A fresh education life insurance has been introduced aimed at embedding savings culture for children’s future education in the event of the parent or caretaker’s death or injury.The item was a joint attempt between local insurers and the Agency for International Cooperation in Japan (JICA).
We all strive to become parents who will be able to handle their finances on a long-term basis and have savings to ensure future education for children,” said Daw Sandar Oo, Managing Director of Myanma Insurance and Chair of Myanmar Insurance
Myanmar’s insurance market launched endowment life insurance last year and with the recent addition of the life education insurance there are now two types of saving insurance in Myanmar.We researched education life insurance in ASEAN countries and discovered it to be a success. Parents wanted to secure future schooling for their kids through insurance. Before launching, we are conducting a market survey that disclosed interest, “said U Yan Paing, local Capital Life Insurance managing director.
With this education insurance, kids will continue to receive economic support and their pursuit of education will not be stopped in the event that an unfortunate tragedy fell to the insured individual-the parents or caretaker, he added.Then, the insured individual receives his insurance quantity which does not occur while the managing director went on with the insurance period when the insurance duration was restricted.
According to the education life insurance policy, the insured person’s age limit is 18 years of age and 56 years of age and offers insured plan of 9, 11, or 14 years. The insured amount are from K5 million to K100 million.
Myanmar Insurance Association said that it will be working together with the education ministry to provide awareness programme in regard to education life insurance.
Insured’s age limit
- 1 to 12 years old
Insurance Allowance Age Limit
- 18 to 55 years old
-Minimum 8 years to maximum (16) years
Maximum Insurace Amount
- 1,000,000 kyat to 100, 000,000
- 1 month , 3 month , 6 month , 1 year
Student Life Insurance
- Childage =5 year
- Premium period= 12 year
-Lost Life’s Insurance
-free premium charges
Reference from www.mmtimes.com/ GGI Insurance