Validity of insurance contract
In case that the insured knowingly makes false statement or knowingly omits to disclose any fact to the Company for acknowledgement while applying for the insurance, where if the Company had known of such fact, the Company may be induced to charge higher premium or refuse to enter into the insurance contract, then this insurance contract will be voidable according to Section 865 of the Civil and Commercial Code which the Company has the right to void the insurance contract and not to make any policy payment.
Exclusion of Muang Thai Smart Protection 80/10 insurance plan
- In case the insured voluntarily commits suicide within one year from the issue date of insurance contract or insurance policy renewal date or the latest reinstatement date or is murdered intentionally by the beneficiary.
- In case the insured declares an incorrect age and the Company can prove that at the time of insurance contract formation, the actual age is outside the premium rate limit according to the normal business practice of the Company.
Example of exclusion of Waiver of Premium for Insured Benefit Rider (insurable age is 20 – 59 years old and coverage is provided until the age of 60) with a total of 5 articles
The rider shall not provide disability coverage for any of the following causes:
- Attempted suicide or self-inflicted injury;
- Bodily injury as a result of traveling or being on duty in any aircraft that is not a commercial airline operating on its regular route;
- War whether declared or undeclared, riot, rebellion, revolution or coup d’etat; etc.
Remark : Only life insurance premium of this campaign is eligible for personal income tax deduction according to the Notification of the Director-General of the Revenue Department on Income Tax No. 172 announced on 30 December 2008.
Warning: Buyer should have an understanding in details of the coverage and conditions before making a decision to purchase an insurance every time.