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Manulife launches two life insurance plans to help families in Myanmar

Manulife Myanmar has launched two life insurance products designed to help families make better financial decisions and improve their financial security. Families in Myanmar can now choose Manulife Protector to safeguard their financial future and Manulife Education Life to save for a child’s education. Both plans also offer unique COVID-19 benefits. Manulife Protector is a comprehensive life insurance plan that is designed to protect the insured’s family in an unexpected and unfortunate event when the insured can no longer do so. Also, it is kind of long-term savings if the protection is not needed.

Customers can start a life insurance plan for K5,000,000 with flexible payment terms. The oldest age for life insurance is 55 years old for the 10-year plan and 45 years old for the 20-year plan. Manulife Education Life allows parents to save for their child’s future education, with insurance to take care of the child’s education needs in the unexpected and unfortunate event if they are not able to do so. It can start with a face amount of K5,000,000 and offers flexible premium payment terms, as well as the option to select Double Benefit for extra life insurance protection. Customers that purchase either plan from now until 31 December 2020 are automatically entitled to special COVID-19 benefits that cover themselves and immediate family members.

These provide a potential maximum one-time K600,000 total payouts if the life insured and/or their immediate family members (maximum four payments per family) are diagnosed with COVID-19; a further K600,000 to cover intensive care costs if the life insured is hospitalized in an ICU ward; and an extra death benefit of K6,000,000, if the life insured unfortunately passes away due to COVID-19.Manulife Protector and Manulife Education Life are now available. Customers can purchase the plans from Manulife agents. 

Source: The Global New Light of Myanmar

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Myanmar agricultural exports increase in 2019-2020 FY

Myanmar’s exports of farm products remarkably soared to US$3.69 billion between 1 October 2019 and 25 September 2020 in the 2019-2020 financial year from $3.2 billion in the corresponding period of the 2017-2018FY, according to the trade figures released by the Ministry of Commerce.

During the last FY2019-2020, the agro-export figures reflect an increase of $474 million against a-year ago period. Myanmar’s agricultural exports rose regardless of the impact of the coronavirus on foreign demand. In the exports sector, the agricultural industry performed the best, accounting for 22 per cent of overall exports. The chief items of export in the agricultural industry are rice and broken rice, pulses and beans and maize. Fruits and vegetables, sesame, dried tea leaves, sugar, and other agro products are also shipped to other countries.

More than 100,000 acres of monsoon paddy have been cultivated under the contract farming system this year, according to Myanmar Rice Federation (MRF). The Commerce Ministry is working to help farmers deal with challenges such as high input costs, procurement of pedigree seeds, high cultivation costs, and unpredictable weather conditions. In a bid to remedy the businesses stricken by the COVID-19, the government also provided the agricultural loan of K150,000 per acre of paddy.

Source: The Global New Light of Myanmar

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India proposes oil refinery to expand presence in Myanmar energy

India wants to build a US$6 billion oil refinery in Thanlyin, Yangon, to rival China’s investment in Myanmar’s energy sector, according to India’s Foreign Secretary Harsh Shringla and India Army Chief MM Naravane during their joint visit to Myanmar this week, India media have reported. Myanmar has yet to confirm or announce the proposal. Under a Memorandum of Understanding between Myanmar and India signed during President U Win Myint’s trip to India in Februray, the two governments had agreed to advance cooperation in the sector.

The two governments are discussing possibilities to cooperate in the downstream oil and gas sector in Myanmar. The MOEE is now also negotiating terms to purchase power to purchase power from India via cross border transmission following a bilateral meeting held on September 3 between the relevant ministries and officials, including Indian Ambassador to Myanmar Mr. Saurabh Kumar. India is raising efforts to promote its presence in Myanmar energy under its Look East and Neighbors First policies even as China expands investments in the downstream sector.

Several Chinese companies have shown interest to invest in building large oil refinery projects at the Dawei Special Economic Zone in Thanintharyi Region. China-based Yunnan Indo-Pacific Group Zhongan and CNPC East China Design Institute have purposed field surveys for a large-scale oil refinery project in the SEZ which can refine 8 million tonnes of oil a year. Meanwhile, Hong Kong New Energy Investment Holdings Limited, China Huanqiun Contracting and Engineering Co., Ltd, China Petroleun Pipeline Engineering Co., Ltd and China Energy Engineering Corporation are also interesting in building an oil refinery in Myanmar and have submitted proposals to the MOEE.

Source: Myanmar Times