INTERNSHIP PROJECT REPORT

ON
ROLE OF LIFE INSURANCE COMPANY IN THE ECONOMIC
DEVELOPMENT OF BANGALDESH AND FINANCIAL CONTROL SYSTEM:
A STUDY ON JIBAN BIMA COROPORATION.
(This internship Project report is submitted for the partial
fulfillment of the Degree of Master of Business
Administration with a major in Finance)

SUPERVISED BY
MR. MD. SHAHIDUL ISLAM
MBA Program Director
School of Business, UITS.

PREPARD BY
A.K.M. NAZRUL CHOWDHURY
Program
: MBA
ID No.
: 08435034
Batch
: 15th
Major
: Finance & Accounting

University of Information Technology &

Sciences

LETTER OF SUBMISSION
25 February, 2010
To
Mr. Md. Shahidul Islam
MBA Program Director
School of Business,
University of Information Technology and Science (UITS).
Subject: Submission of Internship Report Project.
Dear Sir,
I have the honor to inform you that I have completed my internship
project report on Role Of Life Insurance Company in the Economic
Development of Bangladesh and Financial Control System: A study
of Jiban Bima Corporation for the purpose of partial fulfillment for
the degree of Masters of Business Administration with a major in
Finance and Accounting.
As your valuable suggestions and guidance, I have tried my best to
prepare the report properly. I have tried my best to prepare the
report properly. I sincerely believe that you will find this report very
significant and informative.
I therefore, pray and hope that you would be kind enough to accept
this report and oblige thereby extends your co-operation and
advice.
Sincerely yours
A.K.M. NAZRUL CHOWDHURY
Program
: MBA
ID No.
: 08435034
Batch
: 15th
Major
: Finance & Accounting
University of Information Technology and Science, Chittagong.

ACKNOWLEGEMENT
At the very beginning I would like to express my gratitude to
my supervisor Mr. Md. Shahidul Islam, MBA Program Director,
School of Business Faculty, University of Information
Technology and Science, Chittagong for his proper guidance,
inevitable help, counseling and special attention at difference
phase of preparing this report.
In addition, I am most grateful to the management of Jiban
Bima Corporation for their co-operation and friendly inspiration
in completing the thesis report successfully.
Finally, I am deeply indebted my parents for their sacrifices
and encouragement for completion of my MBA course and for
preparing this report.

PREFACE
Assignment is the inseparable part of university education. It is
the combination of university education and practical
knowledge. Realizing the above facts, faculty of business
administration, University of Information Technology and
Science, Chittagong has taken an initiative to include a
comprehensive assignment programs for MBA students. I have
prepared my assignment on the basis of experience and
activities that I have observed and performed during my whole
service life. I have tried my level best to submit this
assignment and overcoming the limitation.

EXECUTIVE SUMMARY
The economy of Bangladesh is in the process of a transition
from a predominantly agrarian to a quasi-industrial and service
economy. Economy and financial industry go together and are
inseparable. So, it is a great pleasure for me that I have been
completed report on Jiban Bima Corporation. My Internship
report contains all the information about my work experience
with Jiban Bima Corporation(JBC), which was established in
1990. My learning experience with JBC being with my joining
form

21-12-1999.

Shall

try

to

discuss

and

include

introduction, history, objective, status, mission and financial

analysis etc.

Jiban Bima Corporation has been playing an important role in

the economic development of the country. They generated
employments four hundreds of people in the projects and
industries establish under their finance.

At the end, the following steps are recommended on overall

basis for the further advancement and enlistment of JBC.

TABLE OF CONTENT
Page No.
Chapter 1 : Introduction

08

Background of the
study
1.2 Objective of study
1.1

Methodology of the
study
1.4 Scope of the study
1.3

1.5 Limitation of the study

1.6 Problem Statement
Chapter 2 : History of Insurance
Industry

13

2.1 Introduction
2.2 History & Development of Insurance
Development of Insurance in
Bangladesh
Implication of five forces model (By Michael E. Porter) in insurance
2.4
industry of Bangladesh
2.3

Chapter 3 : Bangladesh Insurance

Academy

21

Chapter 4 : Company overview & Financial Control System of Jiban

Bima Corporation (JBC)

4.1 Company Overview

(a) Corporate Information
(b)Vision, Mission, Objective
(c) JBCs products and Services Policies
4.2 Financial Control System
(a)Marketing & the Process of Create a
Policy
(b)Risk Management
(c) Settlement of Claim

2
3

(d)Customer Service
(e)Human Resource Development
Process
(f) Information & Communication Technology in
Operation
(g)Information Policy
(h)Research & Development and
Training
(i) Corporate Social Responsibilities
(j) Cash flow Statement
(k)Statistics of Business Performance
(l) Credit Rating
(m)

Five Years at a glance of JBC

Chapter 5 : Role of Life Insurance Company in the

Economic Development
of Bangladesh
5.1
5.2
5.3
5.4
5.5

39

Contribution of
Economy
Contribution in Society
Development in Economy & Society
Tax Payment System of JBC & Revenue to the
Government
Customer Service & Satisfaction

Chapter 6 : SWOT Analysis of JBC

45

Chapter 7 : Findings & Recommendation

47

7.1
7.2
7.3

Findings
Recommendation
Conclusion

Reference

50