Muang Thai 9960 (Tax Deductible)
Affordable premium entitled to tax deduction for several years(1)
"How to be happy after retirement?" Because you can design your later period of life, start planning today with Muang Thai 9960 (Tax Deductible), the insurance plan that could help you plan your future from Muang Thai Life Assurance. Receive continuous income after retirement. How good would it be... to live your life the way you want?
(1) According to the Revenue Department’s rules
(2) Is % of the initial sum insured
- Underwriting consideration is in accordance with the Company's criteria
- Insurance premiums can be used for tax deduction purposes, subject to the criteria set by the Revenue Department
- Please study the details of coverage, conditions and exclusions before deciding to purchase insurance.
Q: What is the insurable age for Muang Thai 9960 (Tax Deductible)?
A: The insurable age is 20 - 55 years.
Q: What is the minimum sum insured for Muang Thai 9960 (Tax Deductible)?
A: 100,000 Baht
Q: Is health checkup required?
A: The applicant must truthfully declare the health information to the Company. However, health checkup is according to the Company’s rules.
Q: Can other riders be attached to this insurance plan?
A: They can be attached to the policy; however, it is in accordance with underwriting criteria of each rider.
Q: Upon the successful application of this insurance plan, will the premium increase in accordance with the increasing age of the insured?
A: The premium in each policy year remains unchanged (not varying in accordance with increasing age); customers need to make renewal payment before or within 31 days after the premium payment due date.
Q: Is premium of this insurance plan entitled to tax deduction?
A: Yes, it is entitled to tax deduction according to the Notification of the Director-General of the Revenue Department on Income Tax No. 194 and amendments.
Q: When can the insured start receiving the annuity?
A: There are 2 cases for annuity.
1. In case the insured is alive until the maturity date
: The insured will receive the annuity since the policy anniversary date on which the insured attains the age of 60 until that on which the insured attains the age of 99; the annuity is 12% of the initial sum insured.
2. In case the insured passes away before receiving the complete 10-year annuity: The Company shall guarantee to pay a lump sum amount which is equivalent to the present value of unpaid annuity of such 10-year period (according to the present value schedule of an annuity), and the insurance contract shall end.
Q: What does coverage of this insurance plan include?
A: 1. In case the insured passes away before receiving the annuity (prior to the policy anniversary date on which the insured attains the age of 60) : The Company shall pay the beneficiary 100% of the initial sum insured or the surrender value at that time (whichever is higher).
2. In case the insured passes away before receiving the complete 10-year annuity : The Company shall guarantee to make 10-year annuity payment in a lump sum amount which is equivalent to the present value of unpaid annuity of such 10-year period (according to the present value schedule of an annuity), and the insurance contract shall end.
Q: Can the insured surrender the policy?
A: The insured can surrender the policy before receiving annuity and receive the surrender value as specified in the policy value schedule; however, the insured cannot surrender the policy after having received the annuity payment. In this regard, the insured may need to pay taxes to the Revenue Department retroactively after surrendering the policy.
Q: What are the exclusions of the coverage?
A: 1. In case the insured voluntarily commits suicide within one year (1 year) from the effective date or the latest date of renewal or reinstatement of the insurance policy or the date that the Company approves to increase the sum insured amount, which shall apply to the increasing sum insured amount only
2. In case the insured is murdered intentionally by the beneficiary
3. 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
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. The Company’s liability will be limited to returning all premium paid to the Company.
1 In case the insured voluntarily commits suicide within one year from the effective date or the latest date of renewal or reinstatement of the insurance policy, or the date that the Company approves to increase the sum insured amount which shall apply to the increasing sum insured amount only.
2. In case the insured is murdered intentionally by the beneficiary
3. 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.
Buyers should have an understanding in the details of coverage and conditions before making a decision to purchase insurance every time.
Interesting Articles
null