KBZPay Life Insurance (FAQ)
KBZPay life insurance is a free life insurance coverage given to all KBZPay customers.
Cost is 0; KBZPay life insurance is a free benefit offered to all KBZPay customers.
- Be a KBZPay customer
- Make a minimum of 3 merchant transactions with your KBZPay within a month
Must be at least 3 merchant transactions within a month. The following transactions are excluded – phone bill top-up and data package, P2P transfer, Cash In/ Out, Pocket Money, transfer from/to KBZPay wallet and bank account.
Currently, there is no minimum amount for each merchant transaction.
Anyone can be a beneficiary.
It is a customer’s responsibility to inform to the beneficiary about this benefit.
The customer is free to change the beneficiary at any time.
- After fulfilling 3 merchant transactions within a month, the customer is covered under KBZPay life insurance in the following month.
For example, if a customer makes 3 merchant transactions in May, he/she is eligible for KBZPay life insurance in June.
- 3 times the average monthly balance of the previous month of the date of death, capped at MMK 100,000. Maximum insurance pay-out is MMK 300,000.
For example, if the customer’s average monthly balance is MMK 90,000, his/her beneficiary will receive insurance pay out of MMK 270,000. But if the customer’s average monthly balance is MMK 400,000, his/her beneficiary will only receive insurance pay out of MMK 300,000.
- The monthly average balance of the month can be calculated by adding daily balance of the month divided by number of days. Number of days follow a calendar month and can be either 28,29,30 or 31 except the month that KBZPay is opened where the actual number of days KBZPay was opened will be considered if it is not opened on 1st of the month.
For example, if a customer registers KBZPay on 21 May, 2019, number of days would be 11 for May’19. From June’19 onwards, number of days would be one of the following options: 28,29,30 or 31.
A claimant can claim the benefit within 6 months from the date of death of the customer.
Within 14 business days from the date of receiving all documents requested to settle the claim.
- A beneficiary can submit the below information to IKBZ’s email or viber phone or IKBZ branches.
1.Customer’s KBZPay phone no.
3.Any official dead proof of the customer or dead certificate
6.Beneficiary’s KBZPay phone no., if any
The insurance pay-out will be given to the claimant through any means that IKBZ uses to pay to the claimants.
Where a beneficiary is not mentioned for deceased KBZPay, the proceeds of KBZPay would be paid out to the deceased KBZPay and dealt with in accordance to the bank policy for deceased accounts.