Myanmar: Insurers get green light to sell short term endowment

| 14 Aug 2018

Insurers in Myanmar have been approved to include short term endowment life insurance policies as part of their product portfolios, according to Daw Sandar Oo, Chair of Myanmar Insurance Association (MIA) and Managing Director of Myanma Insurance.

Other than state-owned Myanma Insurance, there are 12 private insurance companies in the market.

Grand Guardian Insurance (GGI) became the first insurer to offer short term endowment life insurance in Myanmar on 3 August, reported Myanmar Times.

The endowment policies provided in Myanmar will have 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 MMK1 million ($680) to a maximum of MMK50 million, according to U Myo Naung, managing director of GGI.

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

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

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.

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