Pragati Life Insurance

What Pragati Life Insurance does

Pragati Life Insurance PLC is a publicly listed Bangladeshi life insurance carrier (DSE ticker: PRAGATILIF) founded in 2000 and headquartered in Dhaka. The company operates a multi-line insurance business spanning individual savings and endowment plans, Shariah-compliant Takaful plans, pension plans, child education plans, individual and group health insurance, and group life and disability coverage. Its product portfolio includes more than a dozen named individual plans (e.g., JIBAN ALLO, JIBAN BANDHU, JIBAN SANCHAYA, 6 STAGE ENDOWMENT, SANCHAYEE THREE IN ONE, ISLAMI SANCHAYEE, JIBAN ABAKASH pension plan, JIBAN BIKASH education plan) alongside credit-protection products distributed via bank partners (Personal Loan Protection, Home Loan Risk Protection, Auto Loan Protection, Credit Card Shield, SME Loan Protection) and supplementary riders (ADB, PDAB, Critical Illness, Hospitalization).

The company distributes through a hybrid channel model: a 25,000-Financial-Associate agent network conducting door-to-door sales; bancassurance partnerships with Mutual Trust Bank, BRAC Bank, Dutch-Bangla Bank, and Shahjalal Islami Bank; digital self-service via an Android mobile app, web policy ledger, premium calculator, e-claim portal, and EFT debit auto-debit; and a 250+ network hospital ecosystem for cashless health-insurance treatment administered through a TPA partnership with Medilink-Global (MGBD). The underlying technology stack is a conventional digital insurance platform — no AI/ML components are disclosed.

Pragati's revenue model is subscription-recurring premium income across individual, group, and health lines, with policy terms ranging from 3 to 29 years and payment modes spanning single, annual, half-yearly, quarterly, and monthly. Munich Re serves as international reinsurance capacity partner. The company holds an AA+ credit rating from Alpha Credit Rating, ISO 27001:2022 information security certification, and IDRA regulatory licensing, and is listed on the Dhaka Stock Exchange with 32,545,288 shares of paid-up capital (Tk. 325,452,880) and 1,802 shareholders of record as of mid-2024.

Name

Pragati Life Insurance

Legal name

Pragati Life Insurance PLC.

Website

https://pragatilife.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Pragati Life Insurance PLC is a Dhaka-based, publicly listed Bangladeshi life insurer offering individual, group, health, and Shariah-compliant insurance products distributed via 25,000 agents, multiple bancassurance bank partners, and digital self-service channels across Bangladesh.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114), Insurance Carriers (5241)

SIC

Life Insurance (6311), Insurance Carriers, Nec (6399), Accident & Health Insurance (6321)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industries

Level Term Life Insurance (FSAIAAAA), Basic Group Term Life (Employer-Paid) (FSAIADAA)

Keywords

• Life insurance products
• Savings and endowment plans
• Pension and education plans
• Health insurance coverage
• Group insurance solutions

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Individual Life Insurance Premiums: Collection of recurring premiums from individual life insurance policies including endowment, term, pension, and education plans. Premiums can be paid yearly, half-yearly, quarterly, or monthly depending on plan.
2. Group Life and Health Insurance Premiums: Corporate group insurance policies covering employee death, disability, hospitalization, maternity, and critical illness benefits. Customized packages for organizations.
3. Health Insurance Premiums: Individual health insurance policies with hospitalization coverage up to BDT 10,00,000, offering inpatient treatment, pre and post hospitalization coverage, and network hospital discounts.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Pragati Life Insurance PLC is a life insurance company that underwrites and distributes individual life insurance, savings and investment plans, Shariah-compliant Takaful plans, pension plans, child education plans, health insurance policies, and group life and health insurance for corporate clients in Bangladesh. It earns revenue through recurring insurance premiums and distributes products through a 25,000-agent network, bancassurance bank partnerships, and digital channels.

Product overview

Pragati Life Insurance PLC operates as a life insurance company offering a broad portfolio of individual, group, and health insurance products distributed through 25,000 agents, branches, and bancassurance partner banks. The individual product line spans four categories: (1) Savings & Investment Plans including JIBAN ALLO (B) WITH BONUS, JIBAN BANDHU WITH BONUS, JIBAN SANCHAYA (SINGLE PREMIUM), 6 STAGE ENDOWMENT INSURANCE PLAN WITH BONUS, SANCHAYEE THREE IN ONE WITH BONUS, SANCHAYEE THREE INSTALLMENT BIMA WITH BONUS, SANCHAYEE SHOMAHAR WITH BONUS, and SANCHAYEE FIVE INSTALLMENT BIMA WITH BONUS; (2) Takaful Plans including ISLAMI SANCHAYEE BIMA WITH PROFITS and ISLAMI SANCHAYEE FIVE INSTALLMENT BIMA WITH PROFITS (Shariah-compliant); (3) Education Plans including JIBAN BIKASH (child education plan); and (4) Pension Plans including JIBAN ABAKASH (pension plan). Group insurance encompasses Group Life and Disability Insurance and Group Health Insurance Plan administered via Medilink-Global TPA. Individual Health Insurance is offered as a standalone product. Bancassurance channel distributes retail products, credit protection products, and supplementary benefits through partner banks. Supplementary riders (ADB, PDAB, CI, HI) can be attached to individual plans. The company also provides digital self-service tools including a mobile app, e-claim portal, policy ledger, premium calculator, and EFT debit payment system.

Differentiator

Problem solved

Functional benefit

Products and services

• Jiban Allo (B) with Bonus A savings and investment endowment plan offering protection and savings with periodic survival benefit payments at one-third and two-thirds of the policy term, plus a lump sum at maturity with accrued bonus. Minimum basic sum assured has no limit. Designed for individual customers seeking long-term savings with life protection.
• Jiban Bandhu with Bonus A protection and savings endowment plan that provides a lump sum to beneficiaries upon death and at maturity. After 4 years of premium payments, policyholders can choose from three alternative benefit options including full risk coverage without further premium or extended term coverage. Designed for individual customers seeking flexible life protection with savings.
• Jiban Sanchaya (Single Premium) A non-participating guaranteed single premium endowment plan that provides a lump sum at maturity and full sum assured to beneficiaries in case of death within the policy term. Offers policy terms of 3, 4, 5, 7, and 10 years with single premium payment mode. Designed for individual customers preferring lump sum investment with guaranteed returns.
• Six Stage Endowment Insurance Plan with Bonus A six-stage endowment insurance plan with bonus that provides 10% of sum assured at each one-sixth interval of the policy term and the remaining 50% at maturity, along with death benefit coverage throughout the term. Designed for individual customers seeking periodic payouts with maturity benefits.
• Sanchayee Three in One with Bonus A three-in-one savings and protection plan combining endowment and survival benefits with minimum basic sum assured of BDT 1 Lakh up to BDT 10 Lakhs, available for 10 or 15 year policy terms. Designed for individual customers seeking combined protection and savings over medium-term horizons.
• Sanchayee Three Installment Bima with Bonus A three-installment savings and protection plan with survival benefit payments of 8% of sum assured at one-third and two-thirds of the term, and the remaining 84% with accrued bonus at maturity. Designed for individual customers seeking installment-based savings.
• Sanchayee Shomahar with Bonus A seven-year savings and protection endowment plan providing full sum assured with accrued bonus at maturity or upon death, with quarterly premium payment mode. Designed for individual customers seeking short-term savings with life protection.
• Sanchayee Five Installment Bima with Bonus A five-installment savings and protection plan with survival benefit payments escalating from 10% to 25% of sum assured at each one-fifth interval and the remaining 30% with accrued bonus at maturity. Designed for individual customers seeking structured installment payouts.
• Islami Sanchayee Bima with Profits A Shariah-compliant Takaful savings plan offering protection and savings with maximum basic sum assured of BDT 10 Lakhs, available for 10 and 15 year policy terms. Subject to pre-approval, policies with sum assured above BDT 10 lakhs can be obtained. Designed for Muslim customers seeking Shariah-compliant life insurance.
• Islami Sanchayee Five Installment Bima with Profits A Shariah-compliant five-installment Takaful savings plan offering escalating survival benefits from 10% to 25% of sum assured across policy intervals, with minimum basic sum assured of BDT 1 Lakh and maximum of BDT 20 Lakhs for a 15-year term. Designed for Muslim customers seeking installment-based Shariah-compliant coverage.
• Jiban Abakash (Pension Plan) A pension plan providing retired individuals with quarterly pension payments for life or guaranteed 10 years, with a lump sum death benefit if death occurs before pension commencement. Offers loan facility after 2 years of policy continuation. Entry age 26-59 years, policy term 6-29 years. Designed for individuals planning retirement income.
• Jiban Bikash (Child Education Plan) A child education savings plan providing monthly stipends to the assured child from class ten through master's level upon policy maturity or in the event of the payor's death, with premiums refunded after the child reaches age 24 or passes the master's exam. Entry age 26 years 6 months (child) to 55 years (parent). Designed for parents funding children's higher education.
• Group Life and Disability Insurance Group death and disability insurance offering flexible benefits tailored to business structures, covering natural death, accidental death (ADB), permanent total disability (PTD), permanent partial disability (PPD), and major disease benefit (MDB), with coverage based on fixed sum assured or earnings-based multiples. Designed for corporate employers providing employee benefits.
• Group Health Insurance Plan Customized group health insurance plans providing comprehensive inpatient (IPD), outpatient (OPD), and maternity benefits, administered through Medilink-Global (MGBD) Third-Party Administration services. Designed for corporate employers providing employee health benefits.
• Health Insurance Policy Individual health insurance policy covering hospitalization, medical treatment expenses, and life insurance coverage. Offers two plan options with life risk coverage of BDT 5,00,000 (Plan 1) or BDT 10,00,000 (Plan 2), hospitalization benefit matching the life risk sum assured, and up to 45% discount at 250+ network hospitals and diagnostic centers. Designed for individual and family health coverage.
• Credit Protection Products A suite of credit protection insurance products sold through partner banks, including Personal Loan Protection Plan, Home Loan Risk Protection Policy, Auto Loan Protection Plan, Credit Card Shield, SME Loan Protection Policy, and Payroll Banking Insurance Coverage. Designed for bank customers with credit facilities.
• Supplementary Benefits (Riders) Supplementary insurance riders available across individual products including Accidental Death Benefit (ADB), Permanent/Partial Disability and Accidental Benefit (PDAB), Critical Illness (CI), and Hospitalization Insurance (HI). Designed as add-on coverage to enhance individual policyholder protection.

Quantifiable outcome

• Up to 45% discount on medical investigations at 250+ network hospitals
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Grameen Digital Healthcare SolutionsminorStrategic or Co-development Partner · 1 January 2025Partnership to provide life and health insurance through the Shukhee App. Digital distribution channel for insurance products via mobile application.
• Insurance Development and Regulatory Authority (IDRA)coreOthers · 1 January 2025Group Insurance Agreement with the insurance regulatory body of Bangladesh. Provides insurance coverage for IDRA employees.
• InstasureminorStrategic or Co-development Partner · 1 January 2024Signed MoU to Develop New Insurance Products. Joint product development initiative to create innovative insurance solutions for customers.
• Medilink-Global (MGBD)coreStrategic or Co-development Partner · 1 January 2024Third-Party Administration (TPA) partnership for claims processing. MGBD, established in 2000 in Malaysia, provides healthcare benefits management services. Partnership completed pilot phase successfully with 131 customers submitting claims through MGBD Portal.
• Shahjalal Islami BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2024Group Insurance Agreement with Shahjalal Islami Bank. Provides life and health insurance coverage for bank employees through the bancassurance channel.
• Mutual Trust Bank Limited (MTB)coreChannel Partner/ Reseller/ DistributorBancassurance partner bank. MTB branch network distributes Pragati Life insurance products including Jibon Alo, Six Stage Endowment, Jibon Uttaran, Jibon Abokash, and Health Insurance.
• BRAC BankcoreChannel Partner/ Reseller/ DistributorBancassurance partner bank for insurance product distribution through branch network.
• Dutch Bangla Bank Limited (DBBL)coreChannel Partner/ Reseller/ DistributorBancassurance partner bank for insurance product distribution.
• Reinsurer - Munich Re, GermanycoreOthersInternational reinsurance partner for risk management and capacity support. Munich Re is a global leader in reinsurance.

Scale indicators6 records

Recent moves14 records

Expansion highlights5 records

Broad incumbents

• MetLife Bangladesh: Global life insurance group with a Bangladesh subsidiary offering individual and group life products. Comparable to Pragati as a multinational incumbent competing for the same Bangladeshi retail and corporate life insurance customers, but with deeper international capital backing.

Direct peers

• Delta Life Insurance Company Limited: One of the largest publicly listed life insurers in Bangladesh, offering individual, group, and health products through agents and bancassurance. Direct competitor to Pragati in the same Bangladeshi life insurance market with overlapping product menu and channel mix.
• Sun Life Insurance Company Limited (Bangladesh): Bangladesh-listed life insurer offering endowment, term, and group insurance products through agents and bank partners. Direct competitor to Pragati, with similar product categories, target customers, and bancassurance distribution approach.
• Padma Islami Life Insurance Limited: Bangladesh-based Takaful/Islamic life insurance provider serving a similar Muslim-majority retail segment. Comparable to Pragati's Islami Sanchayee Takaful products, competing for the same religiously-conscious policyholder base.
• Popular Life Insurance Company Limited: Bangladesh-based publicly listed life insurer offering individual and group insurance products via agent networks and bank partnerships. Comparable to Pragati in scale, geographic focus, and product mix.
• Far East Life Insurance Company Limited: Bangladesh life insurer offering individual, group, and micro-insurance products through agents and bank partners. Comparable to Pragati in product breadth, distribution, and target customer segments.
• Meghna Life Insurance Company Limited: Bangladesh publicly listed life insurer with similar underwriting and savings products, agent-driven distribution, and bancassurance partnerships. Direct competitor to Pragati in the Bangladeshi retail life insurance market.
• National Life Insurance Company Limited (Bangladesh): Veteran Bangladesh life insurer (est. 1985) with a large agent network and publicly traded on the DSE. Directly comparable to Pragati in product breadth, distribution model, and target customer segments within Bangladesh.
• Green Delta Insurance Company Limited: One of Bangladesh's largest insurance groups, offering life and non-life products with a strong bancassurance and agent network. Comparable to Pragati given its publicly listed status, multi-channel distribution, and broad product portfolio targeting the same Bangladeshi retail and corporate market.

Others

• Munich Re (Munich Reinsurance Company): Global reinsurer explicitly named as Pragati's reinsurance partner. Indirectly comparable as an upstream capital and risk-capacity provider whose terms and pricing reflect industry benchmarks for life/health underwriting in emerging markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCH6koGJ5v4VSVrgcaycOAJQ
• Facebookfacebook.com/pragatilifeltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Pragati Life Insurance