Shanta Life Insurance PLC, a new venture of Shanta Holdings, began its operations yesterday.

The life insurer's initial offerings include a Child Educational Plan, Depositor's Protection Scheme, Endowment Plan, 3 Payment Plan (3PP), and Group Life Insurance.

These products aim to provide financial security to individuals, according to a press release.

Nafis A Ahmed, chief executive officer of Shanta Life Insurance, inaugurated the operation at its head office at Shanta Western Tower in Dhaka.

"In Bangladesh, life insurance has immense potential to ensure financial inclusion and resilience," Ahmed said.

"We see a unique opportunity to bridge the existing gap with solutions that reflect transparency, affordability, and inclusiveness," he added

The company aims to address the low insurance penetration in Bangladesh by offering simplified, affordable products tailored to meet the diverse needs of the population, according to a press release.

Currently, Bangladesh has an insurance penetration of 0.4 percent.

Saif Khondoker, Arif Khan, Raiven Hasan and Anisul Haque, directors of the group, along with other high officials of the company, were also present.