Life Insurance – Protection plus Tax Benefits
Tax Deductions on Life Insurance Premiums
Life insurance premiums are eligible for personal income tax deductions of up to 100,000 baht for that tax year in accordance with the following conditions:
- The life insurance must have a coverage period of 10 years or more.
- If the life insurance provides cash returns or payouts, this cannot be more than 20% of the annual life insurance premiums or accumulated life insurance premiums.
- Health insurance premiums are eligible for personal income tax deductions of up to 15,000 baht and can be up to 100,000 baht in total when combined with life insurance premiums.
Retirement insurance premiums are eligible for personal income tax deductions of 15% and up to 200,000 baht for that tax year in accordance with the following conditions:
- The life insurance must have a coverage period of 10 years or more.
- The pension is to be paid between the ages of 55 to 85, depending on the conditions of the policy, and the insured must fully pay the insurance premiums before receiving the pension.
- Insurance premiums that are eligible for personal income tax deductions can be up to 500,000 baht in total for that tax year when combined with investments in Retirement Mutual Funds (RMF), Provident Funds, Government Pension Funds, Private Teacher and Aid Fund Contributions, or the National Savings Fund.
Assured by Bangkok Life Assurance Public Company Limited
For more information, please contact any Bangkok Bank branch or call Bualuang Phone 1333 or Bangkok Life Assurance Public Company Limited on (66) 0 2777 8888 or visit www.bangkoklife.com
Notes:
- Insurance premiums are eligible for personal income tax deductions, in line with the Revenue Department conditions.
- Insurance products offered by the Bank are not the same as a deposit. In the event of early redemption, customers may receive returns less than the paid premiums, depending on the date the early redemption is made.
- The insured should read and study the terms and conditions carefully before deciding to buy insurance.
- Bangkok Bank is a life insurance broker, acting as an agent between customers and Bangkok Life Assurance. Bangkok Life Assurance conditions apply to insurance approval.
- Health declaration is one of the factors for the underwriting process and consideration of benefit payment.
- Terms and conditions are as specified in the policy contract.
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