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All in One! Where to Buy Savings Insurance in 2024? Let’s Find Out!

All in One! Where to Buy Savings Insurance in 2024? Let’s Find Out!

January 29, 2024

5 minute

How can I save money? Where should I buy savings insurance in 2024? The easiest way is simply saving. To level up a bit, you can open a savings account or a fixed deposit account. However, did you know that there is another option more worthwhile? That is savings insurance or savings life insurance. This is not only an interesting option for people who want to have money saved but also helps increase stability and can be used for tax deduction.

Where should we buy savings insurance in 2024? What are the advantages? Let’s explore now.

 What is savings insurance?

 What is savings insurance?

First of all, many people are probably wondering what is the difference between savings insurance and savings life insurance. These two are not different; savings insurance is the general name of savings life insurance that provides life coverage and savings; in other words, it is saving money in the form of life insurance.

Now, let's get to know savings insurance first. It is another type of life insurance focusing on saving money, at the same time providing life coverage. Once we paid all premium payments within the period specified in the policy, the insurer shall provide us the maturity benefit, either in a one-time lump sum benefit or cash bonus throughout the contract. Choose what suits your needs best. One day, in case we were not here anymore, people behind us, whether they are dad, mom, kids, family members or the beneficiary specified in the insurance policy, would receive a lump sum benefit called the sum insured in the amount specified in the policy contract. This ensures that they will be fine when we are not around.

What confuses you the most in the beginning is a number at the end of the savings insurance name. Many people may wonder what that number means as they have never bought life insurance before, such as Savings Insurance 10/7. What do the two numbers mean? Actually, the number in front refers to the number of years of coverage period, and the number on the back refers to the number of years of premium payments.

Savings insurance is suitable for people who want to accumulate wealth or to save money in the form of life insurance with a lump sum benefit in the future, such as scholarship for children and future investment.

Advantages of savings insurance

Advantages of savings insurance

Savings insurance is considered an insurance contract with a purpose to provide life coverage, together with managing savings. The insureds are able to flexibly and worthily choose the premium payment period. In addition to providing high returns according to the policy conditions, it is also tax-deductible, including long-term life coverage.

  • Low risk

Saving money with savings life insurance gives you a certain return as it promises when to receive maturity benefit, how much for cash bonus and other benefits. It is considered a good option to start building the discipline of saving money, suitable for people looking for guaranteed returns.

  • Receive both life coverage and savings

When getting a life insurance, you definitely receive life coverage. However, when purchasing life insurance, if we passed away or something caused us to be unable to pay premiums, our family or the beneficiary are entitled for the benefits greater than savings or other types of investments. This is considered a life coverage for you and stability for people we left behind.

  • Lump sum maturity benefit  when premiums are all paid 

When purchasing a health rider, sometimes, you need a base-plan policy as well. Savings life insurance meets the need in this point as it clearly specifies the period, financial planning and health coverage planning at the same time.

  • Tax-deductible

Is savings insurance tax-deductible? Of course, it is! Savings insurance is tax-deductible up to 100,000 Baht. Generally, there are tax-deductible insurance plans under savings insurance; the highlight of savings life insurance is return, as mentioned earlier.

Where to buy savings insurance in 2024?

Where to buy savings insurance in 2024?

At this point, everyone may probably wonder where to buy savings insurance. We recommend that you can try calculating all the premiums to be paid to find out how much for the maturity benefit. However, don't forget to consider the sum insured as each insurer may provide it differently; the premium amount could be the same while the sum insured is not. Also, consider premium payment period and how much we can afford.

Easy tips to save money

Easy tips to save money

Financial problems are the beginning of many other financial problems, such as not being able to save money and spoiling yourself or others too often, and finally, you could be in debt and had no money to save. If we don't have savings, when an unexpected event occurs, such as job loss, illness and accident, it would leave us with no money to deal with the problems.

This could be the starting point to borrow money from other sources, incurring debts. Today, we have some tips for spoilers and people who are not good at saving which are very easy but working very well. 

  • Saving before spending

For example, we had 500 Baht left but wanted to make it last for a week, strangely, we have always made it as we have the ability to adapt ourselves.

Therefore, we should set aside money every month and open a separate account from the account we use regularly in order to place the money as far away as possible to avoid spending too much. Don’t link the separate account with neither a debit card nor a mobile banking application to not easily withdraw it.

  • Collect 50-Baht banknotes and put coins in the jar

    The principle is, every time you get change back in 50-Baht banknotes or coins, do not use it! Let's take it back home, and then drop it into the jar immediately.

    • Make an expense account

      Write it all down. Write it down every Baht that we spend so that we can see a big picture of our spending each day and see what we spend on each week. The surprising thing is, once we start writing down the expenses, we start spending less without even realizing it.

      •  Use credit cards properly

      There is only one golden rule when using a 'credit card': We will only swipe our credit card if we have enough cash to pay at that time. If not, absolutely do not swipe. Because if you swipe it, it means that we are pulling out future money to use.

      • Buy savings insurance

        In addition to life coverage, when the insurance is mature, you are also entitled to a large lump sum benefit. If we passed away, the people we left behind could move on with their lives, so you didn’t have to worry about your family.

        For people who want stability in life and to not worry about the people behind, let's consider savings insurance. It’s a good start for stable financial planning with return and worthy coverage in long term. There are many available worthy plans to choose to meet your needs. 
        For newbies, we recommend that you start saving money in a simple way first. Whether you're a shopping or travel enthusiast, you can do it. Just start saving money from today, so you don't have to worry about money for future use. With savings life insurance, get both life coverage and an opportunity to receive returns. Premiums paid are not lost when the contract is mature. Plus, you can exercise the tax deduction right up to 100,000 Baht. Choose:

        ✅ Muang Thai 101 Plus: Single premium payment to not be a burden

        ✅ Muang Thai Smart Link 15/3 (Global): 3-year premium payment

        For more information: Click

        Call Tel. 1766, available 24/7.

        Contact life insurance agent or Land and Houses Bank branches.

        • Muang Thai 101 Plus is the marketing name of Muang Thai Smart Link Plus 10/1 (Global).
        • Coverage conditions are as specified in the insurance policy.
        • It is savings in the form of life insurance.
        • Premium is eligible for tax deduction. Conditions are as specified by the Revenue Department.
        • Please study the details of coverage, conditions and exclusions before making a decision to purchase insurance. 

        Source: retrieved on 25/09/66

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