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.
  • Life insurance premiums exclude premiums related to other coverage such as health insurance, accident, major diseases, etc.


Retirement insurance premiums
 are eligible for personal income tax deductions of 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 90, 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.

Insured by Bangkok Life Assurance

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:

  • Life insurance premiums are eligible for personal income tax deductions, in line with the Revenue Department’s conditions.
  • Insurance products offered by the Bank are not the same as deposits. 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.
  • The insured must fill out a Health Declaration Form before applying for insurance.




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