Benefits and Conditions

1. Payment of Premiums
   Premiums are payable within 30 days of grace from the due date for quarterly, half-yearly and yearly installments and within 15 days for monthly payment. In the case of those last days being gazette or bank holidays the premiums shall be paid on the first official or bank working day. In the event of the Assured dying within the grace period the arrears of premium (unpaid installments) of that year will be deducted from the claim.
2. Revival of the Lapsed Policy
   Non-payment of premiums within the days of grace causes a policy to lapse. In order to revive the lapsed policy one of the following shall be done within 12 months from the due for the payment in respect of the policy for which premiums have not been paid for 3 consecutive years and within 24 months in respect of the policy for which premiums have been paid for 3 consecutive years.
   1. For the revival within 12 months the total premium arrears plus interest at 6 ¼ percent per annum thereon shall be paid together with Declaration of General Health by the Assured.
   2. For the revival within 24 months if the Assured is found medically fit to continue the assurance, having undergone a medical examination at his/her own cost, the total premium arrears at 6 ¼ percent per annum thereon shall be paid.
3. Surrender Value
   Where premiums have been paid for 2 consecutive years in respect of the policies with 5 to 12 year terms and 3 consecutive years for the policies with 13- year and above terms, it entitles the Assured to surrender value .. That value for the table-1 policies equals at least 30 percent of the premiums paid for the remaining years less first year’s premiums and 80 percent of the premiums paid for the table- 8 policies. A public servant assured under the table 8 is entitled to the surrender value only when ceasing to be so. Unless premiums are paid annually, the arrears of premium may be paid to effect a full year payment.
4. Paid-Up Value
   Where premiums have been paid for 2 consecutive years in respect of the policies with 5 to 12 year and 3 consecutive years for the policies with 13- year and above terms, the policy may be converted into a paid-up policy. The paid-up value is the resultant amount proportionally calculated on the original sum assured, the term and years paid. A public servant assured under the table 8 is entitled to convert his/her policy into a paid-up one, only when  ceasing to be so. The paid-up value will be paid to the Assured on maturity or to the Assignee on the former’s death before maturity.
5. Automatic Revival of the Lapsed Policy (Automatic Non-forfeiture)Failure to pay premiums does not necessarily cause the policy entitled to the surrender value to lapse. The policy will be automatically revived by applying deductions out of the remaining value to cover the premiums in installments as they fall due after the premiums arrears plus interest thereon and other sums payable are first deducted from the surrender value. The Assured shall pay interest at 6 ¼ percent per annum on the amount deducted.
   The policy thus revived may continue to attach on payment of the amount deducted plus interest without submitting Declaration of General Health or by continuing paying premiums without meeting the amount deducted. It may be paid with interest in one lump sum or by installments which shall be at the due dates for premium payment or in a time-frame as approved by the Company.
   In the event of the Assured dying within the period for which the policy is being automatically revived the remainder of the sum assured after deduction therefrom of the premium arrears thereon at 6 ¼ percent per annum and other amounts payable, will be disbursed. If the total outstanding amount exceeds the surrender value allowable at that time, the sum assured is not payable as the policy lapses. However, the remainder of the paid-up value allowable at that time will be disbursed less the total amount outstanding. When the allowable surrender value is completely used up by payment of premiums in installments, the policy lapsed. Unless the lapsed policy is revived pursuant to the Condition 2, all benefits under this policy shall be forfeited.
6. Revival of the Lapsed Policy Without Payment of the Premium ArrearsWhile the policy lapses from the due date for premium payment for a period nor less than 6 months and not more than 2 years owing to non-payment of premiums, the policy may be revived subject to the original conditions in the policy by extending the date of maturity with the same period for which the policy lapsed on payment of the premiums set in the table in accordance with the current age which the Assured attains at that time provided that he/she is found fit for continuance of the assurance, having been medically examined at his/her own cost. Holders of the policies with terms of 10 years and less and table – 8 service policies are not entitled to this benefit of revival. This can be only once within the whole term of a policy.
7. LoanUp to 95 percent of the surrender value allowable at the time of loan will be lent to the Assured willing to borrow money. Interest at the rate of 6 ¼ percent per annum is chargeable on the loan which shall not be less than ks 500/-. A loan fee of ks 5/- will be charged for each time a loan is taken out.
8. Permanent Total DisabilityIn the event of the Assured becoming totally unable to work to earn an income because of permanent total disability caused by a sudden accident or a disease while the policy is in force and before reaching 60 years of age he/she will be paid the sum assured proportionally calculated, based on the percentage of disablement in accordance with medical recommendation by the 2 physicians selected by this Company. However, this benefit is not applicable to the disability caused by the following:

   Consumption of liquor, narcotic and dangerous drugs, venereal disease, intentional self-injury, disablement caused by suicide without causing death and disability caused in committing a crime.

   Where disability occurs, this Company shall be forthwith notified thereof. From the day on which the Assured is pronounced totally and permanently disabled by this Company, premium payment need not be continued. Holders of eh policies charged extra premiums for reasons of health or occupation are not entitled to this benefit.

9. Aviation HazardThe Assured accepted at ordinary rate of premium shall pay extra premiums when getting engaged in a hazardous aviation – related occupation. In the event of the Assured’s death caused by the aviation hazards while being engaged therein without paying extra premiums, only the remainder of the sum assured after deduction  therefrom of the extra premiums and interest there on at 6 ¼ percent per annum, shall be disbursed.
10. Army and Naval AssuranceThe Assured accepted at ordinary premium rate shall pay extra premiums when engaged in an army or naval-related occupation. In the event of the Assured’s death caused by the hazards of the army or naval-related occupation while being engaged therein without paying extra premiums, only the remainder of the sum assured after deduction therefrom of the extra premiums and interest thereon at 6 ¼ percent per annum, shall be disbursed.
11. Hazardous OccupationWhere the Assured changed occupation, this Company shall be notified thereof. If the new occupation proves hazardous, extra premiums shall be paid. In the event of the Assured dying while engaged in such an occupation without paying extra premiums, only the remainder of the sum assured after deduction therefrom of the extra premiums and interest thereon at 6 ¼ percent per annum, shall be disbursed.
12. SuicideSuicide committed at an time by the Assured after one year has already elapsed from the date of risk (inception of insurance) while the policy is in force , does not necessarily cause the policy to lapsed from the take the date of risk, the assignees are entitled to no benefit under this Policy.

အသက်အာမခံအကျိုးခံစားခွင့်ထုတ်လိုပါက ဆောင်ရွက်ရမည့်အချက်များ

(၁) အသက်အာမခံအကျိုးခံစားခွင့် အမျိုးအစားအလိုက် အောက်ပါအချက်အလက်များဖြင့် တောင်းခံပါရန်။