, IFRC, Red Cross societies), and government electricity cooperatives. The company has paid 82 crore BDT in claims over nine years at a 91.25% claims settlement rate, holds an AA credit rating valid through July 2025, and is ISO 9001:2015 certified through January 2027.

Name

Protective Islami Life Insurance

Legal name

Protective Islami Life Insurance Limited

Website

https://protectivelife.com.bd

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

251–500 employees

Short description

Protective Islami Life Insurance Limited is a Bangladesh-based, Shariah-compliant (Takaful) life insurer founded in 2013, serving over 1 million lives through 15+ individual plans, group term-life and health products, a 7,733-organizer agency force, 23 branches, and digital channels including the myProtective app and PIMS web portal.

Ownership category

akta.pro rank

Product category

Islamic Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Life Insurance (6311)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industries

Basic Group Term Life (Employer-Paid) (FSAIADAA), Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM)

Keywords

• Takaful life insurance
• Shariah-compliant insurance
• Group health insurance
• Endowment savings plans
• Islamic cooperative insurance

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel

Revenue model

1. Life Insurance Premiums: Collection of insurance premiums from individual and group policyholders for various life and health insurance products operating under Takaful (Islamic cooperative insurance) principles
2. Group Insurance Premiums: Corporate group insurance policies providing coverage for employees of corporate clients

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Protective Islami Life Insurance Limited (PILIL) operates as a Shariah-compliant life insurance company in Bangladesh under Takaful principles, where members contribute to a pooled fund guaranteeing one another. The company sells individual endowment, term, savings, pension, child safety, Hajj, dowry, and money-back plans with Mudarabah-based profit sharing, alongside corporate group term life and group health insurance products. Its portfolio is delivered via a 23-branch network, a 7,733-strong organizer salesforce, and IT-based digital platforms for premium payment, policy servicing, and claims.

Product overview

Protective Islami Life Insurance Ltd operates as a Shariah-compliant life insurance company offering a portfolio of 15+ individual insurance products and 2 group insurance products. The individual products are organized into four categories: Ekok (multi-installment term life plans with profit-sharing under Mudharabah), Single (single-premium policies), DPS (Monthly Savings/Deposit Pension Schemes), and specialized offerings including Child Safety, Pension, Hajj, Dowry, and Money-Back policies. The company also provides Group Term Life and Group Health insurance for corporate clients. The product ecosystem is supported by digital platforms including the PIMS Web Portal, myProtective mobile app, Trip Assurance travel insurance, and an online Premium Calculator. The company positions itself as a 4th generation completely IT-based insurance provider operating under Takaful principles, with a mission toward financial inclusion covering over 1 million lives.

Differentiator

Problem solved

Functional benefit

Products and services

• Ekok Multi-Installment Life Insurance Plans (Plans 01-05, 08) Individual Shariah-compliant term life and endowment insurance plans available in multiple installment structures (three, four, or five installments, bi-annual, and child safety variants) that provide life coverage plus Mudarabah-based profit-sharing returns to policyholders in Bangladesh.
• Single Premium Life Insurance (Plan-06) A single-premium Shariah-compliant life insurance policy that provides double coverage without profit-sharing, designed for individual customers seeking one-time premium payment.
• DPS Monthly Savings Plans (Plans 13, 14, 15) Deposit Pension Scheme (DPS) monthly savings insurance products that combine disciplined monthly savings with life coverage and Mudarabah profit-sharing, including a premium DPS Super variant.
• Pension Insurance (Plan-09) A non-profit-sharing pension insurance policy that provides retirement benefits to individual policyholders in Bangladesh.
• Hajj Insurance (Plan-10) A Hajj pilgrimage insurance policy with Mudarabah profit-sharing returns that helps individual Muslim customers financially plan for Hajj expenses.
• Dowry Insurance (Plan-11) A Shariah-compliant dowry insurance policy with Mudarabah profit-sharing returns designed to support marriage-related financial planning for individual customers.
• Money-Back Policy (Plan-12) A money-back life insurance policy that provides guaranteed profit returns at periodic intervals during the policy term, targeted at individual savers.
• Group Term Life Insurance (Plan-GTL) Group term life insurance providing life coverage for employees of corporate clients in Bangladesh, sold under group policy structures.
• Group Health Insurance (Plan-GHI) Group health insurance policy that provides healthcare coverage for employees of corporate clients, offering hospitalization cashback at network hospitals and diagnostic test discounts.
• Trip Assurance Travel Insurance A travel insurance product providing life insurance, accidental death coverage, permanent partial disability (PPD), permanent total disability (PTD), and accidental benefits during travel, offered in partnership with travel operators such as Haier Hospitality & Event Management.

Quantifiable outcome

• 94.50% claims settlement ratio in fiscal year 2022
• +3 more outcomes

Named customers34 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core.

• U FinTech LimitedcoreStrategic or Co-development Partner · 18 May 2026Group insurance agreement for health care and insurance benefits signed. Policyholders receive hospitalization cashback, diagnostic test discounts and insurance coverage.
• American Dairy Limited (ADL)coreStrategic or Co-development Partner · 17 May 2026Group insurance agreement providing hospitalization cashback, diagnostic test discounts, and insurance coverage for ADL employees.
• Smart Air BangladeshcoreStrategic or Co-development Partner · 11 May 2026Group insurance agreement signed for employee life and health protection. Smart Air Bangladesh employees will receive coverage under Protective Islami Life's special group insurance plan.
• American International University-Bangladesh (AIUB)coreStrategic or Co-development Partner · 29 April 2026Agreement signed to provide group insurance coverage for AIUB employees.
• Haier Hospitality & Event ManagementcoreStrategic or Co-development PartnerTrip Insurance partnership providing travel insurance coverage including life insurance, accidental death coverage, Permanent Partial Disability (PPD), Permanent Total Disability (PTD), and accident benefits.
• Network HospitalscoreOthersPartnership with network hospitals across Bangladesh providing policyholders with discount facilities and cashback on medical services.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Pragati Life Insurance Limited: Bangladeshi life insurer offering individual and group life and health products. Comparable in scale, product mix, and distribution approach to PILIL.
• Delta Life Insurance Company Limited: One of the largest listed life insurers in Bangladesh, offering individual and group life and health products. Direct competitor for the same policyholders and corporate group-insurance mandates.
• National Life Insurance Company Limited: Major Bangladeshi life insurer with broad individual and group product suite and wide branch network. Direct competitor for individual and corporate life insurance customers.
• Islami Insurance Bangladesh Limited: Bangladeshi Islamic general insurer offering Shariah-compliant products. Direct comparable to PILIL in target market, regulatory regime, and product philosophy (Takaful/Islamic insurance).

Broad incumbents

• Green Delta Insurance Company Limited: One of the largest private non-life insurers in Bangladesh with diversified products and bancassurance partnerships. Competes with PILIL in group health and corporate employee benefits.
• MetLife Bangladesh: Multinational life insurance carrier in Bangladesh offering individual and group life products. Competes for the same corporate group-insurance RFPs and higher-income individual customers.

Regional players

• Prudential BSN Takaful Berhad: Malaysian Takaful joint venture between Prudential and Bank Simpanan Nasional. Comparable on Takaful underwriting discipline, bancassurance scale, and Shariah-compliant investment management.
• Etiqa Family Takaful Berhad: Malaysian family Takaful provider within the Maybank group, with strong bancassurance and digital channels. Comparable on Takaful product design and bank-distribution strategy.
• Salama Cooperative Insurance Company: UAE-based cooperative (Takaful-style) insurer offering family and general Takaful products. Useful regional comparable for Shariah-compliant insurance operating model and Mudarabah/Wakala structures.
• Takaful Malaysia Berhad: Malaysia's largest Takaful operator offering family and general Takaful products. Useful comparable on Takaful operating model, Shariah governance, and product structuring in a more mature market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@protectiveilife
• Xx.com/protectivebd
• Facebookfacebook.com/protectivelifebd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 Protective Islami Life Insurance