Monjur Rahman took out a policy with Fareast Islami Life Insurance Company in 2012 to secure his financial future. When it matured in 2022 with a claim of Tk 11.19 lakh, he submitted all the required documents but has yet to receive any payment.

Payments against claims of around 10 lakh policyholders are hanging in the balance as 29 life insurance companies are not clearing dues owing to a liquidity crisis, official figures showed.

Jiban Bima Corporation, a state-run life insurance provider in Bangladesh, witnessed steady growth for the past few years as its subscriber base has expanded even though customers lack faith in the industry.