Endoment Policy

Life Assurance Policy

Receipt No ……………………………………….. Policy No …………………………………
Date             ..……………………………………… Agent        ………………………………..
1. The Assured agrees with full knowledge that the statements and answers contained in the proposal and medical examination report form basis of 
  the contract which will be made between him/her and this Company and that in case those statements and answers contain a false or untrue item or items,
   the contract (policy) shall become null and void.
2. Having agreed accordingly, the Assured is bound to pay premiums as shown below and this Company undertakes and promises to pay the claim
   to the Assured or  the Assignee(s) subject to the benefits, conditions and endorsements contained in this Policy on the happening of 
  the event for payment of claim stated below.
3. This life assurance policy attaches from the time at which the first installment of the premium is received by this Company.
Policy No. Type of cover Sum assured . kyats Table     Term Years
Assured’s name   Age at next birthday  
Address   Age admitted or not  
Occupation   Date of risk (inception 
Of Insurance)
Sum assured Premium
Kyats -   Annual premiums . kyats  
Assignee(s)   Due date(s) Annually
Event for payment of On maturity (            ) or Period for payment of Up to (                               )
claim on earlier death the sum permiums Or earlier death
  assured will be paid    


……………………………………………… ………………………………………………
(Date) (Managing Director)

Life Assurance Policy

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.
  (a) 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.
  (b) 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 Arrears
  While 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. Loan
  Up 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 Disability
  In 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 Hazard
  The 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 Assurance
  The 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 Occupation
  Where 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. Suicide
  Suicide 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.