Insurance providers including state-owned Myanma Insurance and 12 private insurance companies will provide short term endowment life insurance policies in Myanmar

Insurance providers in Myanmar including state-owned Myanma Insurance and 12 private insurance companies will provide short term endowment life insurance policies as part of their product portfolios, said Daw Sandar Oo, chair of Myanmar Insurance Association (MIA) and managing director of state-owned Myanma Insurance.

Currently, Myanma Insurance provides 26 types of insurance and private insurance companies provide 13 types of insurance, including general, fire and vehicle insurance policies. 

On August 3, Grand Guardian Insurance (GGI) became the first insurance provider to offer short term endowment life insurance in Myanmar. 

An endowment policy is an investment product set up as regular savings plans that pay out a lump sum to policy holders after a fixed period. 

The endowment policies provided in Myanmar will have five year terms, seven years term and ten years terms and accrue at a rate of 6 percent. The policies are available for those aged between 10 years and 60 years. Policy holders can be insured for a minimum of K1 million to a maximum of K50 million, according to U Myo Naung, managing director of GGI.

Benefits of the policy include maturity benefits, death benefits and permanent total disability benefits.   

Currently, fire insurance, motor insurance, group life insurance, special travel insurance, health insurance and marine cargo insurance are the more popular insurance policies in Myanmar, according to Global World Insurance.

(The Myanmar Times: https://www.mmtimes.com/news/insurance-providers-cleared-offer-short-term-endowment-policies.html )

​