People who die as a result of receiving the Chinese vaccine Sinopharm will be entitled to compensation of one million baht.
Chulabhorn Royal Academy's Facebook page on Wednesday said that anyone suffering side-effects from the jab would receive 30,000 baht to cover medical expenses, while the figure rises to one million baht to those who end up dying or are left comatose.
The beneficiaries of Sinopharm vaccine insurance must be no more than 99 years old, a Thai citizen or a foreigner who has lived in Thailand for at least nine months.
The insurance will only cover medical expenses incurred within 90 days of the vaccination but will not be paid out until the illness or death has been verified to be a direct result of the jab.
Chulabhorn Royal Academy has yet to provide further details of its insurance company or the policy.
It says 4pm tomorrow will be the deadline for the first phase of business registrations for the Sinopharm vaccine.
Registered companies must check the documents they submit and the number of vaccines they require before making their applications, as no amendments will be allowed.
As of Tuesday, 10,011 organisations covering 3.66 million people had registered with the academy for the Sinopharm vaccine and 161 hospitals had applied to be registered as vaccine distribution centres.