A memorandum of understanding has been signed between Chartered Life Insurance PLC and the popular motorcycle brand HMCL Niloy Bangladesh Limited, which operates in Bangladesh under the Hero brand. Under this agreement, customers purchasing any Hero motorcycle in the country will henceforth receive a special insurance protection benefit provided by Chartered Life.
The agreement was formally signed at a recent ceremony by Vijay Kumar Mondal, FCA, Chief Financial Officer and Company Secretary of HMCL Niloy Bangladesh Limited, and Mohammad Emdad Ullah, Acting Chief Executive Officer of Chartered Life Insurance PLC.
The primary objective of this collaboration is to enhance road safety awareness among motorcyclists and to ensure that buyers receive immediate financial protection at the point of purchase. The initiative is regarded as a notable example of coordination between the automotive and insurance sectors in Bangladesh.
According to officials, the partnership is designed to help riders and their families cope with the financial consequences of unforeseen road accidents, particularly in cases of serious injury or death. The insurance cover is intended to provide financial stability to affected families during difficult times.
During the ceremony, Md Sharif Hasan, FCA (S), Director of Chartered Life Insurance PLC, stated that insurance coverage cannot restore life lost in an accident. However, it can help prevent families from facing severe financial hardship following the death or incapacitation of a rider. He emphasised that while accidents are never desirable, preparedness for such risks remains essential, and the company continues to work towards ensuring both financial and emotional readiness for customers.
Mohammad Emdad Ullah, Acting CEO of Chartered Life Insurance PLC, said that the organisation is committed to making insurance services more accessible to the general public and reducing risk exposure in daily life. He added that the partnership with Hero Bangladesh would open a new dimension in addressing unforeseen risks faced by riders.
On behalf of Hero Bangladesh, Vijay Kumar Mondal highlighted the company’s sense of social responsibility, noting that no family should suffer financial distress due to accidental incidents. He further stated that ahead of the upcoming Qurbani Eid season, the company aims to ensure that every motorcycle sold includes this insurance facility, thereby safeguarding the lives and families of customers.
Senior officials from both organisations were present at the event. The initiative is expected to increase insurance awareness in the country and enable customers to access affordable and quality insurance services.
Summary of the Agreement
| Category | Details |
|---|---|
| Participating companies | Chartered Life Insurance PLC; HMCL Niloy Bangladesh Limited (Hero Bangladesh) |
| Signing representatives | Mohammad Emdad Ullah; Vijay Kumar Mondal, FCA |
| Core objective | Insurance coverage for Hero motorcycle purchasers |
| Target beneficiaries | Motorcycle buyers and their families |
| Expected impact | Increased insurance awareness and financial protection for riders |