Single Premium Credit Life Insurance
Objective
In Single Premium Credit Life Insurance, the insured obtains a loan from a bank or financial institution. If the insured dies or becomes permanently disabled during the insurance period, the insurance company pays the insured amount to the bank or financial institution.Age Limitation
Age (18) to (62) years old(For individuals aged 62, they can select a coverage period of up to 3 years.)
Policy Term
(3) to (15) years(The remaining loan term must be adjusted.)
Sum Insured
Minimum Sum Insured - MMK 1,000,000Maximum Sum Insured - MMK 100,000,000Premium Payment
Lump-sum paymentType of insurance
Decreasing Term Life Insurance type
As a policyholder of the single premium credit life insurance, you are entitled to the following benefits.
Death BenefitTotal Permanent Disability Benefit
Death Benefit
If the insured person passes away during the policy term, the insurance company will provide a lump sum of the assured amount corresponding to the time of death of the insured person, as indicated in the 'Reduced Sum Assured Table.The death benefit can only be claimed by the bank or financial institution to which the beneficiary is transferred, and the insurance benefit will only be issued to that bank or financial institution.If the installment loan remains unpaid, the insurance company will not be responsible for the outstanding amount.
Total Permanent Disability Benefit
If the insured person becomes permanently disabled due to injury or disease during the term of the insurance and is unable to engage in gainful employment, the insurance company will provide a lump sum of the assured amount corresponding to the time of death of the insured person, as indicated in the 'Reduced Sum Assured Table.The total permanent disability benefit can only be claimed by the bank or financial institution to which the beneficiary is transferred, and the insurance benefit will only be issued to that bank or financial institution.If the installment loan remains unpaid, the insurance company will not be responsible for the outstanding amount.Permanent disability includes the following examples:
1.Total blindness in both eyes.
2.Total severing of both legs or arms above the wrist or ankle.
3.Both legs are severed above the ankle, rendering them completely nonfunctional.
4.Blindness in one eye, total severing of one leg or arm above the wrist or ankle.
5.Official statement of permanent disability issued by a doctor.
Advantages of Single Premium Credit Life Insurance
This insurance will protect the loan lenders for their financial loss from non-repayment of loan due to the insured borrowers’ death/ total permanent disability from unexpected events. This insurance will protect the remaining families/ dependents not to burden 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.
If the insured dies by suicide within one year from the date of insurance, Death Benefit is not payable.
* Only a refund will be issued to the policyholder.
If the insured becomes total permanent disability within one year from the date of insurance due to the following reasons, Total Permanent Disability Benefit is not payable.
* Only a refund will be issued to the policyholder.
Total permanent disability caused by intentional self-inflicted injury.
Total permanent disability caused by unsuccessful suicide.
Total permanent disability caused by intentional self-inflicted injury.Total permanent disability caused by unsuccessful suicide.