On 15 October 2013, U Zaw Lin Htun, one of the customers of Capital Life Insurance, had purchased Endowment Life (Public Life) insurance policy, for 5 years, with a sum insured of 30 million kyats. Endowment Life Policy gives saving benefit, tax exemption and protection against the financial lost incurred by the death or permanent disability of the person insured.
The insured person, U Zaw Lin Htun, did not encounter any accidental cases during these 5 years. Therefore, Capital Life Insurance paid back to him the insurance money of 30 million kyats as maturity benefit on 26 October 2018.
He had bought the life insurance policy against the risk of financial loss which may arise due to the occurrence of any contingencies. Although any claims didn’t happen during the insurance term of 5 years, he received the sum insured amount of 30 million kyats as survival benefit.