(1) In case the insured passes away before annuity payment period (before policy anniversary date that the insured attains the age of 55), the Company shall pay 105% of the total premium paid or cash surrender value at that time (whichever is higher) to the beneficiary.
(2) In case the insured passes away during annuity payment period (since policy anniversary date that the insured attains the age of 55), the Company shall pay the benefit which is equivalent to the total premium paid deducted by the received annuity to the beneficiary.
(3) The annuity benefit is presented in % of the initial sum insured.
(4) In case the insured passes away before annuity payment period (before policy anniversary date that the insured attains the age of 60), the Company shall pay 105% of the total premium paid or cash surrender value at that time (whichever is higher) to the beneficiary.
(5) In case the insured passes away during annuity payment period (since policy anniversary date that the insured attains the age of 60), the Company shall pay the benefit which is equivalent to the total premium paid deducted by the received annuity to the beneficiary.
(6) In case the insured passes away before annuity payment period (before policy anniversary date that the insured attains the age of 65), the Company shall pay 105% of the total premium paid or cash surrender value at that time (whichever is higher) to the beneficiary.
(7) In case the insured passes away during annuity payment period (since policy anniversary date that the insured attains the age of 65), the Company shall pay the benefit which is equivalent to the total premium paid deducted by the received annuity to the beneficiary.
(8) It is subject to the Revenue Department.
(9) Conditions are as specified by the Company.
- Underwriting is subject to the Company’s rules.
- Premium of this insurance plan is eligible for personal income tax deduction according to the Notification of the Director-General of the Revenue Department on Income Tax No. 194 and its amendments.
Q: What is the insurable age of Flexi Retire 90/5 (Annuity with Tax Deductible)?
A: Flexi Retire 90/5 D55 - the insurable age is 20 years old - 50 years old.
Flexi Retire 90/5 D60 - the insurable age is 20 years old - 55 years old.
Flexi Retire 90/5 D65 - the insurable age is 20 years old - 55 years old.
Q: What is the minimum sum insured of Flexi Retire 90/5 D55, D60, D65 (Annuity with Tax Deductible)?
A: 50,000 Baht
Q: Is health checkup required?
A: If the applicant does not purchase riders for attachment, health checkup is not required. However, if the applicant purchases riders for attachment, health checkup is according to the Company's rules.
Q: Can other riders be attached to this insurance policy?
A: They can be attached to the policy; however, it is in accordance with underwriting criteria of each rider.
Q: After the application and underwriting approval, 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 premium payment before or within 31 days after the premium payment due date.
Q: Is premium of this insurance plan eligible for tax deduction?
A: Yes, it is eligible for tax deduction according to the Notification of the Director-General of the Revenue Department on Income Tax No. 194 and its amendments.
Q: When does the insured receive the annuity?
A: - For Flexi Retire90/5 D55, the insured will receive the annuity since the policy anniversary date that the insured attains the age of 55 until the policy anniversary date that the insured attains the age of 90.
- For Flexi Retire90/5 D60, the insured will receive the annuity since the policy anniversary date that the insured attains the age of 60 until the policy anniversary date that the insured attains the age of 90.
- For Flexi Retire90/5 D65, the insured will receive the annuity since the policy anniversary date that the insured attains the age of 65 until the policy anniversary date that the insured attains the age of 90.
After completing 5-year premium payment, the insured can change the age for starting annuity payment by choosing the age of 55, 60 or 65 (the insured must notify about the change before the start of annuity payment of at least 30 days in advance.)
Q: How much is the annuity payment?
A: Age for starting annuity payment (age ..55/60/65..) - 70 years old, receive annuity of 12% per year(3)
Age 71 - 75 years, receive annuity of 15% per year(3)
Age 76 - 80 years, receive annuity of 18% per year(3)
Age 81 - 85 years, receive annuity of 21% per year(3)
Age 86 - 90 years, receive annuity of 24% per year(3)
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 from the effective date 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 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 every time before making a decision to purchase insurance.
Disclaimer : This English translation is intended for references only.The Thai version shall be the only legally binding version.In the event of discrepancy between the Thai version and the English translation , the Thai version shall always prevail.