Guardian Life Insurance Limited and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) on Thursday signed a memorandum of understanding (MoU) to expand insurance protection and healthcare services for workers and employees in Bangladesh's knitwear sector.
Under the agreement, employees of BKMEA member factories will be able to access Guardian's insurance services by paying an annual premium of Tk 250. The package includes life insurance coverage, 24/7 telemedicine services and discounts at more than 500 hospitals for workers, employees and their family members.
The MoU was signed by Guardian Life Chief Executive Officer Sheikh Rakibul Karim and BKMEA President Mohammad Hatem at a hotel in Dhaka.
As part of the initiative, BKMEA member factories will facilitate the enrolment of their workers and employees in Guardian's insurance programme. BKMEA has more than 2,500 member factories, creating the opportunity to extend insurance services to a large workforce across the country's knitwear industry.
Labour and Employment and Expatriates' Welfare and Overseas Employment Minister Ariful Haque Choudhury attended the signing ceremony as the chief guest.
Other attendees included Labour and Employment Secretary Md Abdur Rahman Tarafder, Bangladesh Institute of Labour Studies (BILS) Executive Director Syed Sultan Uddin Ahmmed, International Labour Organization (ILO) Acting Country Director Gunjan Bahadur Dallakoti, Guardian Life Co-Founder Tapan Chowdhury, Sponsor Director Syed Nasim Manzur, BKMEA Vice President Mohammad Rashed, development partners, and senior officials from Guardian and BKMEA.
Speaking at the event, Ariful Haque Choudhury said the initiative demonstrated how collaboration between the government and the private sector could help expand healthcare support for workers nationwide.
He said Guardian had earned public trust over the years and its partnership with BKMEA could serve as a model for extending similar benefits across the broader employment sector.
Labour Secretary Md Abdur Rahman Tarafder described the initiative as a timely step towards improving worker welfare, saying ensuring workers' life, health and social security is essential for building a sustainable and competitive garment industry.
Syed Sultan Uddin Ahmmed of BILS said bringing informal workers under insurance schemes could become an important model for Bangladesh and eventually be linked to government incentives for factories.
Guardian Life Co-Founder Tapan Chowdhury said the company had earned customers' confidence within a short period and expressed hope that the initiative would provide meaningful support to workers.
Syed Nasim Manzur said the agreement marked a significant milestone, adding that improving workplace conditions and investing in human resources would strengthen Bangladesh's economic progress.
BKMEA President Mohammad Hatem welcomed the partnership, saying the association remains committed to initiatives that improve workers' wellbeing.
Guardian Life CEO Sheikh Rakibul Karim said the collaboration aims to provide greater financial security for BKMEA members and their workforce.
"We believe insurance is not simply a financial product; it is a promise of support during difficult times," he said.
The initiative is expected to extend insurance services to a significant number of workers in the knitwear sector, advancing Guardian Life's goal of making insurance accessible to more people across Bangladesh.