Group Life Insurance
Objective
This insurance type covers death, total permanent disability, and specified injury conditions throughout the term of the policy. Additionally, personal injury coverage may be purchased as optional insurance.Age limitation
Age (18) to (60) yearsPolicy Term
3 months (or) 6 months (or) 9 months (or) 1 and a half years (or) 2 years (or) 2 and a half years (or) 3 yearsSum Insured
Minimum Sum Insured - MMK 100,000Maximum Sum Insured - MMK 300,000,000Premium Payment
Lump-sum paymentNumber of Insured
Minimum requirement: 5 or more individualsType of Insurance
Fixed Term Life InsuranceDecreasing Term Life Insurance
Premium Rate
| 1 year | 2 years | 3 years | ||
|---|---|---|---|---|
| Fixed Term Life Insurance | ||||
| No optional insurance coverage | 0.80% | 1.60% | 2.40% | |
| Optional insurance coverage | 1.00% | 2.00% | 3.00% | |
| Decreasing Term Life Insurance | ||||
| No optional insurance coverage | 0.45% | 0.9% | 1.4% | |
| Optional insurance coverage | 0.60% | 1.1% | 1.8% |
Insured Substitution (Fixed Type Only)
If the insured person, employed by the insured organization, resigns during the insurance period or leaves the organization due to reasons such as dismissal, the policyholder has the option to substitute them with another employee for the same sum assured for the remaining term of the policy.
Death benefitInjury benefitTotal permanent disability benefitDeath Benefit
If the insured dies during the insurance term, the death benefit (100% of the sum assured) will be paid as a lump sum to the beneficiary. However, after the death benefit is paid, the insurance coverage for that specific insured will cease.
Injury Benefit
If the insured is injured due to an unexpected accident during the insurance term, they will be eligible for a lump sum injury benefit, determined by the table below, indicating the percentage of the permanent disability benefit payable at the time of coverage as an injury condition.
| Extent of Injury | Sum Insured |
|---|---|
| Total blindness of one eye | 50% |
| Total severing of one hand | 50% |
| Total severing of one leg | 50% |
| Total deadness of one ear | 25% |
| Fracture of one hand | 25% |
| Fracture of one leg | 25% |
Total Permanent Disability
During the insurance term, if the insured becomes permanently disabled for any reason with no possibility of recovery, the insured will receive a lump sum permanent disability benefit (100% of the benefit amount) as determined at the time of coverage under the condition of permanent disability. However, after the total permanent disability benefit is paid, the insurance coverage for that specific insured will cease.
The death benefit will not be paid if any of the following conditions apply:
The insured commits suicide within 2 years.
Caused by the intentional act or gross negligence of the policyholder. (*)
The insured person commits a crime or violates the law.
Caused by the intentional act or gross negligence of the beneficiary person.
Caused by the use of drugs or controlled substances.
Caused by AIDS/HIV infection.
Cases caused by war, riots, violence, or events similar to them will not be covered. (However, if the insured involuntarily participates in these events, benefits may be provided, subject to the company's discretion. Depending on the extent of the impact, benefits may be granted in full or reduced.)
Caused by pre-existing diseases that the insured had at the time of purchasing the insurance. (Intentions, whether good or bad, were omitted from mention).
Caused by pre-existing diseases that the insured was aware of at the time of purchasing the insurance. (Intentions, whether good or bad, were omitted from mention).
The insured commits suicide within 2 years.Caused by the intentional act or gross negligence of the policyholder. (*)The insured person commits a crime or violates the law.Caused by the intentional act or gross negligence of the beneficiary person.Caused by the use of drugs or controlled substances.Caused by AIDS/HIV infection.Cases caused by war, riots, violence, or events similar to them will not be covered. (However, if the insured involuntarily participates in these events, benefits may be provided, subject to the company's discretion. Depending on the extent of the impact, benefits may be granted in full or reduced.)Caused by pre-existing diseases that the insured had at the time of purchasing the insurance. (Intentions, whether good or bad, were omitted from mention).Caused by pre-existing diseases that the insured was aware of at the time of purchasing the insurance. (Intentions, whether good or bad, were omitted from mention).The total permanent disability benefits will not be paid if any of the following conditions apply:
Caused by the intentional act or gross negligence of the policyholder.
Caused by the intentional act or gross negligence of the insured.
The insured person commits a crime or violates the law.
They attempted suicide but did not succeed.
Caused by the use of drugs or controlled substances.
Caused by AIDS/HIV disease.
Cases caused by war, riots, violence, or events similar to them will not be covered. (However, if the insured involuntarily participates in these events, benefits may be provided, subject to the company's discretion. Depending on the extent of the impact, benefits may be granted in full or reduced.)
Caused by pre-existing diseases that the insured had at the time of purchasing the insurance. (Intentions, whether good or bad, were omitted from mention.)
Caused by pre-existing diseases that the insured was aware of at the time of purchasing the insurance. (Intentions, whether good or bad, were omitted from mention.)
Accidents caused by driving under the effect of alcohol.
Fishing near the seashore during storms results in accidents, such as swimming, etc.
Caused by the intentional act or gross negligence of the policyholder.Caused by the intentional act or gross negligence of the insured.The insured person commits a crime or violates the law.They attempted suicide but did not succeed.Caused by the use of drugs or controlled substances.Caused by AIDS/HIV disease.Cases caused by war, riots, violence, or events similar to them will not be covered. (However, if the insured involuntarily participates in these events, benefits may be provided, subject to the company's discretion. Depending on the extent of the impact, benefits may be granted in full or reduced.)Caused by pre-existing diseases that the insured had at the time of purchasing the insurance. (Intentions, whether good or bad, were omitted from mention.)Caused by pre-existing diseases that the insured was aware of at the time of purchasing the insurance. (Intentions, whether good or bad, were omitted from mention.)(*) Gross negligence, for example, encompasses events that can be prevented by simply following standard procedures.
Accidents caused by driving under the effect of alcohol.Fishing near the seashore during storms results in accidents, such as swimming, etc.