Myanma Insurance and the Ministry of Planning, Finance and Industry and Shin Ye Htut Group jointly launched a Housing Insurance Package (HIP).

Myanma Insurance arranged this Housing Insurance Package as part of efforts to underpin the Union government’s low-cost and affordable housing projects.

Low-cost and affordable apartments can be bought on installment, with loan periods ranging from 10 to 30 years, in accordance with the policy of the banks. Sometimes, a buyer may die or become disabled before paying back the entire loan taken from a bank. Besides, a natural disaster can strike anytime. Myanma Insurance have arranged the Housing Insurance Package to provide insurance to people to protect them from financial losses caused by 14 disasters that are mostly seen in Myanmar.

Myanma Insurance’s HIP covers 14 insurances, including fire, lightning strike, explosion, plane crash, earthquake, storm, flood, damage, damage to water tank and water pipe, damage caused by uprooting of trees, fire and smoke, burglary, broken window. It also offers two types of premiums: budget premium and non-budget premium.

Source: The Global New Light of Myanmar

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