New insurance policy to target elderly
With the number of aged people predicted to become a huge burden on society in the future, an insurance policy will be launched next month to provide coverage for the elderly.
The Insurance Department has joined forces with the Thai Life Assurance Association and the Thai General Insurance Association to implement the Look Ka Tan Yoo (Grateful Children) policy, an insurance concept that encourages children to buy coverage for their parents. Parents aged between 40-65 are eligible for the first-time buy. Then the policy can be renewed for as long as the policyholder wants. Currently, those who buy a life insurance policy for themselves have a maximum Bt50,000 incentive for tax deduction. The concept of the Look Ka Tan Yoo policy was included in the Thai General Association's master plan to return value back to society. To attract customers, buyers of such a policy for their parents will receive a additional maximum Bt15,000 tax deduction. The Commerce Ministry has approved the new policy in principle, and it is now requires Cabinet approval ahead of implementation. Under the Look Ka Tan Yoo concept, three types of policies are offered. First is a health policy, which covers critical illness. Second is a personal accident policy. The first and second are existing policies, which can be counted in the policy if the buyers purchase them for their parents. The third is called Long Term Care. The policyholder can claim the total amount of the sum insured if he/she meets three out of six conditions for six months in a row, or has a medical certificate from a doctor. The six conditions are: inability to get up, walk, dress, to take a bath, to eat, and to go to the toilet. According to Insurance Department director-general Potjanee Thanavaranit, for the sum insured of Bt200,000 for a policyholder aged between 50-59, the premium is Bt7,112 per year. For those over 60, the annual premium is Bt11,753. If sickness takes place after the policy has come into effect, the insurer will pay for the claim as a lump sum or in instalments, depending on the choice of the policyholder. The three insurance organisations are to hold an official launch for the new type of policy on August 4-5 at the Queen Sirikit Conventional Centre.
Piyarat Setthasiriphaiboon The Nation
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