Yoma Bank Protects Thousands of its Employees through Prudential Myanmar’s Group Life Insurance Plan
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Yangon, Myanmar, May 2020 – Yoma Bank, one of the largest private banks in Myanmar, is providing PRUGroup Life, a life insurance solution offered by Prudential Myanmar Life Insurance Limited (Prudential Myanmar), to more than 3,000 employees across the country. The PRUGroup Life, a group term plan for companies and organisations, provides protection against financial loss should death, total and permanent disability, or disability happen to an employee covered under the plan.
While it is not mandatory for companies to provide life insurance for employees in Myanmar, Yoma Bank is providing PRUGroup Life on a voluntary basis to its employees, the majority of whom are not protected by individual insurance. By being covered under PRUGroup Life, Yoma Bank’s employees can enjoy peace of mind knowing that their family and loved ones will be protected against financial challenges in the event of an unfortunate and unforeseen life event.
In addition, all Yoma Bank employees registered under PRUGroup Life can also enjoy free, additional coverage to help protect them against the threat posed by COVID-19 pandemic. Under the COVID-19 Free Cover initiative, Prudential Myanmar will provide lump sum benefits to any of Yoma Bank’s employees who is unfortunately diagnosed with COVID-19 or passes away as a result of the disease.
Mr. Dean Cleland, CEO of Yoma Bank, said, “We believe people are the foundation of our success and as a company, we consider life insurance as an important form of financial protection for our employees across Myanmar. Our employees, who rely on their salaries to support their families and for purchasing power, will be well-served by being protected under PRUGroup Life insurance coverage, which complements and supplements our employee benefits and welfare programmes.”
Mr. Asit Rath, CEO of Prudential Myanmar, said, “Employee Welfare Schemes are core to the functioning of any modern organisation. The provision of life Insurance plans can substantially reinforce the employee centric initiatives of all companies, whether large or small. We are proud to be chosen as the insurer of choice for employees of Yoma Bank, which is widely considered to be amongst the best companies to work for in Myanmar. Prudential Myanmar is committed to offering products and services that will add to the existing employee welfare initiatives of corporates in Myanmar as well as help them attract and retain their talents.”
In March 2020, Prudential Myanmar and Yoma Bank signed a memorandum of understanding to establish an exclusive partnership to distribute life insurance solutions to customers in Myanmar, helping them meet their growing long-term protection needs. Under the partnership, it is envisaged that customers of Yoma Bank will have access to Prudential Myanmar’s savings and protection products via the bank’s extensive branch network.
With Prudential Myanmar’s significant investments in cutting-edge technology, combined with the nation-wide reach and market expertise of Yoma Bank, the partnership has the potential to create a truly digital, inclusive financial ecosystem through which Prudential Myanmar’s suite of solutions will be distributed.