For Tax Deduction Benefit

At the present, Revenue Department of Thailand allows individual income earners to exercise tax benefit from life insurance purchase up to THB 300,000 per year.* However, not all life insurance policies are qualified for such benefit, they must be complied with conditions set by Revenue Department, in terms of policy details and conditions by tax deductible premium types.

Eligible claimants must well comprehend about the regulations in order to properly and worthily gain the benefit. Two types of life insurance premium with tax deduction privilege are as followings:

1. Life insurance and health rider premium of income earner oneself is permitted for annual tax deduction benefit of actual amount paid up to THB 100,000 maximum, and the premium must hold the following characteristics:

• Health premium paid up to THB 25,000 maximum such as health, accident, and dread diseases rider
• Coverage period of 10 years and above
• In case of survival benefit available, its return(s) not over 20% of annual life premium per year, or   total accumulated life premiums for total coverage period allowed 

2. Life insurance premium of pension plan(s) for income earner oneself is additionally permitted for annual tax deduction benefit of 15% of total taxable income but not over THB 200,000 maximum, and the amount of which must not be over THB 500,000 in total, when being combined with provident fund, government pension fund, private teacher aid fund, and retirement fund (RMF).

In addition, the conditions of tax deductible insurance products must be carefully studied, according to the announcements of Revenue Department.*

Life protection focus with lump sum cash benefit for loved ones

• Life Protector: Life coverage until 90 years of age with premium payment period 20 years 
• Supreme Life Protector: Life coverage until 90 years of age with premium payment period 20 years 
• Whole Life: Life coverage until 99 years of age, and premium payment period options: 15 years or until 90 years of age
• Whole Life Extra: Life coverage until 90 years of age with survival cash benefit, from premium payment period for 15 years

See other whole life protection plans >>

Savings focus with periodical payouts and lump sum cash benefit for one self

• 7 Smart Plan: Life coverage 21 years with premium payment period 7 years
• 15 Smart Plan: Life coverage 21 years with premium payment period 15 years

Pension and retirement planning focus

• Annuity Ready 5 years payment (tax deductible): Pension payout periods: 60-90 years of age, from premium payment period for 5 years

1. Health insurance premium for the parents of income earner is permitted for annual tax deduction benefit up to THB 15,000 each, and the premium must hold the following characteristics:

• Biological child allowed (adopted child excluded)
• Parents with individual income not more than THB 30,000 per year
• Parents living in Thailand only
• In case of multiple payers, tax deduction amount divided equally per payer and total amount not exceeding THB 15,000

Health protection focus with coverage for inpatient medical treament and surgery expenses

• Hospital and Surgical Benefit (HSD): Health coverage until 80 years of age
• Hospital Protector (HSP): Health coverage until 80 years of age

Accidental protection focus with coverage for medical treatement and surgery expenses, including indemnity for dismemberment, disability, and death from accident

• Accident Indemnity (AI): Accidental coverage until 65 years of age

Dread disease focus with lump sum cash payment benefit when the dread disease diagnosed

• Dread Disease (DD): Dread disease coverage until 85 years of age

In case of parents buying a life insurance policy for their child, the parents will not get income tax deduction benefit. Only life insurance premium for oneself or for spouse without income, and health insurance premium for parents are granted for individual income tax deduction benefit.

* Announcements from Director General of Revenue Department of Thailand no. 162, 172,  194 and 261

** New rule by Revenue Department will be applied for tax year 2015 onwards. The tax deduction benefit for pension life insurance premium is calculated from taxable income only, excluding tax exempted income such as profit income gaining from investment in Stock Market of Thailand or price receiving from Thai government lottery etc.

Company's standard underwriting and claim reimbursement guidelines are applied.