GSB rolls out life insurance plus savings products

The bank is offering three types of products designed to suit individual needs, he said.

The first type is called "Omsin Sabaijai" for policyholders aged between seven to 55 years. This group can choose to pay insurance premium for eight years and get protection for 10 years, or they can choose to pay for 10 years and get protection for 20 years. During the payment period, they would receive 5percent dividends annually. In the event of the policyholder's death, beneficiaries would be paid lumpsum cash.

For example, a 30yearold man can buy a policy with an assured sum of Bt100,000 and pay the premium for eight years while getting life protection for 16 years.

He will have to Bt19,570 as premium annually. He will receive a combined dividend of Bt10,000 ( Bt5,000 in the third year and Bt5,000 in the sixth year).

In the eighth year, he will get an additional dividend of Bt50,000. In addition, he will get a cash payment of Bt5,000 annually for all the eight years. On the policy maturing, he will get the assured sum of Bt100,000. In total, he would have received Bt200,000, against total premium payments of Bt156,560. So the net returns work out to Bt43,440.

In the case of the policyholder's death, if it happens during the first to third years, the beneficiary will get Bt100,000. This lumpsum payment will increase to Bt130,000 and Bt160,000 if he dies between the fourth and sixth years and between the seventh and eighth years respectively. If he dies after the eighth year, the beneficiary will get Bt100,000 plus pensions.

The second type is "Omsin Raiduen" suitable for working people aged between 20 to 50. GSB offers the policyholder 15 years for premium payment with protection until the policyholder reaches the age of 70. The policyholder will get dividends and a higher lumpsum cash would be paid to beneficiaries in the case of the policyholder's death.

For example, a 30yearold man can buy a policy with Bt100,000 as the sum assured, with 15 years of premium payment and life protection until the age of 70. He will pay a premium Bt17,590 annually. At the end of premium payment period, he will get dividends totalling Bt50,000, and after that he will receive a monthly pension of Bt1,000 until the age of 70. On reaching 70, he will get a lump sum payment of Bt300,000.

In the case of death, the beneficiary would receive either Bt100,000 or Bt300,000, if the policyholder dies in the first to fifth year and between the sixth year until the age of 70, respectively.

The third product is a savings policy for people aged between seven and 40. The policyholder will pay premium for 10 years and receive life protection and returns until he is 60 years old.