State-owned Myanma Insurance and 11 private local insurers have launched Myanmar's first education-related life insurance.
The product, introduced on 9 April, is a joint effort between local insurers and the Japan International Cooperation Agency. The product aims to embed the savings culture for the future education of children and to provide protection in the case of the death or injury of the parent or a guardian.
The insurance market launched endowment life insurance last year and with the recent addition of the education insurance policy, there are now two types of savings insurance in Myanmar, reported The Myanmar Times.
‘’We studied ASEAN countries for education life insurance and found that it is a success. Parents want to secure their children's future education via insurance. Before launching, we conducted a market survey which revealed that there is interest,’’ said U Yan Paing, managing director of Capital Life Insurance.
The conditions of the education-related insurance policy include: the insured must be aged between 18 and 56 years old. The plans offered are for terms of nine, 11 or 14 years. The insured amounts are from MMK5m ($3,300) to MMK100m.
The Myanmar Insurance Association said that it would be working with the Education Ministry on an awareness programme to promote the education life insurance.