Krungsri launches life insurance
Krungsri Bank of Ayudhya PCL has joined with AIA to launch the "Krungsri Unit Linked" insurance product, providing life coverage and investment benefits with a single premium payment plan.
Customers will get life coverage of 150 per cent of a single premium paid and an opportunity to gain higher investment returns by investing in mutual funds with an automatic fund re-balancing programme to maintain any desired investment targets free of charge.
Tan Hak Leh, chief executive officer of AIA Thailand, said: “AIA has been committed to supporting Thais for life protection and financial stability by offering life insurance products together with long-term financial planning through bancassurance where a wider group of target customers can be reached.
"AIA Thailand and Krungsri have been long-standing partners. The bank’s research found that the majority of customers want to not only ensure life protection, but also maximise their investment returns for the future. Therefore, we have jointly developed the Krungsri Unit Linked insurance solution to serve their needs of life protection and leading funds that provide them with an opportunity to get higher returns.”
Phonganant Thanattrai, Krungsri head of retail banking, said: “With the partnership between Krungsri and AIA Thailand, Krungsri Unit Linked has been developed based on integrated financial planning which combines life protection with investments, offering life coverage of 150 per cent of a single premium paid.
"The insurance policy also provides financial coverage for the insured’s loved ones against any unforeseen situations. The single-premium insurance requires a minimum premium of Bt500,000, of which returns will be maximised by investing in quality mutual funds at home and abroad.
"While policyholders can customise their own investment proportion, AIA Thailand’s automatic fund re-balancing programme will automatically adjust the investment portfolio upon changing market conditions toward customers’ initial investment targets.
"The service perfectly serves customers who have no free time to monitor economic situations and helps mitigate market volatility risk with only a 0.6 per cent annual policy management fee.
“The Krungsri Unit Linked hybrid insurance product offers a long-term protection up to the age of 99 or until investment unit redemption.
"It is also possible to make additional investments in the form of top-up premiums ranging from Bt10,000 to Bt120 million per annum. The hybrid product also allows a partial redemption of investment units which can be done after the first five years of each contract free of charge,” Phonganant said.
