Deputy Finance Minister Dr. Maung Maung Thein has revealed that Myanmar athletes who participate in this year's SEA Games will receive free insurance valid from November 1 to December 23 of this year.
The announcement came on September 30 at a business meeting related to life insurance policies for athletes held at the Myanmar Insurance Enterprise in Yangon.
The offer will be jointly provided by Myanmar Life Insurance Enterprise and other private life insurance companies.
“At this rare occasion and rare opportunity, all companies from the insurance industry in Myanmar [will] jointly provide free life insurance to Myanmar athletes,” stipulated Dr. Maung Maung Thein.
Under the policy, a sum of five million kyats (approx. US$ 5,000) will be paid out in the case of death to a Myanmar athlete's family during the SEA Games, with a lesser amount paid to the athlete in the instance of injury.
Meanwhile, Myanmar Insurance Enterprise is offering insurance policies for foreign athletes at a premium of US$ 100, with possible payouts up to US$ 50,000 should an athlete be injured.
However, Dr. Maung Maung Thein said, “Foreign athletes will get compensation if they get injuries during the Games but they will not receive compensation in cases of death.”
He went on to add, "Myanmar athletes may continue their insurance policy after the SEA Games period, but they must pay for the policy themselves.”
Currently athletes must purchase life insurance with their own money.