Insurance companies in Myanmar including state-owned Myanma Insurance and 12 private insurers have been allowed to 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 Myanma Insurance.
On 3 August, Grand Guardian Insurance (GGI) became the first insurer to offer short term endowment life insurance in Myanmar, reports Myanmar Times.
Currently, Myanma Insurance provides 26 types of insurance and private insurance companies provide 13 types of insurance, including general, fire and vehicle insurance policies.
The endowment policies provided in Myanmar will have a terms of five years, seven years and 10 years and accrue at a rate of 6%. The policies are available for those aged between 10 and 60. Policyholders can be insured for a minimum of MMK1m ($680) to a maximum of MMK50m, 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 policies in Myanmar, according to Global World Insurance.