Bangkok Life Assurance has partnered with Jaymart Insurance Broker to introduce accessible life insurance products to meet the needs of younger Thais, offering low starting premiums, tax benefits and coverage of up to 3 million baht.
Chone Sophonpanich, chief executive of Bangkok Life Assurance, said the collaboration with Jaymart Insurance Broker represents the company's next strategic move, aiming to develop three insurance products.
Bangkok 118 is an 18-year-long savings insurance plan offering accident protection. Policyholders pay the premium for only 12 years, starting at 200 baht a month.
By the end of the contract, the insured will be compensated with 118% of the life premiums paid.
In the event of death during the contract, the beneficiary would not only receive 118% of paid life premiums but also 100% of the sum assured. The plan also includes other benefits such as coverage for accident-related medical expenses.
Another savings insurance plan created through the collaboration is Bangkok 185, which targets first-time workers. As a 25-year contract, the insurance product requires 15 years of premium payments starting from 12,000 baht per year.
Policyholders receive up to a 2% compensation of the sum assured for each year of the contract. In addition, when the contract expires, the insured receive 185% of the sum assured.
In the event of death from an accident, the plan will cover up to 300% of the sum assured.
The final collaborative product is called Sukhapab Suksan. The life insurance policy provides 15 years of protection against 50 illnesses including cancer and requires only 10 years of fixed premium payments that don't increase with age.
The product comprises four plans with varying compensation for illnesses. Depending on the plan, policyholders can be recompensed with up to 500,000 baht, 1,000,000 baht, 2,000,000 baht or 3,000,000 baht.
All plans include life insurance coverage of 50,000 baht.