Life insurance policies are available at the CB Life Insurance Company head office, CB Bank branches and via CB Life certified Agents.
Life insurance provides financial protection for injury, disability or death of any income provider of the family unit or who supports other people.
The initial premium can be paid to the Agent and then subsequent payments by bank standing-order, bank deposit, bank transfer or mobile banking.
Premiums can be paid as lump sum single payment or as an installment in monthly, quarterly, semi-annual or annual modes.
We have included the claims procedure at the help & support menu on our CB Life web-page.
Claims request processes and required documents are different depending on the type of policy and conditions. Firstly, you need to inform the nearest office at once after the occurrence and submit the provided claim form and required documents to CB Life within the specified period.
There are 5 types of insurance policies:
a) Savings Insurance
b) Protection Insurance
c) Health Insurance
d) Travel Insurance
e) Credit Insurance
i. Savings Insurance Policies:
a) Short Term Endowment Life insurance
b) Education Life Insurance
c) Student Life Insurance
d) Smart Savings 5/2 Life Insurance
e) Single Premium Endowment Life Insurance
ii. Protection Insurance Policies:
a) Group Life Insurance
b) Personal Accident Insurance
c) Public Term Insurance
d) Micro Personal Accident Insurance (Sate Cha Life)
e) Snake Bite Insurance
f) Farmer Insurance
g) Athletes Insurance
iii. Health Insurance Policies:
a) Health Insurance
b) Critical Care Insurance
iv. Travel Insurance Policies:
a) Travel Insurance
b) Special Travel Insurance
v. Credit Life Insurance Policies:
a) Single Premium Credit Life Insurance
b) Short Term Single Premium Credit Life Insurance
All of the insurance companies in Myanmar have approval to operate their business under The Ministry of Finance, Planning and Industry; Insurance Business Regulatory Board and the Myanmar Insurance Association.
Citizen Business Insurance Public Company Limited has provided life and health insurance products to customer’s at all major cities & micro-insurance products to the rural population through Co-operative societies since being established in 2012.
Citizen Business Insurance Public Company Limited has signed a partnership deal with Thai Life Insurance Plc., the second largest life insurer in Thailand, and officially formed CB Life Insurance Company Limited on the 28th of November 2019. It will be a sustainable life insurance partnership that will benefit Myanmar society and drive the economic growth.
In addition, CB Life being under the same umbrella as CB Bank, which is one of the strongest local brands in the Myanmar financial market, has already earned the utmost trust from its existing customers for the past seven years since its establishment.
The beneficiary is eligible to receive the benefit on submission of the required documents such as a physician statement and death certificate.
There is no age limitation for beneficiary. However, it is required to have guardianship for those under 18 years of age.
Anyone who buys savings life insurance policy can borrow money on the policy as a policy loan. The available loan amount will vary depending on the type of policy.
The benefit will be paid to successor of the insured according to Myanmar law 12/SA and stated as follows; –
(b) Son/ Daughter
(d) Siblings and
It depends on the product type, for example; term life insurance (public term life insurance), there is no premium return upon completion of insurance term. The insured or policy holder can enjoy the claim benefit (if occurred) during the policy term.
For savings type insurance (Smart Savings 5/2 Life Insurance), the insured or policy holder will receive the sum assured amount upon completion of the specified policy term. The insured or policy holder will only receive the total premium paid if a policy exclusion criteria occurs during the policy term.