The insurance business is regarded as a rapidly growing sector with sky-high potential. Before you buy a policy, it is best to know what you are paying for. Here is everything you need to know about insurance.
Insurance, in the simplest term, is a shield safeguarding you and your family from unpredictable tragedies. Let's say you got in a terrible accident and broke your legs. You were the breadwinner of your family. You could not work so there was no income. The medical bills were also piling and you had no savings.
All of these risks are unnecessary and preventable IF you had insurance. For a small monthly or yearly payment called premium, you can protect yourself from such a misfortune. You can enjoy every moment with your loved ones and live life truly without worrying about tomorrow.
Insurance has been a part of society throughout history. Evidence and records show ancient Babylonian and Chinese traders had insured their commodities to limit the loss due to natural and man-made disasters.
Modern insurance began in 1666 after the Great Fire of London which destroyed 30,000 homes. A man called Nicholas Barbon started a building insurance business. Later, he introduced the city’s first fire insurance company. Accident insurance was made available in the late 19th century. It was regarded as the precursor to modern disability coverage.
Insurance in Myanmar
The insurance business can be traced back to the 19th century in Myanmar. After the first Anglo-Burma War ended in 1826, European traders came to the British-occupied parts of the country to do business. So, insurance companies followed them to insure their assets.
The state-owned Myanmar Insurance was established in 1952 and remained the sole insurer in Myanmar until 2012. In September that year, the government granted 12 new insurance licenses to domestic operators.
Private insurance companies have been entering the market since mid-2013. The insurance sector was tipped for enormous growth since only 2.3% of the Myanmar population had formal insurance.
In January 2019, the Ministry of Planning and Finance invited local and foreign companies to submit expressions of interest for operating insurance businesses. It was a major step toward allowing foreign companies to engage in insurance businesses in the country.In April that year, five foreign companies were granted provisional licenses to operate.
Benefits of Insurance
Myanmar has over a dozen local and foreign insurance companies and now is the best time to buy a policy. But for many people, insurance is still a complicated process with a lot of numbers and conditions. We at Excellent Fortune Insurance (EFI) will make things simple for you.
In 2022, Americans spend an average of US $400 for an individual and US $1,000 for a family per month on health insurance. In Singapore, health insurance costs US $520 for an individual and US $1,400 for a family monthly.
EFI believes everyone deserves a helping hand and insurance should be accessible for all. One unit of basic health insurance premium costs only Ks 17,600 per year for a middle-aged person. A half-yearly rate of Ks 9,000 is also accepted.
One unit of policy has a claim of Ks 10,000 per day for up to 60 days if the insured person is hospitalized due to diseases or accidents. In the worst-case scenario, if the insured person passed away, the surviving family can claim the benefits of Ks 1 million/unit. Each person can buy a maximum of 25 units. This policy is inclusive of hospitalization and death by Covid-19.
EFI also offers education and general insurance to protect your children’s future and your hard-earned assets. You can learn more on our website or just call us. Our polite and well-trained agents will explain everything you need to know about insurance in detail.
Life can be tough and unpredictable sometimes. But you do not need to worry. Insurance can help you out when things do not go as you plan especially in the age of pandemic. EFI will protect you and secure your future. Live a carefree life and we have got your back. Call us now to protect your family’s lifestyle!