Education Life Insurance
Objective
Getting into the habit of saving money for children's education. If the Insured person dies during the term or becomes permanently disabled, the policy ensures the protection of the beneficiary's children until graduation, thereby allowing them to continue their education without interruption.Age Limitation
Age (18) to (56) years(For individuals aged 56, they can select a coverage period of up to 9 years.)
Policy Term
9 years (or) 11 years (or) 14 yearsSum Insured
Minimum Sum Insured - MMK 5,000,000 Maximum Sum Insured - MMK 100,000,000Premium Payment
Monthly, Quarterly, Semi-Annually, and Annual Installment paymentsFor policies premiums are to be paid quarterly, annually, or semi-annually, the grace period for payment is 30 days. For policies with monthly premium payments, the grace period is 15 daysPremium Payment Periods
The premium payment periods for this insurance policy are 5 years, 7 years, and 10 years, depending on the respective term of the policy.
Type of Insurance
Basic Benefit PlanDouble Benefit Plan
The death benefit and permanent disability benefit are exclusively available to individuals who have acquired a double-benefit plan of education life insurance.
Death Benefit
During the insurance term, in the event of the death of the insured who has a double benefit plan of education life insurance, the benefit shall be paid out to the beneficiary.
Total Permanent Disability Benefit
The insured who has bought the double benefit plan of the education life insurance, when the policy is effective, is unable to carry on with income-generating work due to permanent disability due to sudden injury and disease, the amount as the lump sum premium will be paid.
Premium waiver benefit
When the insured dies during the policy or becomes permanently disabled, after the occurrence of a loss, the policyholder is exempt from paying any remaining premiums to the insurance company from the date of the premium payment until the end of the premium payment period. During the period when the insurance company exempts the policyholder from premium payment, the policy will be effective, and upon maturity of the policy, the education life insurance benefit can be enjoyed.
Education Benefit
This education life policy shall continue to be effective after the end of the premium payment period, and on every day when a one-year period passes, the insurance company will pay out 20% of the total sum insured as the benefit. (Upon maturity of the insurance term, the sum paid out shall be equal to the total premium paid.)
Surrender Value
If the policyholder is unable to continue premium payments and requests to cancel an approved policy for surrender, they will receive a lump sum based on the rates specified in the surrender table.
Paid-up policy
If the policyholder cannot continue to pay the premium, the policy may be paid up. On the day of maturity stated in the policy, the sum of the paid-up policy will be paid out to the policyholder. If the insured passes away during the term of the insurance, only the paid-up sum shall be paid to the beneficiary.Advantages of Education Life Insurance
Cultivating good savings habits for children's educationEnsuring children's education remains uninterrupted by unforeseeable adverse events and securing funds for itReceiving a claim benefit greater than the premium paidReducing income taxEnjoying tax exemption on the insurance benefitNo warrant is provied to the insurance benefit obtainedIf the insured dies due to any of the following reasons, no death benefit is available. Only the surrender amount will be released to the beneficiary:
The insured commits suicide within one year from the starting date of the insurance.
Death occurring within one year from the date of insurance, caused by pre-existing diseases that the insured had at the time of purchasing the policy.
The insured commits suicide within one year from the starting date of the insurance.Death occurring within one year from the date of insurance, caused by pre-existing diseases that the insured had at the time of purchasing the policy.If the insured becomes permanently disabled due to any of the following reasons, no permanent disability benefit is available. Only the surrender amount will be released to the beneficiary:
Permanent disability due to premeditated self-infliction.
Permanent disability caused by using narcotic drugs.
Permanent disability caused by using dangerous drugs.
Permanent disability caused by the commission of the crime by the insured.
Permanent disability occurring within one year from the date of insurance, caused by pre-existing diseases that the insured had at the time of purchasing the policy.
Permanent disability due to premeditated self-infliction.Permanent disability caused by using narcotic drugs.Permanent disability caused by using dangerous drugs.Permanent disability caused by the commission of the crime by the insured.Permanent disability occurring within one year from the date of insurance, caused by pre-existing diseases that the insured had at the time of purchasing the policy.