Unit linked life insurance plan
for manageable financial goals
BANCASSURANCE
Unit linked life insurance plan for manageable financial goals
Key Benefits
- Distinctive premium payment period Premium payment period of 8 years. Effectively plan for financial.
- Receive Saving booster bonus 12% of initial annualized regular premium.*
- Enhance opportunities for wealth accumulation. Premium charge reduction to enhance investment in mutual funds.
- Receive 10% discount on cost of insurance (COI)** for the Insured with a sum assured of 10 million baht and above and an acceptable standard of health.
- Receive life coverage consecutively for 8 years (Non-Lapse Guaranteed)*** from policy effective date.
- Life protection (until the age of 99) or as long as the redemption value of investment units is sufficient for the deduction of expenses as stipulated.
*The policy must be in force for at least 8 years with the Insured fully paying regular premiums (RP) without withdrawal from the RP account with no reduction in the regular premium amount. The Company will pay a Saving Booster Bonus of 12% of initial annualized regular premiums one time. The Company will purchase the units with the Saving Booster Bonus per the latest investment allocation at the offer price on the valuation date after the monthly anniversary of the policy.
**The Company reserves the right to cancel or change the discount on the cost of insurance (COI) by giving at least 15 days of prior notice.
***When the insured fully pays regular premium (RP) regularly, they will be no withdrawal from the RP account and no reduction in RP.
Additional Information
Cautions for purchasing Unit Linked life insurance
For Unit Linked life insurance customers.
Suggestion
- To contact a seller who has a life insurance broker license and who is an Investment Consultant (IC).
- To receive a prospectus containing details of important information (Fact Sheet) which follows to the funds allocation when purchasing Unit Linked life insurance.
- To study details of product information before making decisions on purchasing Unit Linked life insurance as follows.
- Coverage and benefits that will be received, including general conditions and exclusions.
- Premium amount, coverage period, premium paying period. Paid premium will be deducted for premium charge, administration fee and COI. Remaining amount will be invested in the mutual funds as specified.
- If the fund selected by the customer is a foreign investment fund, the fund may not have a policy to fully hedge against foreign exchange risk according to the fund manager’s discretion. Therefore, the Insured may have foreign exchange losses or gains from investment or may receive a return lower than the initial investment amount.
- To study premium payment channels for the first year and following instalments (if any).
- The right on premiums for tax deduction as stipulated by the Revenue Department.
- To select an insurance plan that suits your needs and risk appetite.
- To make a decision on an investment on your own.
- To self-fill in the forms and check details on the forms before signing your name every time.
- To receive “a copy” of Benefit Illustration (BI) / Sales Sheet / prospectus containing details of important information of funds (Fund Fact Sheet) /
KYC & RPQ forms / Annual Statement illustration / payment documents every time, and check that the information is correct. - When receiving the policy, please study the details, terms and conditions of the policy. The insured may cancel the policy within 15 days from the receipt date of the policy (Free Look Period). In this case, the insurance company shall return the policy fees and redemption value less a charge of 500 baht and the cost of the medical check-up (if any).
Disclaimers
- Bangkok Bank does not have a policy of receiving cash when offsite.
- Unit linked life insurance is not a bank deposit and involves risks. Neither free insurance coverage offered with mutual funds, nor free mutual fund units are offered with this insurance.
- The premium charge, COI and administration fees are tax deductible. The Investment portion is ineligible for tax deduction.
Coverage and Benefits
|
Coverage |
Benefits |
|
1. If death occurs during the policy period |
Receive the following benefit, whichever amount is greater (1) The current sum of the assured amount less the accumulated withdrawal amount from the regular premium account (if any) or (2) Redemption value of investment units of the regular premium plus 3 times the initial annualized regular premium Including the redemption value of investment units of top-up premium (if any) |
|
2. If no death occurs during the policy period |
Receive the redemption value of investment units, and all investment units will be sold on the valuation date after the maturity date. |
Notes
An exclusion, the Company shall not pay money as stipulated in the policy if the insured commits suicide within 1 year from the policy effective date or the insured is killed by the beneficiary on purpose.
Requirements
- Insurable age : 15 days – 60 years
- Coverage period : Whole of life (until the age of 99) or as long as the redemption value of the investment units is sufficient for the deduction of expenses as stipulated in the policy fee schedule
- Premium payment period : 8 years
- Payment mode : Annually / Semi-annually / Quarterly / Monthly
- Sum assured : Self-determined and adjustable according to the criteria stipulated by AIA Co. Ltd.
Premium Rates
|
Regular Premium (RP) |
Minimum 50,000 baht per year |
|
Top-Up Premium |
Two types of top-up premium payment:
|
Notes
- The premium charge, administration fee, and cost of insurance (COI) for life coverage are eligible for personal income tax deductions according to the criteria of the Revenue Department.
- The regular premium for new business case is subject to change depending on the company's estimated fund growth rate assumption for each year.
Benefits from the Financial Plan
|
Top-Up Premium
|
Two types of top-up premium payment:
|
|
No Fee for Fund Switching |
The Insured can switch funds with no fund switching fee and according to the percentage rate or by investment units with a minimum requirement of 1,000 baht. |
|
Risk Mitigation with Automatic Fund Switching
|
Gradually invest on a regular basis to mitigate the risk arising from market volatility. |
|
Automatic Fund Rebalancing
|
The Company will automatically re-balance the investment portfolio every 3, 6 and 12 months as per the Insured’s instructions specified in the operation request form to maintain asset allocation in accordance with the Insured’s original investment objective. |
|
Premium Holiday |
Stop RP payment when the policy reaches three years with RP being paid on time as specified in the policy. The policy is effective as long as the redemption value is sufficient to cover policy fees and COI charges. |
|
Non-Lapse Guaranteed |
The life coverage is effective throughout 8 years from the policy date (the policy effective date) although the redemption value of investment units is not sufficient for paying the COI and administration fee. When the Insured pays the RP regularly, there will be no withdrawal from the RP account and no reduction in RP. The outstanding COI and Admin Fee (if any) shall be considered as policy liabilities. If the Insured does not pay the RP within a grace period of 31 days, the coverage under the policy shall be terminated. |
|
Saving Booster Bonus |
While the policy is effective, the Company shall pay Saving Booster Bonus to the insured when meet all requirements as follows:
The Company will pay a Saving Booster Bonus of 12% of the initial annualized regular premium one time, at the date of monthly fee calculation and subsequent to the date when all above criteria are met. Saving booster bonus paid from the Company will be invested per the latest allocation on the date of initial purchase after the monthly anniversary of the policy. |
|
Tax Deductible |
The basic premium which is tax-deductible is only the part of the premium charge, administration fee and cost of insurance. The part of Investment is ineligible for tax-deduction. The basic premium is tax-deductible up to 100,000 baht according to the Notification of the Director-General of the Revenue Department on Income Tax (No. 172). |
|
Premium Increment / Reduction |
The Insured can adjust the top-up amount at any time apart from during the premium holiday period. |
|
No COI rate increment |
The Insured with a sum assured of 10 million baht and above can receive a privilege of no COI rate increment if the Insured‘s medical check-up results do not meet the criteria stipulated by AIA. |
Fund Information and Fee Structure
Mutual funds under this product - Customers can opt for investment through any of the following funds:
|
Fund Type |
Fund Name |
|
Money Market Fund |
Bualuang Treasury Fund |
|
Fixed Income Fund |
Bualuang Fixed Income Fund |
|
Equity Fund
|
Bualuang Top-Ten Fund Buakaew Open-end Fund Bualuang Infrastructure Open-end Fund |
|
Foreign Investment Fund
|
Bualuang Asia Equity Fund Bualuang Global Equity Fund Bualuang Global Health Care Fund Bualuang Global Innovation & Technology Fund BCAP Global Multi Asset Fund BCAP Global Multi Asset Plus Fund |
Note: The insurance company may consider adding or cancelling any funds to/from the above list for customers to select in the future at the Company’s discretion.
Purchase/Redemption of Investment Units and the Timeframe for Processing the Transactions
Purchase of Investment Units
In case of a policy surrender, partial withdrawal, or fund switching, the Company will carry out the redemption of investment units before 10.00 a.m. of the business day on which the Company receives the request form. If they receive the request form after 10.00 a.m., the Company shall handle the request on the next business day. If the purchase date of investment units falls on a holiday, the Company shall purchase the investment units on the next business day that the transaction can be processed.
- The initial annualized regular premium (RP) and the top-up premium (if any), after the deduction of premium charges, cost of insurance and administration fees, and the remaining premium amount will be invested and allocated to the Insured’s selection as specified on the application form or the premium request form of investment units.
- The next installment of RP after deduction of premium charges and all liabilities under this policy (if any) will be invested per the latest allocation or a specified proportion by the Insured on the date of initial purchase and subsequently on the valuation date which is the next business day after the date on which the Company is notified of the full amount of the premium.
- Top-up premiums after deduction of premium charges and all liabilities under this policy (if any) will be invested per specified proportion by the Insured on the date of initial purchase and subsequently on the valuation date which is the next business day after the date on which the Company is notified of the full amount of the premium.
- Saving Booster Bonus will be invested per the latest allocation on the date of initial purchase after the month of the anniversary date of the policy.
- If the purchase date of investment units falls on a holiday, the Company shall purchase the investment units on the next business day that the transaction can be processed.
In case of a policy surrender, partial withdrawal, or fund switching, the Company will carry out the redemption of investment units before 10.00 a.m. of the business day on which the Company receives the request form. If they receive the request form after 10.00 a.m., the Company shall handle the request on the next business day. If the purchase date of investment units falls on a holiday, the Company shall purchase the investment units on the next business day that the transaction can be processed.
Redemption of Investment Units without a Specific Timeframe for Trading of Investment Units
In the case where the Insured exercises their right to cancel the policy within the free look period or to make a death claim, the Company will carry out the redemption of investment units on the next business day from the date the Company receives the request form.
Redemption of Investment Units with a Specific Interval of Time
- Automatic Fund Switching: When the redemption request form is submitted within the 1st through 31st of a specific month, the Company will carry out the redemption of investment units on the 21st of the following month and every subsequent month.
- Automatic Fund Re-balancing: When the redemption request form is submitted within the 20th of March, June, September or December, the Company will carry out the first redemption of investment units on the 21st of March, June, September or December, respectively.
Rights of the Insured
- The Insured has the right to cancel the policy within 15 days from the policy receipt date. In this respect, the Company will return the policy fees and investment portion according to the redemption price of investment units, after deducting a fee of 500 baht as well as the expenses of a health check-up (if any). If the Insured has made a claim, paid the regular premium (RP), paid the top-up premium (RTU/ATU) after the policy date, withdrawn cash from the policy, or submitted a request for fund switching, automatic fund switching or automatic fund re-balancing, the Insured will not be eligible for the right to cancel the policy.
- The Insured has the right to surrender the policy according to conditions stipulated in the policy while the policy is in force and has a cash surrender value.
- The Insured has the right to receive information about the allocation of premiums invested in the funds.
- The Insured has the right to obtain a full prospectus containing details of the mutual fund project from a life insurance broker authorized by AIA .
- The Insured has the right to receive a full list of asset management companies offering management services for the unit linked plans proposed by AIA.
- The Insured has the right to receive information about the name and address of the management company and AIA as well as the name and license number of the life insurance broker authorized by AIA.
- The Insured has the right to be informed of risks associated with the investment units that the Insured is advised to purchase including the warnings and explanations regarding risks of investment in mutual fund units.
- The Insured has the right to be informed of facts that may impact the Insured’s benefits or decision-making in investment such as offering of investment units of mutual funds under the process of merger or amalgamation, etc.
- The Insured has the right to receive information about conflicts of interest such as fees or remunerations that the authorized broker of AIA may receive from the purchase of an insurance plan as well as from the subscription or redemption of investment units, etc.
- The Insured has the right to express the intention to refuse any further contact for a period of two years.
- The rights of the unitholders of a unit linked insurance plan under an omnibus account may differ from those subscribing to investment units directly from the management company, for instance:
- In purchasing a unit linked insurance plan, the subscription price of investment units is not quoted on the purchase date as the life insurance application needs to go through the underwriting process after all relevant documents have been submitted. In this respect, AIA will proceed to subscribe to the investment units for the client after the policy is approved.
- Receipt of any fund-related documents may require a longer time than when directly purchasing with the management company as AIA will deliver such documents to the clients after receiving them from the management company.
- AIA will deduct the cost of insurance and policy administration fee (please refer to the Schedule of Fees and Charges) from the auto-redemption of investment units on a monthly basis.
Channels of Complaints for the Insured
The Insured can lodge a complaint to the following units:
- AIA Call Center Tel. (66) 0 2353 8855
- Branches of Bangkok Bank offering this service or Tel. 1333
- Office of the Securities and Exchange Commission (SEC) Tel. 1207
- Office of Insurance Commission (OIC) Tel. 1186
- Bank of Thailand (BOT) Tel. 1213
Riders
Gain an additional peace of mind with Riders attached
- Medical coverage and daily compensation
- Critical illnesses coverage
- Accident coverage
- Waiver of premiums coverage
How to apply
Seek consultation and advice for life insurance planning by contacting Bangkok Bank branches that offer this service, or call 1333.
AIA Company Limited Tel. (66) 0 2353 8855, Website www.aia.co.th
Assured by AIA Company Limited
Notes
Notes
- Be Together Unit Linked (Regular Premium) is the marketing name of AIA Issara Protect (Unit Linked).
- Unit linked life insurance is not a bank deposit and involves risks. The applicant is advised to have an understanding of the product characteristics, conditions of returns and risk structure, as well as to study, read, and have a thorough understanding of the information contained in the sales supporting documents and the fund prospectus before making decisions on insurance and investment. The Insured may receive a return higher or lower than the amount of premium allocated to the fund. If the fund posts a profit, the Insured shall receive high returns, but on the contrary, if the fund encounters a loss, the Insured may receive lower returns or suffer investment loss in some cases and may not get full returns from the investment. In this regard, the investment part of the unit linked plan is not guaranteed. The redemption value of investment units may not be sufficient for paying the premium charges, COI and administration fees which may affect policy termination. If the policy is cancelled/surrendered before maturity, the Insured may receive a return less than the amount of premiums that have been paid.
- The applicant is advised to study details of product information in the prospectus before deciding to buy insurance. After receiving the policy, the Insured is advised to study the terms and conditions in the policy contract.
- Bangkok Bank is a life insurance broker, acting as an agent between customers and AIA Company Limited. AIA Company Limited conditions apply to insurance approval.
- A health declaration is one of the factors considered in the policy approval or payout approval process.
- A health check-up is under AIA Company Limited conditions.
- The applicant has the duty to provide true information in applying for insurance. Any concealment of truth or declaration of false statements may cause the insurance company to cancel the insurance contract or refuse to pay the claims under the insurance contract.
- Terms and conditions of coverage will be specified in the policy issued to the policyholder.
- The applicant has the duty to make premium payments. Collection of insurance premiums by the broker is only a facilitation service.
- The applicant should pay the premiums according to the payment schedule specified by the insurance plan. Any cancellation or suspension of premium payment ahead of schedule may result in a loss or reduced benefits.
- The applicant should take into consideration the ability to pay premiums since this policy is suitable for long-term savings and involves fund withdrawal charges which may result in the surrender value and the withdrawal value being lower than the redemption value of investment units. The applicant should study details in the fee schedule regarding cash withdrawal from the policy.
- The applicant has an option to invest in the funds to fulfil their investment objective and take investment risks on their own. In this respect, the Insured are strongly advised to study the fund’s risks and other details in the prospectus.
- During the policy’s in-force period, the policy may terminate in any year if the redemption value of the investment units is equal to or lower than zero, or if the redemption value of investment units is not sufficient to cover the policy fees.
- A mutual fund is a legal entity separate from the life assurance company and the asset management company. Therefore, the life assurance company and the management company are not obliged to compensate for losses sustained by the funds under the unit linked insurance plan and shall not take advantage of the fund’s assets for the settlement of their own debts.
- The premium paid by the Insured is subject to deduction of charges, fees and the cost of insurance, and the remaining premium amount will be invested in the mutual funds selected by the Insured.
- If the fund selected by the Insured is a foreign investment fund, the fund may not have a policy to fully hedge against foreign exchange risk according to the fund manager’s discretion. Therefore, the Insured may have foreign exchange losses or gains from investment or may receive a return lower than the initial investment amount.
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