A formal memorandum of understanding has been signed between Chartered Life Insurance PLC and HMCL Niloy Bangladesh Limited, the authorised distributor of Hero motorcycles in Bangladesh. Under this agreement, purchasers of Hero motorcycles in the country will receive integrated insurance protection coverage provided by Chartered Life Insurance.
The agreement was concluded at a recent official ceremony, where 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, signed on behalf of their respective organisations.
The collaboration aims to combine vehicle ownership with immediate insurance coverage, thereby strengthening financial protection for motorcycle users from the point of purchase. It is also intended to promote greater awareness of insurance services among riders and contribute to improved financial preparedness in the event of road accidents.
Officials from both organisations emphasised that the initiative represents a structured effort to address the financial vulnerabilities faced by motorcyclists and their families following unforeseen incidents on the road. The insurance coverage is designed to provide monetary support in cases of accident-related injury or death, helping to reduce the economic burden on affected households.
Md Sharif Hasan, FCA (S), Director of Chartered Life Insurance PLC, stated during the event that while insurance cannot compensate for the loss of life, it plays a crucial role in ensuring that families are not left in financial distress following tragic incidents. He added that although road accidents cannot be eliminated entirely, proper financial safeguards can significantly mitigate their consequences.
Mohammad Emdad Ullah, Acting Chief Executive Officer of Chartered Life Insurance PLC, noted that the organisation is working to expand access to insurance services across the general population. He added that the partnership with Hero Bangladesh would help introduce structured risk coverage for motorcycle users, thereby extending financial protection to a wider customer base.
On behalf of HMCL Niloy Bangladesh Limited, Vijay Kumar Mondal highlighted the company’s commitment to social responsibility. He stated that the initiative is intended to ensure that families do not suffer financial hardship due to unexpected accidents involving motorcycle users. He further indicated that the company plans to implement this insurance inclusion for all motorcycle sales ahead of the upcoming Qurbani Eid season, thereby ensuring broader customer protection.
The ceremony was attended by senior officials from both organisations. The agreement is expected to enhance insurance penetration in the motor vehicle sector and provide customers with more accessible and affordable protection services.
Key Details of the Agreement
| Aspect | Information |
|---|---|
| Companies involved | Chartered Life Insurance PLC; HMCL Niloy Bangladesh Limited |
| Type of agreement | Memorandum of Understanding (MoU) |
| Main feature | Insurance coverage for Hero motorcycle buyers |
| Purpose | Financial protection and increased insurance awareness |
| Implementation focus | Coverage included with motorcycle purchase |
| Sector impact | Automotive–insurance collaboration in Bangladesh |