Any individual within the age of 18 to 56 years who wants to save a guaranteed cash value within a certain period for the educational goals of their children/ family members or to get the financial protection to provide the university expenses to the remaining children/ family members because of not being able to perform any income-generating work should take this policy.
The followings are provided under this life insurance.
Risks that are not entitled for the Death Benefit
If the insured dies for any of the following reasons, the insured is not entitled to Death Benefit.
Risks that are not entitled for the Total Permanent Disability Benefit
If the insured has been permanently disabled for the following reasons, the insured is not entitled to Total Permanent Disability Benefit. Only the surrender value will be paid out to the policyholder or the beneficiaries.
The Policyholder
(A) As long as the proposer (who will become the policyholder) has the insurable interest with the insured and the mutual agreement between them, the insured can be any of the following individuals:
(B) A legal entity (who will become the policy owner) can propose to purchase this insurance if there is a mutual consent for the life of any individual with an insurable interest.
Beneficiary
Sum insured will be from minimum MMK (50) lakhs to maximum (1000) lakhs. (Sum insured can be set depending upon the income nature of the policyholder and the amount of money needed for the educational goals of our children / family members.)
The fixed insurance premium will be charged, and it can be varied depending upon the policy term, sum insured, entry age of the insured, the premium payment mode and the benefit plan of basic benefit or double benefit.
Premium term and eligibility due to the policy term depending on the policy term are as the followings.
| Policy Term | Premium Term | Eligibility due to the Policy Term |
|---|---|---|
| 9 years | 5 years | Within 18 to 56 years |
| 11 years | 7 years | Within 18 to 54 years |
| 14 years | 10 years | Within 18 to 51 years |
Since the eligibility of the policyholder is up to 65 years, the maximum age of the insured is 56 years for a minimum policy term of nine years.
Premium can be paid monthly, quarterly, semiannually, and annually as desired on the given date.
Grace Period
Although payments must be made on the given date, the grace period is granted.
Policy Lapse
Reinstatement
You may reinstate your policy within 12 months from the policy lapsed date. The missed monthly premium(s), the interest and other outstandings must be paid in lump sum for the reinstatement of your policy.
Education Benefit • 20% of the sum insured will be paid every year starting from the end of premium term including the end of the policy term for 5 years.
Premium Waiver • In case of the death/ total and permanent disability of the insured, the future premium due to be paid is allowed to be waived and entitled to the Education Benefit.
Other Benefits
• Paid-Up Policy
For the in-force policies, the policyholder can convert into the paid-up policy if he can no longer make premium payments
• Policy Surrender
For the in-force policies, if the policyholder wants to cancel the policy, he has the right to return the policy and request a surrender value.
• Policy Loan
For the in-force policies, the policy holder can take out the loan.
1. All Basic Benefits
2. Death benefit
If the insured dies during the policy term, the beneficiary is entitled to claim the full sum insured. If it is converted to a paid-up policy, the paid-up value is entitled to claim.
3. Total Permanent Disability Benefits
If the insured is permanently disabled during the policy term and is unable to perform any income-generating work, the policyholder is entitled to claim the full sum insured. If it is converted to a paid-up policy, the paid-up value is entitled to claim.
If the policyholder would like to change the following facts within the policy term, he may inform KBZ LIFE Offices or our agents for the endorsement.
If you would like to purchase this Education Life Insurance, you can either contact the KBZ LIFE employee or KBZ LIFE Insurance Agent or online and the following procedures are required.
Our KBZ LIFE and KBZ LIFE’s representatives are ready to provide service if you need any help to purchase the insurance. You can contact KBZ LIFE and representatives. The representative will follow through until the insurance process is completed.
If you ever encounter any unfortunate events, address your concerns to us.
KBZ LIFE will provide assistance to expedite claims.
