Bangladesh is widely regarded as the country where microfinance originated. Indeed, for establishing microfinance programs as early as 1970’s. It is the world’s eighth most populous country with a population of around 150 million habitants, 49% of whom live below the national poverty line. Microinsurance dates back to around 1988 in Bangladesh, when an insurance company inspired by the success of microcredit started to provide insurance products in the country.
The Sajida Foundation offers microinsurance products that are designed to address the basic lifecycle needs of the poor and thus include health costs, death costs, educational expenses, fire disaster loss and other financial risks they face. These products continue to improve in order to help the low income market manage unexpected expenses and risk.