Many who bought life insurance policy have some urgency forcing them to surrender. One of the reasons could be the lack of understandings on policy conditions or some financial inconvenience. However, are you aware that a policy surrender prior to contract maturity has more disadvantages than you think?
However, if it is really unavoidable, Muang Thai Life Assurance can offer you some solutions.
Free Look Period is the right to cancel life insurance policy within certain period as specified in the policy conditions which counts from the date the insured has received the policy book. The paid premium will be returned after deducting with the Company’s expense of 500 Baht per policy book and the actual cost of medical checkup (if any). If you request to cancel or surrender a policy when it is already past the specified period, regardless of reasons, you may receive no money or an amount less than the premium paid.
Prepare all these required documents
Remarks:
Premium might be a burden for policyholders inevitably and could be a reason leading to the decision to surrender a policy. That is why many have decided to stop paying the premium or cancel the policy. But, do you know those are not the best solutions? There is a way to maintain the policy, which is, conversion into a reduced paid-up policy and extended term insurance policy.
If you no longer want to pay for insurance premiums but want the coverage. The coverage will be reduced in accordance with the reduced paid-up value as specified in the policy value schedule.
Remarks:
If you no longer want to pay for the insurance premium but would like to receive the coverage in accordance with the original sum insured, the coverage period of the contract, therefore, would be changed with the option to extend the coverage period as stated in the policy value schedule.
Remarks:
Prepare all these required documents
Remark:
In the event that the insured does not make the transaction by himself/herself, the power of attorney and a copy of the insured’s and the authorized person’s identification card certified true copy are required.
Customer Service Centers nationwide, or mail them to
Muang Thai Life Assurance Public Company Limited
250 Rachadaphisek Rd., Huaykwang District, Bangkok 10310
As mentioned earlier, if you surrender your policy before contract maturity, there may be some subsequent disadvantages. However, if it is unavoidable, Muang Thai Life Assurance would like you to consider and study it thoroughly. If the problem is premium payment, there is still some solution for that.
A policy surrender is the policy cancellation in exchange for cash (surrender value) from life insurance companies with the amount as stated in the policy value schedule and thus the contract ends. A policy surrender is feasible when there is some cash value, which normally occurs in year 2 or 3 onwards.
Remark: A policy surrender will lead to the termination of coverage, which means the termination of the coverage of riders attached to the policy as well.
Prepare all these required documents
Download form of intent for claiming policy rights (a policy surrender), click
Remarks:
1.In case the insured would like to receive the money via a bank transfer, please attach a copy of bank book of savings account or current account with certified true copy as additional evidence.
2.In the event that the insured does not make the transaction by himself/herself, the power of attorney and a copy of the insured’s and the authorized person’s identification card certified true copy are required.
Know it before surrender: In case of housing loan protection policy/business loan protection policy, the Company will have to check outstanding loan balance with banks before paying any surrender value.
At Customer Service Centers nationwide, or mail them to Muang Thai Life Assurance Public Company Limited
250 Rachadaphisek Rd., Huaykwang District, Bangkok 10310.
Conditions are as specified by Muang Thai Life Assurance PCL.