Tax deductible insurance: Which type of insurance gives you worthy tax deduction?

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Entering the end of the year, don't forget to prepare your 2023 tax deduction documents. There are many helpers available for your tax deduction: personal and family expenses, donations, investments, including tax deductible insurances which are also popular. In addition to the protection, you can also exercise your tax deduction rights at the end of the year. For life, health, annuity and savings insurance, each of them provide different protections, different tax deductions and different benefits, so you may select the type of insurance that could answer your needs the most. Let's explore which is a good choice in terms of comprehensive coverage and tax deductions. Muang Thai Life Assurance is here to provide you all you need to know before making a decision.



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How much tax deduction can be given for insurance in 2023? What about the coverage of each plan?


If looking for how to deduct the tax, many people probably think of insurance, whether it be life, health, annuity or savings insurance, as you will receive both coverage and tax deduction. Let's see the coverage and how much tax deduction can be given for each type.


1. How much tax deduction can be given for life and savings insurance?


Life insurance is a form of insurance that will compensate income only for when the insured passes away, for total permanent disability or for old age. A life insurance company shall pay the specified amount to the insured or beneficiary as specified in the life insurance policy. There are many types of life insurance. Each type has different coverage and benefits.


Life insurance is divided into 4 types of general life insurance: 1. Term life insurance 2. Whole life insurance 3. Endowment/savings insurance and 4. Annuity insurance. There are 2 types of special life insurance: 1. Investment-linked life insurance and 2. For seniors.


Savings insurance is a form of life insurance that provides both life protection and savings for future use. The insured must pay premiums to a life insurance company for a specified period of time, and the life insurance company shall pay cash bonus (if any) and the maturity benefit to the insured, including benefit in case the insured passes away before the contract maturity to the beneficiary.


Tax deductions from life and savings insurance can be made as charged up to 100,000 Baht per year. If you need life coverage or savings to use in the future, you can choose this insurance.


2. How much tax deduction can be given for health insurance?


Health insurance is considered as popular tax deductible insurance that people often choose as the health insurance allows us to reduce the burden of medical expenses incurred from illness or accidents for room and broad fee, medication fee, doctor fees and other expenses. This coverage depends on the plan we purchase. Although still young, but having health insurance before you get sick or early on could reduce worries about those expenses to not affect the family's savings. It is suitable for people of working age who need to take care of their health and can also be used as a tax deduction.


Health insurance can be tax deductible as charged up to 25,000 Baht per year. If you purchase health insurance for your parents, it is tax deductible as charged up to 15,000 Baht per year. In addition, health insurance can be combined with life insurance and savings insurance for tax deduction of up to 100,000 Baht per year as well.


3. How much tax deduction can be given for annuity insurance?


Annuity insurance is a form of life insurance suitable for retirement planning and  comes in many forms, depending on the needs of the insured.


Annuity insurance provides tax deduction of 15% of the income actually paid, up to 200,000 Baht per year. If you are looking for a financial product to help them find income in retirement age to not be a burden on children and grandchildren, it is considered another very interesting option. Although the premiums for annuity insurance are fairly high, it helps stabilize the retirement life. 


It can be seen that tax deductible insurances provide different protections and benefits. Therefore, before purchasing a tax deductible insurance, it is necessary to study the details of coverage, conditions, and risks before deciding to purchase insurance every time to benefit your needs the best.


Comparison of tax deductible insurance plans in 2023 to meet your needs the best


Comparison of tax deductible insurance plans in 2023 to meet your needs the best 


There are many tax deductible insurance plans available. Therefore, you should study the details of coverage and conditions before making a purchase every time in order to receive the protection that best meets your needs. If you haven’t had a helper on tax deduction yet, let’s choose from Muang Thai Life Assurance’s products by comparing life, health, annuity insurance and savings insurance together to find the best plan for you with comprehensive coverage and tax deduction.


💰 Savings life insurance

Savings life insurance: tax deduction up to 100,000 Baht per year with returns, life coverage and well-kept-up premiums. Choose:
Muang Thai Smart Link Pro 10/1 (Global)
Single premium payment
Muang Thai Smart Link 15/3 (Global)
3-year premium payment


💰 Health insurance

Health coverage with no worries about medical expenses. Health insurance premiums are tax deductible up to 25,000 Baht per year. If you buy it for your parents, the tax deduction is up to 15,000 Baht. Choose:
Elite Health Plus
Coverage amount up to 20 - 100 MB per year
D Health Plus
Lump sum benefit up to 1 - 5 MB per treatment
Maochai Extra
Small-size lump sum benefit up to 500,000 Baht(1)


💰 Annuity insurance

To retire, it is better to have an annuity insurance. In addition to health planning for critical illnesses during old age, money to spend in retirement life must be allocated well, too, so you can live life to the fullest. Plus, annuity insurance can deduct tax up to 300,000 Baht per year (2) with guaranteed benefit payment every year after retirement year. Choose:
Muang Thai Return Retire
5-year premium payments 
Muang Thai 9901 D65 (tax deductible annuity insurance)
Single premium payment


Purchase today for 6-month installments with 0% interest or cashback up to 13%.


More information
☑️ Call Tel. 1766, available 24/7.
☑️ Contact life insurance agent or Kasikornbank and Land and Houses Bank branches.


 (1) For Plan 3, the limit of inpatient medical expenses per hospitalization

(2) For tax deduction of general life insurance premiums first. If general life insurance premiums are not yet available or do not exceed 100,000 Baht, annuity life insurance premiums shall be used to reach 100,000 Baht. Then, the remaining premiums of annuity life insurance are tax deductible up to 15% of income, not exceeding 200,000 Baht


- Premium is eligible for tax deduction. Conditions are as specified by the Revenue Department.
- Underwriting is subject to the Company’s rules.
- Conditions are as specified by Muang Thai Life Assurance PCL and the banks.
- Please study the details of coverage, conditions and exclusions before making a decision to purchase insurance.


Sources: Data retrieved on 07/09/2023
🔖The OIC https://bit.ly/46nCaUJ, https://bit.ly/44l4nKd 

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