Any individuals from the age of (10) to (60) who is looking for an insurance plan to save a guaranteed cash value within a certain period and a plan to reduce the financial burden on the dependencies due to the unfortunate pass away of the insured.
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 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:
Sum insured will be from minimum MMK (10) lakhs to maximum (500) lakhs. (Depending on the income of the insured, it may be based on the amount of money he/she intends to save over a period of time.)
Policy term will be 5 years, 7 years, and 10 years according to the age of the insured. Based on the age of the insured, optional life policy terms are-
The fixed insurance premium will be charged, and it can be varied depending upon the policy term, sum insured, entry age of the insured and the premium payment mode.
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.
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.
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 insured is alive without being entitled to the death benefits or the total permanent disability benefits until the end of the policy term, the policyholder is entitled to receive the full sum insured.
For the in-force policies, the policyholder can convert into the paid-up policy if he can no longer make premium payments.
For the in-forced policies, if the policyholder wants to cancel the policy, he has the right to return the policy and request a surrender value.
For the in-forced policies, the policy holder can take out the loan.
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 Short Term Endowment 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.
