Saver Plus policy cuts insurance amount

Premium per year will drop from Bt38,000 to around Bt25,000 in keeping with the reduction in the sum assured.

The product will expand its target group to lower income earners.

Bundit Jiamanukoonkit, executive vice president, SCB Business Group, said the change would become effec¬tive in the third and fourth quarters.

He said the move takes into account the slowdown in the econo¬my and the subsiding consumer pur¬chasing power, and aims to make it easier for consumers to buy life insur¬ance.

"Saver Plus offers protection with high benefits so it's the bestselling product of bancassurance. After trimming the sum insured, the ini¬tial annual premium will drop from Bt38,000 to Bt25,000. Thus it allows customers to save more while other benefits remain unchanged," said Bundit.

Saver Plus requires customers to pay premiums for six years and they get life insurance for 14 years with 4 per cent cash back every two years plus 200 per cent of the sum insured at the end of the 14 years. Thus, if pol¬icyholders hold it for the full 14year term, insured persons will receive a total of 224 per cent of the sum insured. In the case of death, the beneficiaries will get 200 per cent of the sum insured.

Donald Carden, president and chief executive officer of SCNYL, said that in the fourth quarter the compa¬ny planned to launch a shortterm savings product designed for con¬sumers seeking fixedguarantee returns and life protection through agency channels, and mediumterm policy through corporate channels.

"With the current economic situ¬ation, coupled with the high inflation and the higher cost of living, we expect consumers to be more prudent in spending and to seek more competi¬tive and secure products. Life insurance products continue being a very attractive option for consumers who are seeking to navigate these uncertain market conditions " said Carden.

Meanwhile, Kaida Srifuengfung, executive vice president of SCNYL, said that a new insurance product designed to keep pace with the inflation rate would be launched targeting civil servants.