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Which Insurance to Buy for Tax Deduction 2024?

Which Insurance to Buy for Tax Deduction 2024?

As the time for annual tax filing approaches, many people look for options to reduce their taxes. One of these options is purchasing an insurance plan for tax deduction 2024, whether it’s health insurance, life insurance, or annuity insurance How are each type different, and what are the conditions you need to know before making a decision? Today, let’s find out which insurance plans help reduce taxes and by how much, making tax planning easy and enabling you to use tax deduction benefits effectively, along with coverage that suits every lifestyle.




5 things to know before buying an insurance for tax deduction 2024


5 things to know before buying an insurance for tax deduction 2024


The point is not how much an insurance is tax-deductible, but we need to understand details and conditions of the coverage, including what to watch out for in case one day you miss paying the premium. To help you fully utilize tax deduction rights and avoid future problems, we have compiled 5 things you need to know to help you confidently choose the right tax deduction insurance, providing value and meeting both health and financial goals.



1. Types of insurance eligible for tax deduction:

Not all types of insurance are eligible for tax deductions. You should choose insurance that meets legal criteria, such as life insurance, health insurance, and annuity insurance, each of which has different tax deduction conditions.


2. Premium amounts eligible for tax deduction:

 Each type of insurance has a tax deduction limit. For instance, health insurance and accident insurance that covers health are tax-deductible based on actual payment, up to 25,000 Baht. Life insurance is tax-deductible up to 100,000 Baht, and annuity insurance is tax-deductible up to 300,000 Baht.


3. Policy period conditions: 

For example, life insurance that is eligible for a tax deduction must have a contract period of 10 years or more, and annuity insurance must pay benefits only after retirement, without other benefits being paid before receiving the annuities, except for death benefits.


4. Caution:

Before deciding on insurance, thoroughly check the policy conditions such as refunds, benefit payments, and coverage period to ensure that the selected insurance fits your lifestyle and provides the tax deduction you need.


5. Missing premium payments affects tax deductions:

If you miss a premium payment or if you surrender the policy before the 10-year contract period is completed, you may have to repay the taxes previously deducted, along with interest as stipulated by law. Therefore, it’s important to plan to ensure that you can fully pay the premiums within the specified period to avoid future burdens.


Health insurance is tax deductible up to 25,000 Baht per year.

Health insurance is tax deductible up to 25,000 Baht per year.


Choosing health insurance to use for tax deductions is a trendy option, whether you're a first-jobber or an old hand looking for additional options to reduce tax burdens efficiently. Tax-deductible health insurance suits every lifestyle, offering not only health coverage that helps reduce medical expenses like room fees, medication, doctor fees, and food during illness but also acting as an essential tool for effective tax management.


  • Health insurance premiums are tax-deductible for up to 25,000 Baht per year.
  • If purchasing health insurance for parents, it can be tax-deductible based on actual payment, up to 15,000 Baht per year.
  • Health insurance can be combined with life insurance and savings insurance for the tax deduction of up to 100,000 Baht per year.


Tax-deductible health insurance is one of the first choices to consider for anyone looking for tax-deductible insurance because it allows careful planning for both finances and health coverage, reducing medical expenses and leaving more money in your pocket. It ensures both financial and health security, providing smart tax management!


Choose lump-sum health insurance from Muang Thai Life Assurance

Receive comprehensive health coverage amounting from 200,000 to 100 million Baht, with affordable premiums and tax deduction up to 25,000 Baht. If you’re buying from parents, it is deductible up to 15,000 Baht. Buy now for comprehensive coverage and worthy tax deductions!

 

Affordable small-package health insurance, Mao Chai Extra, allowing you to choose comprehensive coverage based on your needs, up to 500,000 Baht(1). Coverage includes accidents, common diseases, and critical illnesses like heart disease and pneumonia.

 

Medium-package health insurance, D Health Plus, offering coverage up to 5 million Baht(2) for minor illnesses, office syndrome, high blood pressure, intestinal inflammation, and critical illnesses like heart disease, diabetes, and accidents. The lump-sum benefits are for standard single room fee and medical expenses, including outpatient treatments.

 

Large-package health insurance, Elite Health Plus, offering coverage from 20 to 100 million Baht per year for common and critical illnesses, such as cancer, pneumonia, heart disease, and kidney disease. Comprehensive coverage includes room fees, medical expenses, and medical treatment technologies: chemotherapy, targeted therapy and immunotherapy. Elite Health Plus also covers diagnosis through CT scan and MRI, as well as outpatient treatments. The coverage area is worldwide. (3)


Life insurance and savings insurance are tax deductible up to 100,000 Baht per year.


Life insurance and savings insurance are tax deductible up to 100,000 Baht per year.



One of the must-mention insurances is life insurance and savings insurance. If you've overlooked insurance for tax deduction 2024, take another look because life insurance and savings insurance not only help with tax deductions but also assist with savings and guarantee yearly returns, providing financial security for both you and your loved ones without leaving burdens behind if you are not around anymore.



Life Insurance

  • Life insurance premiums are deductible up to 100,000 Baht.
  • The contract period must be 10 years or more.

 

Savings Insurance

  • Savings insurance premiums are eligible for the same tax deduction as life insurance, up to 100,000 Baht.
  • The contract period must be 10 years or more.

 

Life insurance and savings insurance can be combined for tax deduction purposes, but the total amount must not exceed 100,000 Baht, as stipulated by law. If the policy is surrendered before the 10-year period is completed, it will be considered a violation of conditions and invalid for tax deduction.

 

Choose savings life insurance from Muang Thai Life Assurance

Savings insurance and life coverage. New-style insurance investment, guaranteeing yearly cash bonus. One-time premium payment, providing life coverage for 10 years.


Annuity insurance is tax deductible up to 300,000 Baht per year.

Annuity insurance is tax deductible up to 300,000 Baht per year.


If you want to enjoy life after retirement with sufficient funds, annuity insurance is a crucial tool for long-term planning, especially for those who want to have an annuity for post-retirement use. It offers tax deductions of up to 300,000 Baht per year. The conditions and requirements of tax-deductible annuity insurance not only meet future planning goals but also provide financial security after retirement.


  • Eligible for tax deductions of up to 15% of annual income, or up to 200,000 Baht per year for annuity insurance, or up to 300,000 Baht per year when combined with life insurance premiums.
  • Must have coverage period of 10 years or more.
  • Benefits start from age 55 years and continue until age 85 years or more.
  • No other benefits are paid before receiving the annuity, except in the event of death.
  • No benefits are paid on the premium due date or the last policy anniversary before receiving the annuity.
  • If the policy is surrendered before the specified term, all previously received tax benefits must be returned.


Annuity insurance is an excellent choice for long-term financial planning, providing both future security and worthy tax benefits.


Choose Annuity Insurance from Muang Thai Life Assurance

Flexi Retire 90/5 

The right annuity insurance plan to maximize your tax deduction. Retire with money to spend, pay premiums for just 5 short years, but receive annuity payments until the age of 90. You can choose to start receiving annuity payments at the ages of 55, 60, or 65 years.


Planning for tax deductions in 2024 with tax-deductible insurance not only helps manage taxes efficiently but also provides peace of mind regarding health, life, and finances through insurance that meets the needs of various lifestyles. Whether it's health insurance with a tax deduction of up to 25,000 Baht per year, life insurance and savings insurance with a tax deduction of up to 100,000 Baht per year, or pension insurance that offers a tax deduction of up to 300,000 Baht per year, you will also learn about the details, conditions, and benefits of each type of insurance, helping you choose the most suitable plan in terms of coverage and tax deduction goals for this year.

 

For more information,

☑ Tel. 1766, available 24/7

☑ Contact life insurance agents or Kasikornbank and Land and Houses Bank branches.

 

Remarks:

(1) For Plan 3 which is a benefit per any inpatient hospitalization

(2) In case of choosing Plan 5 MB which is a benefit per any treatment

(3) For worldwide coverage area

 

  • Riders must be purchased to be attached to the policy which is still effective.
  • Conditions are as specified by Muang Thai Life Assurance PCL.
  • Mao Chai Extra is the marketing name for Extra Care (N) Rider.
  • Coverage period of the rider must not exceed the coverage period of the life insurance policy that this rider is attached to.
  • Standard single room fee means fee of standard single room of hospitals in Thailand.
  • Premium is eligible for tax deduction. Conditions are as specified by the Revenue Department.
  • Underwriting is subject to the Company’s rules.
  • Conditions are in accordance with medical necessity and medical standard.
  • Please study the details of coverage, conditions and exclusions before deciding to purchase insurance.

 

Sources: data retrieved on 13/09/2024

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