Education Life Insurance

The essence of the education life insurance that the children will entitled to the benefit to study at the university without having to worry about financial support until they obtain the university degree. Then, children of the parents who value development of education will be able to pursue education without any concern.

• Acquire the habit of saving money for children's education.
• If the person insured for education life insurance dies, sustains permanent incapacity during the term of insurance, the education of the children who will get the benefit under the policy will not be affected but they can continue until they finish the school.

1. Having the good saving habit for the children's education
2. Children's education will not be disrupted by unforeseeable adverse event and obtaining fund for the education
3. Obtaining the sum more than what is paid for the premium
4. Less income tax
5. Tax exemption on the insurance benefit
6. No warrant on the benefit obtaining from the insurance

Type of Insurance	It is saving type insurance. It is available in two types; basic benefit plan and double benefit plan.
Policyholder	A policyholder means a person or a legal entity that can lawfully hold a policy.
Insured Person	The insured means a person who has insurance coverage under the terms and conditions of the insurance policy.
Persons Eligible for Education Life Insurance	One's life can be insured for the education of her/his children.
Age Limitation for Insured	The insured at the time of getting insurance policy must be between 18 years and 56 years of age. (For 56 years, upmost 9 years of insured period can be selected.)
Insured Period	Insurance terms are fixed at 9 years, 11 years and 14 years.
Premium Payment Periods	Periods for payment of premium for this insurance policy are 5 years, 7 years and 10 years depending on the respective term of the policy.
Total Sum Insured	The minimum amount for the premium is MMK 5,000,000 and the maximum amount is MMK 100,000,000.
Medical Check-Up	The person having education life insurance shall have a medical check-up.
Premium Rate	Premium rate is computed based on the age, term and premium of the insured.
Premium Payment	• The premium can be paid in installment for every one month, every three month, every six month or every 12 month. • For the policies of which premiums are to be paid once a year, every six months or six months, grace period for payment is 30 days. For premium to be paid once a month, grace period is 15 days. • In default of payment in such periods, the premiumpolicy will be canceled.
Beneficiary	Beneficiary means the person or legal entity who is stated in the insurance policy contract as lawfully entitled to the benefits in the event of death or permanent incapacity of the insured covered under the insurance policy.

1. Death benefit
   During the insurance term, in the event of death of the insured who has double benefit plan of education life insurance, the benefit shall be paid out to the beneficiary.
2. Total permanent disability benefit
   The insured who has bought the double benefit plan of the education life insurance, when the policy is effective, is unable to carry on with income generating work due to permanent disability due to sudden injury and disease, Total Sum Insured shall be paid out in lump sum.
3. Premium waiver benefit
   If the insured passes away when the policy is effective or become permanently disable, the premium to be paid after the incident from the date appointed for premium payment to the date the premium payment period ends will be waived. During the period when the insurance company exempts the policyholder from premium payment, the policy will be effective, and upon maturity of the policy, the education life insurance benefit can be enjoyed.
4. Education benefit
   This education life policy shall continue to be effective after the end of the premium payment period, and on everyday where one-year period passes, the insurance company will pay out 20% of total sum insured as the benefit. (Upon maturity of the insurance term, the sum paid out shall be equal to the total premium paid)
5. Paid-up policy
   If the policyholder cannot continue to pay the premium, the policy may be closed. On the day of maturity stated in the policy, the sum of the paid-up policy will be paid out to the policyholder. If the insured passes away during the term of the insurance, only the paid-up sum shall be paid to the beneficiary.
6. Surrender Value
   If the policyholder notifies that she/he will cancel an approved policy and withdraw the surrender, the lump sum of surrender shall be paid to the policyholder in accordance with the rates provided in the surrender schedule.
7. Policy Loan
   The policyholder may take loan benefit from an approved policy. She/he may take loan up to 90% of the surrender value.
   The insured who has bought the double benefit plan of the education life insurance can only get the Death benefit and Total Permanent Disability benefit.

The insured passes away due to the following reasons, she/he is not entitled to the death benefit but only the surrender:

1. Committing suicide within one year from the date of the insurance taking effect.
2. Death from the decease, which the insured did not disclose when buying the insurance within one year from the date of the insurance taking effective.

If the insured become permanently disable due to the following causes, she/he is not entitled to permanent total disability benefit but only the surrender:

1. Permanent disability due to premeditated self-infliction
2. Permanent disability caused by failed suicide
3. Permanent disability caused by using narcotic drugs
4. Permanent disability caused by using dangerous drugs
5. Permanent disability caused by commission of crime by the insured
6. Permanent disability caused by the disease, which the insured did not disclose when buying the insurance within one year from the date of the insurance taking effective.