GET FREE

Life Insurance By Making

3 Merchant Transactions

Every Month!

FREE Life Insurance

KBZPay customers who make at least 3 merchant transactions (purchase transaction, not including top-up) per month will now be offered free life insurance value of 3 times the average monthly balance in their personal KBZPay wallet. This offer of free life insurance for KBZPay customers is a token of appreciation for the trust and confidence our valued customers placed in KBZPay.

Step by Step Flow

Step 1

Make Payments

Make 3 merchant transactions within a month with KBZPay and earn higher life insurance coverage with higher KBZPay wallet balance.

Step 2

Nominate One Beneficiary

Protect your nearest and dearest by naming one of your loved ones as your beneficiary.

Step 3

Contact IKBZ

In the event of the death, your beneficiary should contact IKBZ on 012307120. For more information on claim and T&Cs, please visit https://www.i-kbz.com/kbzpaylifeinsurance/

*Life insurance will be 3 times the value of your average monthly wallet balance – up to a maximum pay-out value of 300,000 MMK. For example, an average monthly balance of 60,000 MMK pays out 180,000 MMK in life insurance after death. 
Full terms and conditions apply.

Requirements :

Eligible CustomersCustomer with at least 3 merchant transactions within a month
Age EligibilityNo Limit
Minimum Balance RequirementNo Minimum Balance
Insurance Benefit3 x Average monthly balance in the previous month
Maximum Pay-OutMMK 300,000
CoverageDeath by any cause
Life Insurance Coverage PeriodAfter completing 3 merchant transactions within a month, life insurance coverage is valid for the next month.
Charges to AccountholdersFree of charge
Life Insurance Cover Provided byKBZ Bank
Claim Administered byIKBZ

FAQs :

1. What is KBZPay life insurance?

  • KBZPay life insurance is a free life insurance coverage given to all KBZPay customers.

2. How much does it cost?

  • Cost is 0; KBZPay life insurance is a free benefit offered to all KBZPay customers.

3. What must I do to become eligible?

  • Be a KBZPay customer
  • Make a minimum of 3 merchant transactions with your KBZPay within a month

4. Which type of transaction is needed to be eligible for KBZPay life insurance?

  • 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.

5. Is there any minimum amount limited for each merchant transaction?

  • Currently, there is no minimum amount for each merchant transaction.

6. Can someone who is not related be beneficiary of the customer apart from family, relatives and spouse?

  • Anyone can be a beneficiary.

7. How can a beneficiary know he/she is a beneficiary of the customer?

  • It is a customer’s responsibility to inform to the beneficiary about this benefit.

8. Is the customer allowed to change the beneficiary?

  • The customer is free to change the beneficiary at any time.

9. For how long KBZPay life insurance is valid after making 3 merchant transactions within a month?

  • 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.

10. What is the maximum insurance coverage of KBZPay life insurance?

  • 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.

11. How can customers calculate their monthly average balance of the month?

  • 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.

12. What is the duration to claim the benefit?

  • A claimant can claim the benefit within 6 months from the date of death of the customer.

13. How long will it take to receive KBZPay life insurance pay-out?

  • Within 14 business days from the date of receiving all documents requested to settle the claim.

14. How can a beneficiary claim KBZPay life insurance?

  • A beneficiary can submit the below information to IKBZ’s email or viber phone or IKBZ branches.

1.Customer’s KBZPay phone no.

2.Customer’s NRC

3.Any official dead proof of the customer or dead certificate

4.Beneficiary’s Name

5.Beneficiary’s NRC

6.Beneficiary’s KBZPay phone no., if any

15. I want to make a claim but I do not have a KBZPay. How can I make a claim?

  • The insurance pay-out will be given to the claimant through any means that IKBZ uses to pay to the claimants.

16. What if the customer has no beneficiary nomination and someone comes to claim KBZPay life insurance?

  • 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.

17. How to know where to contact for claim of KBZPay life insurance?

18. Where to visit for more information about KBZPay life insurance?