State-owned Myanma Insurance and 11 private insurers introduced the first education life insurance within the local insurance market on April 9.

The product was a joint effort between local insurers and the Japan International Cooperation Agency (JICA).

‘’We all strive to become parents who can manage their finance in the long term and have savings to secure the children’s future education,” said Daw Sandar Oo, managing director of Myanma Insurance and chair of Myanmar Insurance Association.

Myanmar’s insurance market launched endowment life insurance last year and with the recent addition of the life education insurance there are now two types of saving insurance in Myanmar.

‘’We studied ASEAN countries for education life insurance and found that it was a success. Parents desired to secure their children future education via insurance. Before launching, we conduct a market survey which revealed that there is interest,’’ said U Yan Paing, managing director from local Capital Life Insurance.

With this education insurance, children will continue receiving financial assistance and their pursue of education will not be halted in case an unfortunate tragedy fell to the insured person – the parents or caretaker, he added.

Then, insured person receive its insurance amount that does not happen something while insurance period when insurance time had limited, the managing director went on.

According to education life insurance policy, age limit on the insured person is from 18 years old and 56 years old and offers plan of 9, 11, or 14 years of insured period. The insured amount are from K5 million to K100 million.

Myanmar Insurance Association said that it will be working together with the education ministry to provide awareness programme in regard to education life insurance.

Source: https://www.mmtimes.com/news/education-life-insurance-launches-myanmar.html