On June 12, 2020, Manulife Cambodia paid out its first ever maturity benefit to a Cambodian family. The family had purchased Manulife Education Protector, a life insurance solution combining protection and savings for children’s high school or university education, in 2013. The payout is the first maturity benefit in the history of the life insurance industry in Cambodia.
Dalin Khun, who purchased the policy for her youngest sibling 7 years ago said, “It’s a dream that comes true. At that time, I attended a Manulife seminar about life insurance and I was very interested in long-term financial planning and financial protection. I started to think about savings for my youngest brother for his high school education. I went back home, discussed with my parents and then decided to start our savings journey with Manulife.” She continued, “The biggest concern we had at that time was whether we would get our money back at end of our savings term. Now after 7 years, it is really happening and I am happy to say that we are really receiving our maturity benefit as promised. I’m also very proud to know we’re the first family to get the maturity benefit in Cambodia. It’s a great feeling that I am able to support my brother’s high school education financially.”
“The first maturity benefit that we’re paying out today is a proof point of how we deliver on our promise to help build a healthier and better financial future for Cambodian families. We are excited to see our customers achieving their long-term financial goals with us. To us, this is just a beginning. We look forward to seeing more customers getting their maturity benefits from Manulife,” said Justin Helferich, CEO and General Manager of Manulife Cambodia.
A maturity benefit is an amount that a life insurance company pays to the insured when their insurance policy matures. This simply means that if you have a 10 years savings plan with Manulife, you will receive the matured benefit at end of 10 years.
Manulife entered Cambodia in 2012 as the first wholly foreign owned life insurance company in the Kingdom. In October, 2012, about four months after the company’s inception, the company handled its first life insurance claim and that was also the first for the whole industry in Cambodia. Eight years later, the company achieves another milestone in Cambodia by paying the first maturity benefit. Manulife Cambodia is now protecting more than 120,000 Cambodian families across the country with a total sum assured of over US$2.7 billion.