GROUP LIFE INSURANCE
This insurance ensures financial protection for employees and their families. So we can say providing Group Life Assurance cover for his/her employees is indeed a goodwill act of the employer. What’ more, this insurance helps cement trust between the employer and his/her employees which indeed is the cornerstone of uplifting corporate Social Responsibility.
18 to 60 years old Employees are allowed to have that insurance.
Myanmar citizens, Foreigners visiting or residing in Myanmar for various reasons. There must be at least 5 members in a group.
It could be assured for the duration of (1) Years.
Minimum 10,000 MMK to Maximum 5,000,000
In lump sum payment
1% of Insured money
If the bail is more than 1 million kyats or the age is over 45 years, will be accepted with doctor’s medical test. (To prevent accidents in the workplace and outside the workplace of the employees.)
If one of the employees included in the insured list dies during term of insurance, insured value shall to the benefit transfer on lump sum per kind favor of employer.
If one of the employees included in the insurance list suffers injury, the sufferer has right to enjoy compensation at the rate mentioned under. For injuries mentioned in the schedule appropriate enjoyable benefits shall be given depending on recommendation of responsible doctor.
Absolute inability to work Due to permanent disability (100% Benefits)
One eye turned blind (50% Benefits)
One ear totally deaf (25% Benefits)
One arm totally cut off (50% Benefits)
One leg totally cut off (50% Benefits)
One arm broken (25% Benefits)
One leg broken (25% Benefits)
Benefits That Do Not Cover Enjoyment
- Use of narcotic drugs
- An employee who includes insured list should entirely resigns from work or should be terminated from work, any death or sustains injury during the period following after his resignation or dismissal shall not entitle to enjoy compensation.
- Any injury sustains while the employee himself commits crime shall not entitle to enjoy compensation.
- Any injury sustains due to the employee purposely inflicts it intentionally shall not entitle to enjoy compensation.