A person or organization which has the right of possession by the insurance policy
Insured person
Those whose age is from 18 to 62 years old and those who get the loan from the Bank and Microfinance Organizations.
Type of Insurance
(Decreasing Term Life Insurance)
Policy holder
a person or group in whose name an insurance policy is held.
Beneficiary
The insured person or the family member who derives benefits by the policy.
Required documents
Copy of Identity cards of Insured person and Policy holder
Insurable Age – between 18 years old and 62 years old
Insurance Period – 3 years to 15 years
Sum Insured Amount – Minimum 1,000,000 KYATS to maximum 30,000,000 KYATS
Medical Checkup – The insured needs to show medical results from any Clinic and Hospitals which have certificate from Ministry of Health and Sport. Myanma Insurance will bear the cost.
Benefits
If the borrower (the loanee) dies or suffers total permanent disability by the unexpected incidents, the banks or microfinance organizations can get back their loan.
If the borrower (the loanee) dies or suffers total permanent disability by the unexpected incidents, the family does not need to worry about the loan payment for the property with installment payment.
Tax waiver on the premium
Agent commission rate is 7 % of the single pay premium.
