Life Insurance Premium grew 6.78% at the end of May 2018

Life Insurance Premium grew 6.78% at the end of May 2018

 

Mr. Picha Siriyodhin, Executive Director of the Thai Life Assurance Association (TLAA),disclosed thatthe total premium income at the end of May 2018 was 253,970.11 million Baht, or an increase of 6.78% from the same period in last year. The total premium income is comprised of new business premiums was 73,262.24 million Baht and renewal premiums was 180,707.88million Baht. The persistency rate was 84%

 

The new business premiums was 73,262.24 million Baht consist of (1) The first year premium was 39,041.65million Baht and (2) The single premium was 34,220.59million Baht.

 

For renewal premiums was 180,707.88million Baht and the persistency rate of 84% was still quite good. It shows that the insuredconsistently realized life insurance. Moreover, each life insurance company developed the products to compete continuously.

 

He added that nowadays the people realized life insurance because it is a tool of financial planning and also reduces the expenses from unexpected events. Therefore, we have 5 recommendations before purchasing life insurance for the people who want to achieve life insurance goals and also get maximum benefits as follows:

  • Asking for the agent license card.

The insured must ask for the agent license card before buying life insurance every time. For telemarketing channel, agents must inform about their number of life insurance license, name and company.

  • Reading the details.

The insured must read the details which were specified in the proposal and based on the agreement, such as: policy period, premium, premium payment period, benefits / dividends (if any), the conditions of payment premium etc. including lose the rights if the insured do not abide according to the conditions.

  • Fillin the factual information.

The insured must fill in the factual information on proposal form. If the insurers know any information which is not complete or factual, especially your health data themselves later, they can cancel your policy.

  • Signing the proposal form by yourself.

When the insured has already filled in the proposal form, you must sign your name by yourself. If the agent or the someone fill in, the insured must check again before you sign.

  • Asking for temporary receipt.

When the insured paid the premium, you must ask for the temporary receipt which are memorandum from the agent.

 

In addition, the insured must realize ability to pay the premium because life insurance contracts will provide maximum benefit and continuous coverage. The life insurance policy will be complete if theinsured can pay the premium until the expiry of contract.

 

For more information, please contact the Business Development Department at TLAA, Tel: 02-679-8080 ext.532 or download information from www.tlaa.org/2012/statistics.php

 

 

The Thai Life Assurance Association

July 12, 2018

 

 

back03 july 2561