EDUCATION LIFE INSURANCE

Education life insurance stands for the further education of children and also support as the money saving for parents or guardians.
If death or permanent disability occurs to parents or guardians during the insurance period, education life insurance will support to the further education of children till to graduate.
Type of the insurance is the money saving type.
  • Parents or guardians can be insured themselves for their children education.
  • Age between 18 years and 56 years can be insured.
  • The maximum age of the insured is 65 years and for the 56 aged person can buy the policy for only 9 years.
  • 9 years, 11 years, and 14 years.
  • Minimum MMK 50 lakhs to Maximum MMK 100 million (1000 lakhs).
  • Premium can be paid by monthly, annually, once in three months and six months.
  • Premium period will stand for 5 years, 7 years, and 10 years.
  • Premium rates will be calculated upon insured age, sum insured , premium period and payment.

There are two types of benefits plans.

Double benefit plan Basic Benefit Plan
1) Death Benefit
2) Total Permanent disability
3) Premium Waiver 1)Premium Waiver
4) Education Benefit 2) Education Benefit
5) Paid-up Policy 3) Paid Policy
6) Surrender Value 4) Surrender Value
7) Policy Loan 5) Policy Loan
  • As the insured person’s desire, beneficiary can be transferred to a person or more than one person with appropriate percentage.
  • Due to death and total permanent disability happens to the insured, financial support will be provided to the students who starts to study in university till to graduate by 20% of sum insured annually.
  • Students’ age started from 17 years to 21 years will get 5 year educational financial support as benefits when the premium benefits ends.
  • The policy will be disappeared when 100% of benefits has been paid and reached to the expiry date.
  • Suicidal Problems.
  • By the purpose of making themselves to the total permanently disabled.
  • Drugs and crimes cases.
  • Due to the personal disease problems left to express when buying the policy which cause death and total permanent disability.
  • Residing family members or friends can inform the insurance company immediately or within days when the insured is faced to the death or total permanent disability,

PUBLIC LIFE INSURANCE

Public life insurance cover financial support for the insured and his/her family and intend to do saving cash within certain period.

  • Citizens, age between 10 years and 55 years, can be insured.
  • Minimum 5 years to maximum 45 years.
  • Minimum MMK (50,000) to maximum MMK 30 million(300 lakhs).
  • Depends on the insured’s age, the sum insured and insurance period, the premium amount will be calculated and paid by monthly, 3 months, 6 months and 1 year.

  • After the insurance period, customers can get their sum insured.
  • If the insured person dies or permanently disabled within the insurance period, benefits can be transferred to the respective person.
  • Policy will be confirmed after paying 2 years premium for 5years to 12 years insurance period.
  • Policy will be confirmed after paying 2 years premium for 13 years above insurance period.
  • When the policy is confirmed, the customer can get personal loan.

FARMER LIFE INSURANCE

Farmer life insurance provides financial support for accidental injuries, permanent disabilities and even to death of insured persons (mostly farmers and their family members).

  • Starting from the date of payment up to 1 year. The policy is renewable annually.
  • Farmers, co-farm workers and their related family members in good health can buy farmer life insurance with each NRC copies and family member list documents.
  • Minimum 16 to Maximum 60 years old.
  • Age between 16 and 18 years of persons can be insured by parents or guardians.
  • Minimum MMK 1 Lakh to Maximum MMK 50 Lakhs.

1% of Sum insured and lump sum

For example,

  • if the amount of sum insured is MMK 1 lakh, the premium for 1year term will be 1,000 kyats.
  • if the amount of sum insured is MMK 5 lakh, the premium for 1year term will be 5,000 kyats.
  • if the amount of sum insured is MMK 50 lakh, the premium for 1year term will be 50,000 kyats.
  • If the insured person dies/permanently disabled, all lump sum insured will be provided.
  • If injuries occur, depends on the doctor’s medical treatment recommendation, appropriate financial support will provide.
  • If the insured person has to receive treatment from the clinic or hospital, it will support as MMK (2000) kyats per day for sum insured MMK 1 Lakh. During the insurance period, it will support the maximum 5 days per treatment and up to 3 times of treatment.

If an insured person dies/permanently disabled, the customer has to inform the insurance company immediately or within 30 days. The company will guide you to collect required documents such as-

  • Original signature of insurance policy
  • Letter for claim support
  • Death certificate
  • Insured person’s family member list documents and NRC copies
  • If injuries occur, doctor’s medical treatment recommendationis necessary
  • The chief officer of ward administration’s recommendation letter for the insured person.
  • Insured person can transfer his/her beneficiary to one or more than one person depending on the optional ratio.
  • Insured person can change the name of the beneficiary stated in the insurance policy.

GROUP LIFE INSURANCE

Group Life insurance is the part of life insurance. Which is with a single contract covers an entire group of people. This type of insurance provides the financial support for the customers and their families

  • Minimum 5 employees at least.
  • Need to be healthy by looks.
  • Need healthy recommendation from employer.
  • Age between 18 to 60.
  • For above age 45 - If the insured amount exceeds 1,000,000 kyats medical checkup is required to insured person.
  • From age 18 to 45, the sum insured is 1,000,000 kyats.
  • The sum insured can be minimum 10,000 to maximum 5,000,000 kyats.
  • The premium rate is 1% of sum insured.
  • Insurance duration is 1 year.

If an insured worker quit the job, it is possible to substitute by another worker without paying the additional premium. But have to refill his or her personal information to be insured.

HEALTH INSURANCE

Health insurance provides financial support for citizens who are dealing with hospitalization fees up to one condition. Due to accidence, illness and disease conditions, the cost of hospitalization and death (compensation) will be supported by the insurance to the insured and residing family members.

  • Started from the date of premium payment to one year.
  • Age between 6 years and 75 years can be insured. Parents or guardians can buy the insurance for those age between 6 years and 18 years.
  • As an individual or as a group can be insured.
  • For an individual, the premium can be paid by per 6 months or per year.
  • As a group, starting from 5 members and above, can pay for 3 months, 6 months and a year.
  • The premium rates will be calculated upon the sum inured and units.
No Coverage and Units Factors to get coverage Purpose of claim The cost of compensation
1 Basic Coverage(1 unit)
  • Hospitalization due to disease and accidence
  • Death
  • For medical treatment in hospital
  • When death occurs
  • For one day of hospitalization cost- 10,000 ks (Up to 60 days)
  • For Death, 10 lakhs.
(a) Optional coverage (1)1unit
  • Surgery and operation
  • Miscarriage
  • When operation was done by general anaesthesia or by spinal anaesthesia
  • When hospitalized operation or treatment for the natural miscarriage or miscarriage due to disease was done.
  • The actual cost of operation (Minimum MMK 5 Lakhs)
  • Compensation cost - MMK 3 lakhs ( Not concerned with Unit)
(b) Optional coverage (2) 1unit For medical treatment When the insured person has to accept treatment from hospital or medical clinic. For one time upon checkup in the hospital or medical clinic, MMK minimum 2500 kyats to maximum MMK 10,000 kyats x depends on the insured person’s unit

The insured person can choose two coverage units after buying the basic cover unit.

The insured’s person or his/her family members has to inform the insurance company
immediately.

PERSONAL ACCIDENT INSURANCE

Personal accident insurance stands for providing financial support for people who face for permanent disability, injuries, and death due to accident.
Myanmar citizens and foreigners (visiting or living in Myanmar) can be insured.
People between the age of 16 to 65 can be insured with good health. Teenagers such as the age between 16 to 18 can be insured by parents or guardians.
  • Started from the date of premium payment, customers have the rights to buy for 3months, 6months, and 1 year.
Minimum MMK (500,000) to Maximum MMK (200) Lakhs
Or
Minimum USD (1,000) up to Maximum USD (200,000).
  • The premium rate will be 0.7% of the insured value and have to be paid fully one time per year.
  • Premium will be started from (3,500) kyats for at least minimum (5) lakhs of the insured value and (140,000) kyats for maximum (200) lakhs.
  • Premium for Military Personnel, Policemen, Aircrew, Electricians and any other people who work in risky conditions in any industry will be charged as 1% of insured value.
  • If the insured person face death, or will be permanently disabled, the total amount of sum insured value will be paid completely at once.
  • Due to accidence, injuries, hospitality, or incompetent to work such as in these conditions, benefits will be paid based on doctor’s documentation.
  • For example, the benefit will be paid for persons who suffered in the above conditions at least 3% of insured value and up to a maximum 15% of insured value.
  • The insured has to inform the insurance company through agents or directly.

SHORT TERM ENDOWMENT LIFE INSURANCE



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SHORT TERM ENDOWMENT LIFE INSURANCE

Short term endowment life insurance provide financial support for the insured person or his/her family if he/she confronts unexpected hazardous conditions or accidental cases even to death.
After the period of insurance, customers will receive their savings.
  • Customers can buy policy for 5year, 7 year and 10 year as well.
  • Insured person required to show medical documents that he/she is in good health.
  • Age between 10 to 60 years of person can insure.
  • If the insured person’s age between 10 and 18, parents or guardians’ permission will be required with copies of NRC or copies of family unit documents.
  • Minimum MMK 10 lakhs to Maximum MMK 500lakhs.

Premium can be paid monthly, quarterly, bi-annually and annually.

Stamp Fees MMK 30 for Sum insured amount 100,000 MMK.

Example 1 – As Sum insured 10 lakhs for 5 years.

Age of Insured Person Premium rate for one month Premium rate for 5 years TotTotal Premium%
20 15900 954000 105%
25 15900 954000 105%
30 16000 960000 104%
35 16000 960000 104%
40 16100 966000 104%
45 16200 972000 103%
50 16300 978000 102%
55 16600 996000 100%
  • Death Benefit
  • Permanent Total Disability Benefit
  • The customer has to contact the insurance company directly or through agents.
  • Agents or company staff will guide you for application and submission.

SNAKE BITE LIFE INSURANCE

Snake bite occurs mostly in rural areas but less in urban areas.
Snake bite insurance intended to provide for enough financial support for medical expenses for injuries and even to death due to snake bite.
  • Everyone can insure.
  • Age is not limited.
  • Children can be insured by parents or guardians.
  • Premium rate will be 500 kyats as one unit (MMK 5lakhs) for an insured person and customer can buy up to 10 units (MMK- 50lakhs).
Death due to snake bite MMK (5) lakhs
For the loss of both eyes MMK (2.5) lakhs
Paraplegia MMK (2.5) lakhs
Amputation of toes and fingers MMK (40,000) kyats
Transportation charges MMK (5,000) kyats
Hospital charges per day up to 7 days MMK (5,000) kyats
Medical expenses MMK (80,000) kyats
  • Started from the day of bitten by snake, insured person can claim with following requirements.
  • Original sign of snake bite insurance documents.
  • Cause of snake bites with documentation of corresponded organizations.
  • Signature and recommendation letter by corresponded hospital, clinic and health center.
  • The pictures of damaged parts of insured body are required.
  • To get benefits, insured person has to receive treatment from official rural/urban clinic and hospitals.
  • Except snake bite, other risks lead to injuries or death will be excluded for benefits.

SPORTSMAN INSURANCE

This policy provide financial supprot for sportsman who sustains injury or dies during training or competing in the pitch or the gymnasium.

  • Athletes age between - 30 to 60.
Unit Premium(kyats) Sum insured(kyats) Duration
1 5,000 1 million 1 year
purchasable up to 5 units (maximum)
  • If the insured sportsman goes abroad and takes part in sports competition, they need to pay additional premium 500 kyats for a short period of 7 days and 1,000 kyats for 1 month.
Event of Coverage per unit (kyats)
Death 1,000,000
Total Disability 1,000,000
Total Blindness of one eye 500,000
Fracture of one hand, one lag 200,000
Severance of one hand, one lag 500,000
Deafness of one Ear 200,000
Hospitalization (one week) 10,000 (maxium 52 weeks)
  • Self-injuries or suicide
  • In the case of death or injuries due to the commitment of the crime or drugs or alcohol.
  • Minor injuries for those who play boxing, judo, karate and martial art, etc.
  • In the case of an accident – the insured has to inform the company or through the agent immediately.
Note: The insured athletes have to buy a new policy after they get the compensation within the term of the insurance

TRAVEL INSURANCE

Travel insurance is a plan you to purchase that protects you from accident risks and losses that can occur while traveling. Which include event of death, permanent disability and injury from accidents while travelling.

  • Anyone, who ride the vehicles can apply without any limits.
  • For highway vehicles travelers, the insurance duration commences from starter gate to the end of the trip (a single trip).
  • For other travel insurance the duration starts from the beginning of the trip and ends in the end of the trip (a single trip).
  • Under 100 miles travel insurance
  • Above 100 miles certain travel insurance
  • According to the above order, staff travel insurance
  • For the travelers who travel with travel agency company
  • Insurance for tourist
  • Insurance for plane travelers
  • Pre-existing disability or diseased
  • Suicide
  • Intentionally Self injuries
  • Abortion not related to traffic accidents
  • Foolish
  • Committing a criminal act
  • Influence of intoxicants and narcotic drugs
  • Any damage which occurred as a result of war or hostilities, riots, acts of terrorism destructions in civil war and internal instability
Insured Period
  • Inbound - For 1 trip (minimum 1 day to maximum 3 months)
  • Outbound - For 1 trip (minimum 1 day to maximum 3 months)
Inbound and outbound

Minimum 1 unit (MMK-500,000 kyats) to maximum 20 unit (MMK-10,000,000 kyats).

According to 1-unit rate

Inbound
for
(1) day trip 100-kyats
(2) days trip 150-kyats
(1)week trip 200-kyats
(2)weeks trip 250-kyats
(1)month trip 300-kyats
(1)month and 15 days 350-kyats
(2) months 400-kyats
(2)month and 15 days 450-kyats
(3) months 500-kyats
Outbound
for
(1)week trip 200-kyats
(2)weeks trip 250-kyats
(1)month trip 300-kyats
(1)month and 15 days 350-kyats
(2) months 400-kyats
(2)month and 15 days 450-kyats
(3) months 500-kyats
  • Insured can gain 1 unit for 2,000,000 kyats
  • According doctor instruction the beneficial can gain benefit with allowed units
  • For hospitalization the beneficial can gain for 3200 kyats for a week and still allow to benefit 52 weeks
  • Insured can gain 1 unit for 2,000,000 kyats
  • According doctor instruction the beneficial can gain benefit with allowed units
  • For hospitalization the beneficial can gain for 3200 kyats for a week and still allow to benefit 52 weeks
  • The insured has to report the company through agents or directly within a week. Appropriate documents will be required.

STUDENT LIFE INSURANCE

Student life insurance provides financial support for especially teenagers who have to attend university, started from first year to the final year, (generally 4 years).
It is protected for parents not to worry about further studies of their children.
  • Parents are the policy holders who have to be in the age between 18 and 55 years
  • Parents can buy policy for their children from the age of 1 month to 12 years.
  • Minimum 8 years to Maximum 19 years.
  • Minimum MMK (10 lakhs) to Maximum MMK 100 Million.
  • Parents have to pay premium from minimum 5 years to maximum 16 years for student life insurance product.
  • For the premium payment, it can be done by annually, semiannually, quarterly, and monthly.
  • Policy holder can choose different types of insurance period till his/her child to get 17 years.
  • If the policy holder dies or is permanent disabled, their child can have benefits by annually from 17 years to 20 years (Not necessarily to continue paying premium).
  • There are four kinds of benefits.
    1. Cash payout benefit.
    2. Death benefit.
    3. Total permanent disability benefit.
    4. Premium waiver benefit
      • As the basic benefits, policy holder can have
        1. Paid up
        2. Surrender Value
        3. Policy loan
  • Suicidal Problems.
  • By the purpose of making themselves to the total permanently disabled.
  • Drugs and crimes cases.
  • Due to the personal disease problems left to express when buying the policy which cause death and total permanent disability.
  • Residing family members or friends can inform the insurance company immediately or within days when the insured is faced to the death or total permanent disability.

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