Shanta Life Insurance, a new life insurer headquartered in Dhaka, officially commenced operations on 1 December 2024, says a company statement.
The insurer, owned by the diversified group Shanta Holdings, will offer insurance products, designed to address the varied needs of individuals across Bangladesh.
The product offerings of Shanta Life currently include a child education plan, Depositor’s Protection Scheme coverage, an endowment plan, and group life insurance.
“In Bangladesh, the life insurance sector has the potential to be a transformative force for the financial security and economic resilience of the masses. Currently, insurance penetration in Bangladesh remains as low as 0.4%, which signifies a lack of financial security coverage through insurance,” said Mr Nafis A Ahmed, CEO of Shanta Life Insurance.
Shanta Life received its licence from the regulatory authorities in November 2023. This is Shanta Holdings’ fourth venture in the financial sector following Shanta Asset Management, Shanta Securities and Shanta Equity. The life insurer is formed by a consortium comprising Shanta Holdings, Shanta Lifestyle, Shanta Securities, Shanta Multiverse, Shanta Property Management, FAR Asset Management and Nasah Holdings.
There are at least 35 life insurance and 46 non-life insurance companies in Bangladesh.