Muang Thai Life launches universal products

Sara Lamsam, president and chief executive officer, said the company would sell a broader variety of products focusing on investing in financial instruments. One such product, Muang Thai Universal Life 1, offers not only life-insurance coverage but an investment plan.
“The product has been designed to serve customers’ demand for long-term savings through investment with a guaranteed interest rate in the first year,” said Sara, adding that the policyholders would enjoy 2-per-cent interest.
Sara said the company targeted premiums of Bt1 billion for its universal products this year. In addition, 1,600 special agents have been licensed to sell such insurance together with financial-investment products. The investment will focus on government bonds and debentures.
“The strategy [to sell more universal products] will encourage the company go parallel in selling more unit link, which focus more on investment than universal product and we’re ready,” said Sara.
The products will provide |life coverage from one year through 99 years. Customers |are able to choose how much they can pay on a monthly or yearly basis and how much insurance they need. Policyholders can withdraw a part of the insurance premium without any interest charge. Sara said it planned to capture medium-to-high-spending customers.
The company reported that total premiums jumped by 30 per cent year on year during the first two months of 2012. New business enjoyed significant growth of 50-60 per cent followed by bancassurance by 40 per cent, direct marketing by 30 per cent and agent sales by 20 per cent. It plans to increase its agent ranks to 30,000 people this year to ensure its premium target of more than Bt45 billion, up by 20 per cent over last year.