Thai Life News
Insurance Policy for Foreigners
Thai Life News
Insurance Policy for Foreigners Post Dated: 25/2/2548 The requirements for foreigners are more or less the same as for Thais insured. The first and foremost following criteria will be considered: the duration of their residency, work permit, family/relations in Thailand, age, gender, health record, financial status, the motives of having an insurance policy. These will be considered to estimate the risk rate and to see whether they need a standard or additional premium rate.
Get a 50,000 Baht reduction on income tax If you possess an insurance policy of any insurance company operating in Thailand; and the covering year is more than 10 years; and the premium payment is in a period of less than 10 years, you will be able to receive a reduction in income tax ranging from 2,500 ? 18,500 Baht. You can do your own calculation by subtracting your premiums each year (not exceeding 50,000 Baht) from your income, estimated before tax calculation.
Then submit the receipt of your premium payment together with your income statement. Payment via Counter Services for Free! The policy holder whose insurance capital does not exceed Bt 30,000 can make his premium payment at counter services nationwide (available at 7 Eleven and major shopping malls).
Other payment options are also available: cash payment at the head office and 250 branches, cashier cheque/draft, postal money order, direct debit from bank account, telephone banking, internet banking, credit card or the sales agents.
For more Information: Contact Thai Life Insurance Care Center Tel. 0-2203-9988
Smart ways to buy a policy
1. Taking time in studying and understanding each type of insurance policy till you gain satisfactory information, including the sales representative and the company.
2. State accurate and thorough information in an insured?s application form. If there?s any mistake, inform the agent or the company immediately.
3. If you choose to pay your premiums by cheque make sure you make payment to the company and get a receipt for every payment.
4. If you are advised to cancel your policy and get a new one, contact your agent or the company first before making a decision.
5. If you wish to file any complaints about the policy or the company, contact the customer services. For Thai Life Insurance, contact Thai Life Insurance Care Center Tel. 0-2203-9988.
New Policies for All Needs Post Dated: 25/2/2548 In order to provide more options for the consumers due to deposit interest reduction and the competitiveness of insurance business, Thai Life Insurance Co., Ltd. Is now offering new types of policies, For example: ?Sapthawee 470? Policy The issued age of the insured for this type of policy is from 1 month old to 55 - years of age. The coverage period lasts 42 years, while the premium payment is only within 21 years.
During the payment period, the insured will be given 5% of sum insured every 3 years 7 times up until the 21st year totalling 35%. On the final premium payment of the 21st year cash refund will be paid with a dividend of not less than 25% guaranteed.
From the 22nd year onwards, the insured will receive cash benefits in a form of annuity, worth 10% of sum insured each year totalling 210% for 21 times. If the insured lives till the maturity date of the contract, he /she will receive 200% of sum insured.
All over the ?Sapthawee 470? policy, the maximum benefit for this contract is as high as 470%. In case of death, the coverage for 1st year is 100% of sum insured and continuously increased 5% each year to 200% at the end of 21st year until the end of this coverage at the end of the 42nd year. ?Thanarak? Policies Thanarak policies consists of 5 policies; Thanarak 5, Thanarak 6, Thanarak 7, Thanarak 8 and Thanarak 9.
They are saving policies that come with dividends at the end of coverage. The legitimate insured is issued from 1 month old to 75 years of age.
Any occupation class of insued, of any age and any gender, is to make a single premium payment with the same premium rate. Annuity is also given. If the insured lives till the maturity date of the contract, he/she will be given 100% of sum insured and approximate a 10% of dividend.
In case of death benefit, either sum insured or surrender value, depending on which sum is more, will be paid. Among 5 types of Thanarak the company provides, they are quite different in years of coverage and percentage of sum assured for cash benefits, in case of life, at the end of every year till maturity. Thanarak 5 offers 10 years protection and 2.25% of sum assured for cash benefits where as Thanarak 6 offers 15 years protection and 2.50% cash benefits. Better in cash benefits for Thanarak 7 that offers 2.75% and covers 20 years.
And the 2 newest Thanarak policies are Thanarak 8, the coverage period lasts 12 years and offers cash benefits as high as 3.00% of sum assured, and Thanarak 9 which the coverage period is only 6 years and offers cash benefits 3.00 % of sum assured. Tax Return for Tax Deduction Tax Return Policy is suitable for the insured with regular income for tax reduction advantage.
The premium can be used for tax deduction valued at a maximum of baht 50,000 per year. The policy covers only death benefits and any additional coverage cannot be obtained.
The premium rate is constant and lasts 10 years. The insured can make payment according to his capacity (Bt 10,000 / Bt 20,000 / Bt 30,000 / Bt 40,000 / Bt 50,000). The sum insured is subject to change according to age and gender.
The legitimate insured is from 20 ? 70 years of issued age. If the insured lives till the maturity date of the contract, he/she will be given 100% of sum insured.
Personal Accident Policy To save the clients from the long years? duration of premium payment, Thai Life Insurance Co., Ltd. also offers a year ? by ? year personal accident insurance with 3 types of coverage; P.A. Classic Care, P.A. Special Care, and P.A. Bone Care. P.A. policies cover death benefit, disability benefit (both partial and full), medical treatment expenses for P.A. Special Care, bone fracture and burning for P.A. Bone Care. The sum insured ranges from baht 200,000 ? 5,000,000 and the premium is baht 1,000 ? 17,000.
During the first 5 years of the policy extension, the insured will receive additional coverage (5% of sum insured) for death benefit, loss of organs/eyesight or full disability without paying any extra premium.
The insured is also given an insured identity card which enables him/her to receive medical treatment at more than 140 hospitals nationwide without paying advanced medical fees. For anyone who buys this policy will receive free Roadside Services and Hotel Network which are offered 24 hours via 0?2614?3666.