Hero, Chartered Life Sign Insurance Agreement

A memorandum of understanding has been signed between Chartered Life Insurance PLC and HMCL Niloy Bangladesh Limited, under which buyers of Hero motorcycles in Bangladesh will receive built-in insurance protection as part of their purchase package.

The agreement was formalised at a recent signing ceremony. 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 the document on behalf of their respective organisations.

Through this arrangement, every newly purchased Hero motorcycle in the country will be linked with a specialised insurance facility provided by Chartered Life Insurance. The initiative is intended to ensure that customers receive immediate financial coverage at the point of sale, offering protection in the event of road accidents involving injury or death.

Both organisations stated that the collaboration is designed to integrate insurance services more closely with vehicle ownership, thereby improving financial security for riders and their families. The move is also expected to contribute to broader awareness of insurance products within the transport sector.

During the event, Md Sharif Hasan, FCA (S), Director of Chartered Life Insurance PLC, said that insurance cannot replace human life but can help reduce the financial strain on families affected by accidents. He stressed that while road accidents cannot be fully prevented, financial preparedness remains essential to reduce their impact on dependents.

Mohammad Emdad Ullah, Acting Chief Executive Officer of Chartered Life Insurance PLC, said the company is working to expand insurance accessibility and bring risk protection closer to everyday consumers. He added that the partnership with Hero Bangladesh would help introduce structured coverage for motorcycle users, strengthening financial resilience among riders.

On behalf of HMCL Niloy Bangladesh Limited, Vijay Kumar Mondal emphasised the company’s commitment to customer welfare and social responsibility. He noted that the initiative is intended to ensure that families are not left financially vulnerable due to unforeseen road accidents. He further indicated that the insurance facility is expected to be implemented across all Hero motorcycle sales ahead of the upcoming Qurbani Eid period.

Senior representatives from both organisations attended the signing ceremony. The agreement is expected to increase insurance penetration in the automotive sector and make structured protection more accessible to motorcycle buyers in Bangladesh.

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