Short Term Single Premium Credit Life Insurance
Objective
The purpose is to provide insurance protection in the event that the borrower is unable to repay the loan due to death or permanent disability.Age Limitation
Age (18) to (64) years(For individuals aged 64, they can only select a coverage period of 1 year.)
Policy Term
(1) to (2) yearsSum Insured
Minimum Sum Insured - MMK 1,000,000
Maximum Sum Insured - MMK 100,000,000
MMK 100,000 – MMK 3,000,000 (No medical examination required.) A health declaration must be completed.Medical examination is required for coverage starting from MMK 3,000,001 and above.Premium Payment
Lump-sum paymentType of Insurance
Decreasing Term Life InsuranceFixed Term Life Insurance
In the event of the borrower's death or permanent disability due to an unexpected event, this insurance protects the loan from the lending bank, financial institution, or microfinance enterprise.This insurance will protect the remaining families/ dependents not to burdened by the outstanding loan when the insured borrower dies/ total permanent disables from unexpected events.The insured can save their income tax on the premium payments.Premium per 1,000,000 Sum Insured
Reducing Sum Insured| Policy term | ||
|---|---|---|
| Age | 1 | 2 |
| 18 | 3,900 | 6,900 |
| 20 | 4,200 | 7,300 |
| 25 | 4,900 | 8,700 |
| 30 | 5,900 | 10,700 |
| 35 | 7,200 | 13,200 |
| 40 | 8,400 | 15,400 | 45 | 9,600 | 17,700 |
| 50 | 11,600 | 21,600 |
| 55 | 15,100 | 28,500 |
| 60 | 22,200 | 42,300 |
| 64 | 31,800 | - |
Fixed Sum Insured
| Policy term | ||
|---|---|---|
| Age | 1 | 2 |
| 18 | 5,000 | 9,000 |
| 20 | 5,400 | 9,800 |
| 25 | 6,600 | 12,300 |
| 30 | 8,600 | 16,100 |
| 35 | 10,800 | 20,500 |
| 40 | 13,000 | 24,500 | 45 | 15,100 | 28,700 |
| 50 | 18,600 | 35,800 |
| 55 | 25,000 | 48,500 |
| 60 | 37,600 | 73,800 |
| 64 | 54,700 | - |
Sum Insured (Reducing Type)
| Policy term | ||
|---|---|---|
| Month | 1 year | 2 years |
| 1 | 1,000,000 | 1,000,000 |
| 2 | 921,200 | 963,000 |
| 3 | 841,700 | 925,600 |
| 4 | 761,300 | 887,900 |
| 5 | 680,100 | 849,800 |
| 6 | 598,100 | 811,300 | 7 | 515,200 | 772,400 |
| 8 | 431,500 | 733,100 |
| 9 | 347,000 | 693,400 |
| 10 | 261,500 | 653,300 |
| 11 | 175,200 | 612,800 |
| 12 | 88,000 | 517,800 |
| Policy term | ||
|---|---|---|
| Month | 1 year | 2 year |
| 13 | - | 530,500 |
| 14 | - | 488,700 |
| 15 | - | 446,500 |
| 16 | - | 403,900 |
| 17 | - | 360,800 |
| 18 | - | 317,300 |
| 19 | - | 273,300 |
| 20 | - | 228,900 |
| 21 | - | 184,000 |
| 22 | - | 138,700 |
| 23 | - | 92,900 |
| 24 | - | 46,700 |
The insured person is not entitled to insurance benefits if they die or become permanently disabled due to the following reasons. Only the paid premium will be refunded.
Caused by intentionally self-inflicted injury.
Caused by the commission of suicide.
Caused by the use of narcotic drugs.
Caused by the use of hazardous drugs.
Caused by the commission of crime.
Caused by a pre-existing disease that was omitted to be disclosed at the time of purchase of insurance.
Caused by intentionally self-inflicted injury.Caused by the commission of suicide.Caused by the use of narcotic drugs.Caused by the use of hazardous drugs.Caused by the commission of crime.Caused by a pre-existing disease that was omitted to be disclosed at the time of purchase of insurance.