FAQ

Categories


Smart Legacy 5/5

If the policyholder purchases Smart Saving 5/2, the premium has to be paid for 2 years and will get the Tax Saving benefit for 2 years meanwhile if the policyholder purchases Smart Legacy 5/5, the premium has to be paid for 5 years and will get the Tax Saving benefit for 5 years.
If the insured does not confront any claimable situation, the insured is entitled to survival benefit (annual coupon) for Smart Saving 5/2. If the insured chooses Smart Legacy 5/5, the survival benefit (annual coupon) is not granted but instead 555% of Initial Sum Assured is given as Maturity Benefit in a lump sum.

This product is suitable especially for the middle-aged customers who wants to get life insurance coverage while saving money since the premium rate is the same fixed rate regardless of age range and occupation class.

The insured must notify the company within 60 days from the date of those events along with the complete documents mentioned in the policy provision. After the insured has informed the company about the claim requisition, the company will provide the benefit within (15) working days to the insured person or the beneficiary after conducting investigations and related working processes. The policy will be terminated, and there will be no more insurance coverage from the day after the benefit is taken.

The initial sum assured cannot be altered in any way, but the premium payment mode and the beneficiary can be changed under the terms and conditions of the policy.

Personal Accident Rider can be purchased with Smart Legacy 5/5 so that not only an additional death benefits can be claimed but also in the case that the insured has encountered whether minor or major injuries, the insured can claim certain percentage of Rider’s Sum Assured.

Saving

Single Premium Endowment Life Insurance

The insurer will return the total premiums paid plus 2 % interest.

Policy Term (Year)

Death Benefit

5

Death occurred within 1 year of policy term

Total premium and 3% interest rate

4

Total premium and 2% interest rate

3

Total premium and 1% interest rate

For any insurance term the insured will receive the sum insured amount if the insured dies after 1 year.

The insurer will return lump sum amount of sum assured after deducting outstanding amount if the insured or policyholder has death case over 1 year in any policy term.

Policy Term (Year)

Death Benefit

5

Death occurred within 1 year of policy term

Total premium and 3% interest rate

4

Total premium and 2% interest rate

3

Total premium and 1% interest rate

For any insurance term the insured will receive the sum insured amount if the insured dies after 1 year.

Total premium paid  = 83 % of sum insured

                                = 83 % x 10,000,000 Kyats

                                = 8,300,000 Kyats

Benefit = Total premium paid + 2 % interest rate on total premium paid

            = 8,300,000 Kyats + 2 % x 8,300,000 Kyats

            = 8,300,000 Kyats + 166,000 Kyats

            = 8,466,000 Kyats

3 Years Policy Term

Sr. No.

Age of Insured

Sum Insured (Kyats)

% of Sum Insured

1.

18 – 40

14,100,000 – 20,000,000

91 %

2.

18 – 40

7,100,000 – 14,000,000

93 %

3.

18 – 40

5,000,000 – 7,000,000

95 %

4.

41 – 50

7,100,000 – 20,000,000

93 %

5.

41 – 50

5,000,000 – 7,000,000

95 %

6.

51 – 60

5,000,000 – 20,000,000

95 %

4 Years Policy Term

Sr. No.

Age of Insured

Sum Insured (Kyats)

% of Sum Insured

1.

18 – 40

14,100,000 – 25,000,000

81 %

2.

18 – 40

7,100,000 – 14,000,000

83 %

3.

18 – 40

5,000,000 – 7,000,000

85 %

4.

41 – 50

7,100,000 – 25,000,000

83 %

5.

41 – 50

5,000,000 – 7,000,000

85 %

6.

51 – 60

5,000,000 – 25,000,000

85 %

 

5 Years Policy Term

Sr. No.

Age of Insured

Sum Insured (Kyats)

% of Sum Insured

1.

18 – 40

14,100,000 – 25,000,000

71 %

2.

18 – 40

7,100,000 – 14,000,000

73 %

3.

18 – 40

5,000,000 – 7,000,000

75 %

4.

41 – 50

7,100,000 – 25,000,000

73 %

5.

41 – 50

5,000,000 – 7,000,000

75 %

6.

51 – 60

5,000,000 – 25,000,000

75 %

Smart Savings 5/2 Life Insurance

The coupon will be transferred to your provided bank account automatically every year.

No, the coupon will stay the same until the policy is mature as a Guaranteed Return.

This Smart Savings 5/2 covers for the Death only when comes to Accident.

Student Life Insurance

  • No one else needs to pay for the premium anymore.
  • Also, the education fees will be given out to your child for 4 consecutive years when the policy date is entitled.

Because this Student Life product is aiming for University Student that’s why it’s given out 4 consecutive years instead of 1 time only.

For example, the Sum Insured is 80,000,000 ks and the child (Insured Age) is 9 years

Policy Term is 11 years

Premium Term is 8 years

Education benefit                     = 20,000,000 Kyats (25 % of SI) when insured turns 17 years old

= 20,000,000 Kyats (25 % of SI) when insured turns 18 years old

= 20,000,000 Kyats (25 % of SI) when insured turns 19 years old

= 20,000,000 Kyats (25 % of SI) when insured turns 20 years old

Education Life Insurance

  • No one else needs to pay for the premium anymore and the Death Benefit will be given out if you are covered with Double Benefit
  • Also, the education fees will be given out to your child for 5 consecutive years when the policy date is entitled.

Because this Student Life product is aiming for University Student that’s why it’s given out 5 consecutive years instead of 1 time only.

For example, the Sum Insured is 5,000,000 ks

Policy Term is 11 years

Premium Term is 7 years

Education benefit     = 1,000,000 Kyats (20 % of SI) in 7th year of policy term (end of premium term)

= 1,000,000 Kyats (20 % of SI) in 8th year of policy term

= 1,000,000 Kyats (20 % of SI) in 9th year of policy term

= 1,000,000 Kyats (20 % of SI) in 10th year of policy term

= 1,000,000 Kyats (20 % of SI) in 11th year of policy term