New Housing Insurance Package offers 14 types of coverage

A press conference on the Housing Insurance Package (HIP) held in Yangon.  Photo: Khin Maung Htwe
A press conference on the Housing Insurance Package (HIP) held in Yangon. Photo: Khin Maung Htwe

Myanma Insurance and the Ministry of Planning, Finance and Industry and Shin Ye Htut Group jointly launched a Housing Insurance Package (HIP) on 6 February at the MI head office in Yangon.
“We (Myanma Insurance) arranged this Housing Insurance Package as part of efforts to underpin the Union government’s low-cost and affordable housing projects,” said Dr. Sandar Oo, Managing Director of Myanma Insurance.
“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. But, the future is not ours to see. 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. We (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,” she added.
At the press conference, Myanma Insurance’s General Manager U Khin Maung Win gave details about the HIP to the press.
“The significance of HIP is that it covers 14 insurances, including life, fire, flood, earthquake, and storm. HIP can ensure those who buy apartments on installment through banks feel secure and banks lend cash to buyers with security,” said U Ye Htut, Chairman of the Shin Ye Htut Group.
The HIP is being offered for low-cost housing, affordable housing, and high-cost housing.
The insurance package is aimed at helping ordinary people, government employees, and pensioners own apartments, said U Khin Maung Win.
The HIP comes at a time when the Yangon Region government is planning to building one million housing units in the region.
“The same kind of HIP internationally provides just life cover. But, our HIP covers 14 areas, including life insurance,” said Dr. Sandar Oo.
Myanma Insurance’s HIP covers 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.—Khin Maung Htwe

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