Short Term Single Premium Credit Life Insurance
Type of Insurance
- Short Term Life Insurance
- Decreasing Sum Insured or Fixed Sum Insured
Policy holder
- a person or a group who can hold and own the insurance policy.
Beneficiary
- The insured person or the family member who derives advantage from the policy.
Required documents
- Copy of Identity cards of Insured person and Policy holder
- Insurable Age – between 18 years old and 64 years old
- Insurance Period – 1-year and 2-year term
- Sum Insured Amount – Minimum 100,000 KYATS to maximum 100,000,000 KYATS
Medical Check-up
The insured whose insured amount is between 100,000 KYATS and 3,000,000 KYATS need to submit Health Declaration form and those whose sum insured amount is over 3,000,000 KYATS needs to submit medical check-up results from any Clinic and Hospitals which has the certificate from Ministry of Health and Sport. Myanma Insurance will bear the cost.
Benefits
- If the borrower (the loanee) dies or suffers permanent total disability (PTD) 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 5 % of the single pay premium.
