Guardian Life Insurance, BKMEA partner to expand insurance coverage for knitwear workers

Guardian Life Insurance Limited has signed a memorandum of understanding (MoU) with the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) to make insurance protection and healthcare services more accessible to workers and employees in the country’s knitwear sector.

Under the initiative, employees of BKMEA member factories will be able to access Guardian's insurance services by paying an annual premium of only Tk 250.

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The package includes life insurance coverage, 24/7 telemedicine services, and discounts at more than 500 hospitals. These benefits will be available to workers and employees as well as their family members.

Sheikh Rakibul Karim, chief executive officer of the life insurance company, and Mohammad Hatem, president of BKMEA, signed the MoU at a ceremony held at a hotel in Dhaka today, according to a press release.

Speaking at the event, Hatem said, “I am grateful that you have taken such a good and noble initiative today. We work for the wellbeing of workers, and whenever we find something beneficial, we want to support it. This is a shining example of that.”

“Through this partnership, we want to create greater financial security and peace of mind for BKMEA’s members and workforce,” Rakibul said.

“We believe insurance is not simply a financial product. It is a promise of support during difficult times,” he added.

Ariful Haque Choudhury, minister for labour and employment and expatriates’ welfare and overseas employment, attended the event as the chief guest.

As part of the agreement, BKMEA member factories will facilitate the enrolment of their workers and employees in Guardian’s insurance programme.

The association currently has more than 2,500 member factories, creating an opportunity to extend Guardian's insurance services to a large workforce in the knitwear sector.

The initiative will help bring insurance services to a significant number of workers and employees in the knitwear sector, taking Guardian Life Insurance Limited another step towards its goal of making insurance accessible to everyone, the release said.

Md Abdur Rahman Tarafder, secretary to the Ministry of Labour and Employment; Syed Sultan Uddin Ahmmed, executive director of the Bangladesh Institute of Labour Studies; Gunjan Bahadur Dallakoti, acting country director for Bangladesh at the International Labour Organization; Tapan Chowdhury, co-founder of the life insurer; Syed Nasim Manzur, sponsor director; and Mohammad Rashed, vice-president of BKMEA, along with other development partners, directors, and senior officials from both organisations, were also present at the signing ceremony.