A Pioneer for Women's Economic Security

Bangladesh is a developing country in which women comprise more than 52 percent of the total population as well as the fastest-growing segment of the workforce. There exists a nexus between gender equality and economic growth. An example is Nibedita, which is the first comprehensive insurance scheme for women in South Asia.

Nibedita was launched by Green Delta Insurance Company Ltd. (GDIC), the first leading insurance company in Bangladesh to receive an AAA rating. Through its efforts, the company has not only attended to improving conditions for its own women employees but also provided resources for all working women of Bangladesh.

Setting the tone at the top

Nibedita was initiated in 2013. It was the brainchild of Farzana Chowdhury, ACII (UK) and Chartered Insurer, Managing Director and CEO of GDIC. She holds the unique distinction of being the first female CEO in the Bangladesh insurance industry. It is through her visionary and dynamic leadership that Nibedita came into being.

The nurturing and support of its visionary employees, such as Chowdhury, and the implementation of innovative projects and products have led to an improvement of the conditions of women employees within the company. It has also made GDIC a pioneer in empowering women in the insurance sector of Bangladesh.

Current statistics on women in Bangladesh

• Comprise more than 52 percent of the population
• 10.62 million working in job sector
• Constitute 80 percent of RMG workers
• 7.8 million young working women
• Women unemployment rate reduced to 5.8 percent
• Around 10 percent of total entrepreneurs are women
• 200,000 women working abroad

Role of women in Bangladesh rising

Women are now playing more significant roles in the domestic, social, and business spheres of Bangladesh.
Women’s empowerment is the prerequisite for the socioeconomic development of a country. As a developing country with a steadily growing economy, Bangladesh has seen a sharp rise in the number of women becoming more involved in economic activities, both at the micro and macro levels. As a result, issues such as gender equality and women’s empowerment, among others, are widely discussed. This eventually led to the concept of Nibedita, which caters to the needs of women and helps them become more self-dependent.

What makes Nibedita unique

This is the first scheme of its kind in the region to center on women. Besides the traditional accidental coverage areas, Nibedita also covers a few extended areas, for example trauma allowance in cases of rape, road bullying, robberies, and acid attacks. The extended coverage also includes loss or damage to household goods / personal effects due to fire / lightening, riots, storms, typhoons, floods, cyclones, and earthquake. It does not, however, cover preexisting disabilities, nor death, injury, or disablement arising from actions while intoxicated or under the influence of drugs and so on.

Nibedita provides a maximum coverage of BDT 10,00,000 (10 lac) with the minimum net premium of BDT 580 per person (including VAT) per lac.

GDIC has deployed a special sales force mostly consisting of women who go from door to door to generate awareness regarding Nibedita, as many are still unaware of the significance of having an insurance policy. Besides, when promoting it among women, Green Delta gives the utmost importance to creating awareness among men so that they become equally interested in availing themselves of policies for the women in their families.

Global recognition

Recently, Chowdhury was recognized as one of the ten Local SDG Pioneers by H.E. Ban Ki-moon at the UN Global Compact Leaders Summit 2016 in New York. She has been hailed as a pioneer for women’s economic security and for her leadership in guiding her teammates through the Nibedita scheme in increasing women’s freedom and playing a pivotal role in achieving SDG 5 for Gender Equality and Women’s Empowerment.

Chowdhury elaborates on Nibedita, saying: “Green Delta Insurance Company Ltd. has created a platform for growth, corporate governance, youth leadership, and especially women empowerment. More than 52 percent of our population is female today, and when it comes to human rights, women are always the ones that get neglected and their rights are frequently violated. Nibedita has been launched while keeping the healthcare, safety, and social needs of the females of our nation in mind. We are going beyond insurance.”

Lives inspired

Since 2013, around 5,000 women have availed themselves of the Nibedita scheme to safeguard their futures. The policyholders range from university students and housewives to entrepreneurs, corporate leaders, athletes, and artists. A good number of policyholders have already benefited from this scheme.

Going beyond insurance – the way forward

Nibedita has reached beyond the world of insurance. Nibedita has created a “One-Stop Service for Women Healthcare, Safety, and Social Needs” to support the women who are in actual need of it, in any form. A digital platform is being created for the Nibedita women, which will give them access to a better lifestyle, healthcare, and most importantly, safety. Nibedita is working to bring together women from all walks of life so they can be of help to each other by sharing experiences and best practices.

Nibedita is working as the voice of the voiceless. It can inspire oppressed women and act as their partner in need. This product aims at bringing a positive and visible change to society. With the Nibedita policy, women will find strength in their time of peril. Thus, Nibedita is playing a vital role in shaping the mindsets of the women of Bangladesh to become self-dependent.